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☆ Biden is ready to turn the page toward a face-off with Trump. His path to reelection won’t be an easy one.
▼ + stars: | 2024-01-24 | by ( Kevin Liptak | ) edition.cnn.com time to read: +10 min

Hours after, he was projected to win the New Hampshire primary race even though his name wasn’t on the ballot. “In politics, you run like you’re down when you’re winning or when you’re losing,” Biden campaign co-chair Cedric Richmond said Wednesday. “I think President Biden’s going to help people win, in the end. That is part of what influenced the decision, announced Tuesday, to shift two key West Wing advisers from the White House to Biden’s campaign. But one thing Biden’s teams believe will help center their arguments is a clearer race between Biden and Trump.

Persons: Joe Biden, Donald Trump, Biden, Janet Yellen, you’re, ” Biden, Cedric Richmond, “ We’re, ”, Nikki Haley’s, Quentin Fulks, Gaza Biden, Joe ”, Debbie Dingell, Jake Tapper, Dingell, Biden’s, We’ve, we’ve, “, Jen O’Malley Dillon, Mike Donilon, David Axelrod, Barack Obama, that’s, Lyndon Johnson, Jim Clyburn, Trump, he’s, milkshake Organizations: Washington CNN, Trump, Republican, New, United Auto Workers, UAW, White, Michigan Democrat, ” Democratic, West, White House, Democratic, CNN, ”, Wing, Biden, Hamas Locations: Gaza, Virginia, New Hampshire, Michigan, Wisconsin, Iowa, Israel, Northern Virginia, Wilmington , Delaware, South Carolina, Nevada

Washington CNN —The United Auto Workers union on Wednesday endorsed President Joe Biden, a long-awaited announcement that is an important pickup for the president. Biden won the endorsement of the UAW in the 2020 campaign, even though many rank-and-file members supported Trump. Ahead of endorsing Biden, UAW President Shawn Fain said the choice union workers face in 2024 “isn’t about who you like. … Donald Trump stands against everything we stand for as a union – as a society.”The choice between Trump and Biden, Fain said, was clear. Trump has found support among the rank-and-file of the UAW despite Fain’s strong criticisms and union leadership’s consistent support of Democratic candidates.

Persons: Joe Biden, “, ” Biden, Biden, Donald Trump’s, Shawn Fain, isn’t, It’s, “ Donald Trump, ” Fain, that’s, … Donald Trump, Fain, “ Joe Biden, Donald Trump, ”, ” Trump, I’ve, Trump, –, Biden –, ” Shawn Fain, Ting Shen, Dan Kildee, ” Kildee, CNN’s Poppy Harlow, Joe Biden’s, Kildee Organizations: Washington CNN, United Auto Workers, Republican, GOP, UAW, Trump, Democratic Party, Great, Bloomberg, Michigan Democrat, Democratic, CNN, GM Locations: Washington ,, New Hampshire, Michigan, America, Israel, Gaza, Great Lakes State, Detroit

U.S. President Joe Biden speaks to United Auto Workers members at the UAW's Community Action Program (CAP) legislative conference in Washington, U.S., January 24, 2024. The United Auto Workers union is endorsing President Joe Biden for reelection this year, UAW President Shawn Fain announced Wednesday at a union conference in Washington, D.C."Today, I'm proud to stand up here with your International Executive Board and announce that the UAW is endorsing Joe Biden for President of the United States," Fain said. "We will reelect Joe Biden." "Look, I kept my commitment to be the most pro-union president ever," Biden said following the endorsement announcement. Biden threw his own punches at Trump, who he expects to face in a general election rematch in November.

Persons: Joe Biden, Shawn Fain, Fain, reelect Joe Biden, shouldn't, Biden, Nikki Haley, Trump, Donald Trump Organizations: United Auto Workers, International, UAW, Democratic, New, Trump, South Carolina Gov, Republican Locations: Washington , U.S, Washington ,, United States, New Hampshire, Michigan, Detroit, America

WASHINGTON (AP) — President Joe Biden will be the keynote speaker Wednesday at a United Auto Workers' political convention as he works to sway blue-collar workers his way in critical auto-making swing states such as Michigan and Wisconsin. But as recently as Monday, UAW President Shawn Fain was restrained in his comments, saying as the conference opened, "We have to make our political leaders stand up with us. She said his appearance should remind union members that Biden is on their side. Rothenberg said a union endorsement is important because polling shows many UAW members are often undecided in the spring before a presidential election. By Election Day, members and UAW retirees usually vote 60% Democratic, said Rothenberg, now a public relations consultant in Columbus, Ohio.

Persons: Joe Biden, Biden, Donald Trump, Shawn Fain, ”, Caroline Loveless, ” Loveless, “, ” William Louis of, Louis, Trump, ” Leo Carrillo, Carrillo, —, Johannah, Slutzky, Fain, Brian Rothenberg, Rothenberg, Stellantis, didn’t, ” Fain, Wheaton, ___ Krisher Organizations: WASHINGTON, United Auto Workers, Biden, UAW, Republican, autoworkers, PRO, U.S . Senate, Israel, Columbia University, Associated Press, Trump, ”, Cornell University, GOP, Democratic Locations: Michigan, Wisconsin, Washington, New Hampshire, Detroit, Waterloo , Iowa, ” William Louis of Groton , Connecticut, Kansas City, Gaza, Belvidere , Illinois, Chicago, Columbus , Ohio

Joe Biden bet on the American worker while Donald Trump blamed the American worker. The Best Political Cartoons on Joe Biden View All 259 Images“The question is: Who do we want in that office to give us the best shot of winning?” Fain asked members. Joe!” Biden accepted the endorsement and pledged to continue supporting labor unions and the auto industry in particular. Of course, there were plenty of signs the UAW chief was planning to make the union’s backing of Biden official. That's what this choice is about.”More labor union endorsements are likely to roll out in the coming months.

Persons: Joe Biden, Donald Trump, ”, Shawn Fain, Harris, Trump, ” Fain, “, “ It’s, It's, “ It's, ” “ Donald Trump, that's, he’d, “ Joe, Joe, Joe ! ” Biden, ” Biden, Biden, “ Trump, you've, –, Fain, ” Mary Kay Henry, Biden’s, Lady Jill Biden Organizations: United Auto Workers, D.C, Biden, UAW, – Ford, General Motors, Trump, Gallup, National Labor Relations Board, Employees International Union, U.S . Bureau of Labor Statistics, Press, Hollywood, “, National Education Association Locations: Washington, Detroit, New Hampshire, Iowa, Michigan, Pennsylvania, Wisconsin, America, U.S, “, South Carolina

☆ Here's what it's going to take for us to put some of our cash pile to work in this market
▼ + stars: | 2024-01-17 | by ( Paulina Likos | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch audio feature in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Stocks, Locker, Linde, Estee Lauder, Ford, Jim Cramer's, Jim Organizations: CNBC, Utilities, Treasury, Humana, Wynn Resorts, GE Healthcare, Caterpillar, UBS, Energy, UAW, Jim Cramer's Charitable Locations: China

☆ Biden to head to Michigan and Nevada to ramp up outreach to key base voters
▼ + stars: | 2024-01-10 | by ( Mike Memoli | ) www.cnbc.com time to read: +5 min

US President Biden arrives to board Air Force One at Joint Base Andrews in Maryland on December 20, 2023, as he departs for Milwaukee, Wisconsin. Biden could be courting Latino voters in Nevada while simultaneously negotiating a border funding bill that includes stricter immigration policies that are opposed by Hispanic leaders. The Biden campaign has argued that as important as immigration is, public polling and its own research show the economy as the top concern of Latino voters. In 2020, Biden carried both Nevada and Michigan, but by less than 3 percentage points. Only Pennsylvania, Wisconsin, Arizona and Georgia were closer among states Biden carried.

Persons: Biden, Joe Biden's, It's, Joe Biden, Quentin Fulks, Biden's, Fulks, Donald Trump's, we'll, Kamala Harris, Harris, — Organizations: Air Force, Joint Base Andrews, Democratic, Israel, Culinary Workers, United Auto Workers, Big Three, UAW Locations: Maryland, Milwaukee , Wisconsin, South Carolina, Nevada and Michigan, Iowa, New Hampshire, Nevada, Michigan, surrogates, Carolina, South Carolina . Michigan, Atlanta, Mandalay Bay, Pennsylvania, Wisconsin, Arizona, Georgia

☆ Shawn Fain, CNN Business’ labor leader of the year, plans to keep automakers sweating
▼ + stars: | 2023-12-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +13 min

New York CNN —The longest US auto strike this century is over after a pretty clear win for the United Auto Workers union at all three unionized automakers. “I don’t like what I’ve seen in my work career with the UAW leadership, where they were too damn close to the companies,” UAW President Shawn Fain told CNN earlier this month. So I like to let the body of work speak for itself.”The success of those contracts is the reason that Shawn Fain is CNN Business’ labor leader of the year. All told nearly 800,000 union members got raises of 10% or more during 2023. The plant will be be reopened under the agreement reached between Stellantis and the UAW to end the union's strike at the company.

Persons: Shawn Fain, there’s, Fain, “, ”, I’ve, Sean O’Brien, Fran Drescher, Ted Pappageorge, Bill Greenblatt, Wheaton, Jeff Schuster, It’s, Stellantis, Bianca Flowers, Reuters “, Ray Curry, GlobalData’s Schuster, ” Shawn Fain, we’re Organizations: New, New York CNN, United Auto Workers, UAW, CNN, CNN Business, UPS, SAG, Writers Guild of America, Culinary, Kaiser Permanente, General Motors, Ford, Motors Wentzville, GM, UPI, Cornell University’s School of Industrial and Labor Relations, GlobalData, Jeep, Reuters, Justice Department, Chrysler, Facebook, UAW International Union Locations: New York, Las Vegas, Stellantis, Wentzville , Missouri, Kokomo , Indiana

☆ US job openings hit more than 2-1/2-year low as labor market cools
▼ + stars: | 2023-12-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast 9.30 million job openings in October. Job openings decreased by 168,000 in the finance and insurance industry, while real estate, rental and leasing had 49,000 fewer positions. The job openings rate dropped to 5.3% from 5.6% in September. "The current state of the labor market suggests no further recalibration is necessary to bring the labor market back into balance," said Nick Bunker, director of economics research at Indeed Hiring Lab. They also described the labor market as remaining "very competitive," and "trying to get to full staff levels."

Persons: Brian Snyder, Rubeela Farooqi, Nick Bunker, Conrad DeQuadros, November's, Bill Adams, Lucia Mutikani, Chizu Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor, Survey, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Brean, Institute for Supply Management, PMI, United Auto Workers, UAW, Comerica Bank, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, White Plains , New York, South, Midwest, New York, East, Dallas

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, GM, Uber, Carvana, Nike, Palo Alto & more
▼ + stars: | 2023-12-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Wells Fargo downgrades Lululemon to equal weight from overweight Wells said in its downgrade of the stock that it sees less balanced risk/reward. Morgan Stanley downgrades Sea Limited to equal weight from overweight Morgan Stanley downgraded the Singapore-based tech conglomerate until its business outlook is clearer. Morgan Stanley upgrades Insulet to overweight from equal weight Morgan Stanley initiated the insulin pump therapy company and said it sees room for further gains. Wells Fargo reiterates Nike as overweight Wells says Nike is a top defensive pick for 2024. Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said Palo Alto shares have the poten tial to rise further.

Persons: Morgan Stanley, Mizuho, Wells, LULU, Roth, Evercore, Piper Sandler, Piper, NVDA, Goldman Sachs, Goldman, it's bullish, KeyBanc, Worthington Enterprises –, TD Cowen, Coinbase, underperform TD Cowen, Oppenheimer, Uber, Truist, Herc, Palo Organizations: West Bancorp, Bank of America, Union Pacific, US Bancorp, Motors, Mizuho, GM, UAW, UBS, Apple, Deutsche Bank downgrades Anheuser Busch InBev, Deutsche, Deutsche Bank, Airlines, Alaska, " Bank of America, Google, Walmart, Nvidia, AMD, European Partners, Coke, JPMorgan, of America, Magellan, MMP, Arrowhead Pharmaceuticals, Arrowhead Pharma, Worthington Steel, Worthington Industries, Worthington Enterprises, Barclays, Resources, Herc Holdings, United Rentals, Nike, Palo Alto, Palo Locations: China, Singapore, Indonesia

Last Friday provided a split-screen view of the markets and the Federal Reserve. “Indeed, we look for the return of striking workers to add nearly 45K jobs to November’s payrolls. Wednesday brings the first measure of the November job market when private payroll firm ADP releases its monthly survey of employers. October came in at 150,000, a drop from the recent trend of around 200,000 jobs added per month. Consequently, we expect the post-meeting statement will keep the door open to the possibility of additional tightening this cycle.

Persons: Jerome Powell, Powell, ” William Blair, Richard de Chazal, that’s, de Chazal, –, payrolls, “, Sam Bullard, November’s, Bullard, Wells Fargo Organizations: Federal Reserve, Spelman College, “, Futures, United Auto Workers, UAW, Hollywood, Wells, Labor

☆ Ford's strong hybrid sales show the company needs to pivot to increase profits
▼ + stars: | 2023-12-04 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Hybrids "make a ton of money," Jim Cramer said Monday after Ford reported a 75% year-over-year surge in hybrid sales in November to roughly 12,100 vehicles. "Ford should be spewing capital right now," because hybrid vehicles are more profitable than EVs, Jim added. He also suggested that given the new sales numbers Ford could be in better shape than its stock indicates. Perhaps keeping a lid on gains was the 6.5% drop reported in legacy internal combustion engine vehicle (ICE) sales to nearly 124,500 units. Maverick and F-150 trucks drove a 40% increase in hybrid sales in the third quarter, the three months ended in September.

Persons: Jim Cramer, Ford, Jim, Jim Farley, Farley, Jim Cramer's Organizations: Ford, EV, ICE, United Auto Workers, UAW, CNBC, Ford Maverick

☆ Monday's analyst calls: 30% upside for GM, Carvana upgrade, Anheuser-Busch downgrade
▼ + stars: | 2023-12-04 | by ( Brian Evans | ) www.cnbc.com time to read: +7 min

So far this morning there is a big auto stock upgrade and a big beverage downgrade, among other calls. Morgan Stanley dimmed its view on Citizens Financial , downgrading the stock to equal weight from overweight but maintained its $31 per share price target, implying roughly 9% upside. The firm made the chipmaker its top large cap pick on Monday, and reiterated an overweight rating alongside a $620 per share price target. The analyst raised his price target from $25 to $40, which represents 14% upside. "We continue to see ABI's broadly EM focused sales exposure as attractive combined with the company's market leading market share positions," analyst Mitch Collett said.

Persons: Morgan Stanley, Manan, Brian Evans, Piper Sandler, Piper Sandler's, Harsh Kumar, Kumar, Wells, Ike Boruchow, Boruchow, — Brian Evans, JPMorgan's Rajat Gupta, Carvana, John Melloy, Bud Light, Mitch Collett, Vijay Rakesh, Rakesh Organizations: CNBC, East West Bancorp, Citizens Financial, Citizens, West Bancorp, Nvidia, TAM, Wells, JPMorgan Carvan, JPMorgan, Deutsche Bank downgrades Anheuser, Busch, Deutsche Bank, Anheuser, Busch InBev, Staples, Beverages, Mizuho Securities Mizuho Securities, General, United Auto Workers, GM, Vehicles, UAW Locations: China, Wells, Friday's, North America, N.A

☆ We're updating price targets for 6 stocks and changing our rating for Palo Alto
▼ + stars: | 2023-12-01 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

The Club on Friday is changing the rating and price target on one of our favorite stocks, and updating the price targets on 5 other names in the portfolio to reflect recent quarterly earnings reports, new developments at the companies and broader economic forces. We're increasing our price target on shares of Palo Alto (PANW) to $300 from $280. We're raising our price target on shares of Salesforce (CRM) to $275 from $240. We're lowering our price target for Ford (F) stock to $13 from $16. We're lifting our price target on shares of Eli Lilly (LLY) to $630 from $600.

Persons: PANW, Ford, Linde's, Linde, Eli Lilly, it's, It's, Jim Cramer's, Jim Cramer, Jim Organizations: Palo, Palo Alto Networks, Costco, Ford, UAW, Management, Motors, GM, Linde, LIN, P Healthcare, donanemab, Novo Nordisk, Pfizer, CNBC Locations: Alzheimer's, Lilly, Santa Clara , California

☆ Ford reinstates 2023 guidance, says UAW deal to cost $8.8 billion over life of the contract
▼ + stars: | 2023-11-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The guidance calls for $10 billion to $10.5 billion in adjusted earnings before interest and taxes, or EBIT, and adjusted free cash flow of between $5 billion and $5.5 billion. That compares to its previously announced guidance of adjusted-EBIT of between $11 billion and $12 billion and adjusted free cash flow of $6.5 billion to $7 billion. Ford said the new UAW labor agreement is expected to cost $8.8 billion over the life of the contract, which expires in April 2028. Ford further confirmed on Thursday that the UAW deal is expected to add about $900 in costs per assembled vehicle by 2028. GM's forecast called for net income attributable to stockholders of $9.1 billion to $9.7 billion; adjusted EBIT of $11.7 billion to $12.7 billion; and adjusted earnings per share of roughly $7.20 to $7.70.

Persons: Ford, John Lawler, Lawler, We've Organizations: United Auto Workers, UAW, Crosstown, General Motors, Barclays, GM, Chrysler, U.S

DETROIT (AP) — A six-week United Auto Workers strike at Ford cut sales by about 100,000 vehicles and cost the company $1.7 billion in lost profits this year, the automaker said Thursday. The company now expects to earn $10 billion to $10.5 billion before taxes in 2023. UAW workers shut down the company's largest and most profitable factory in Louisville, Kentucky, which makes big SUVs and heavy-duty pickup trucks. The UAW strike began Sept. 15, targeting assembly plants and other facilities at Ford, General Motors and Jeep maker Stellantis. At the end of the contract top-scale assembly workers will make about $42 per hour, plus they’ll get annual profit-sharing checks.

Persons: John Lawler, Ford, Lawler, Shawn Fain Organizations: DETROIT, United Auto Workers, Ford, UAW, Barclays Global Automotive, Mobility Technology, General Motors Locations: Dearborn , Michigan, Louisville , Kentucky, New York

☆ Ford takes $1.7 billion profit hit from UAW strike
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

The automaker now expects adjusted earnings before interest and taxes (EBIT) of $10 billion to $10.5 billion for 2023. In July, it forecast adjusted EBIT of $11 billion to $12 billion. Ford said the new outlook included $1.6 billion in lost profits in the fourth quarter due to interruptions in production of high-margin trucks and SUVs. A month into the strikes, Ford said the company was "at the limit" of what it could spend on higher wages and benefits. The deal UAW leaders finally approved included a pay hike of at least 30% for full-time workers and more than double pay for others.

Persons: David, Dee, Delgado, Ford, Shawn Fain, walkouts, Bill Ford, Tesla, Nathan Gomes, Anil D'Silva Organizations: New York, REUTERS, Ford, GM, UAW, Canadian, Chrysler, EV, Thomson Locations: Manhattan , New York City, U.S, United States, Michigan, Bengaluru

☆ UAW Launches Organizing Drive, Targets Tesla and Toyota
▼ + stars: | 2023-11-29 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

UAW union members were striking over job security and pay as automakers push forward in developing EV’s, which require fewer workers and cost more in raw materials. So what does it all mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers formally launched one of the largest organizing drives in its history with campaigns at 13 automakers, in an effort to leverage record gains from its recent labor deals in Detroit. The UAW plans to target nearly 150,000 workers at U.S. factories owned by large foreign automakers including Toyota Motor and Volkswagen , as well as newer electric-vehicle manufacturers such as Tesla and Rivian Automotive, the union said Wednesday.

Persons: George Downs Organizations: Street, United Auto Workers, UAW, Toyota Motor, Volkswagen, Rivian Automotive Locations: Detroit

☆ GM says union labor deals will increase costs by $9.3 billion
▼ + stars: | 2023-11-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

General Motors expects new labor contracts with the United Auto Workers and Canadian union Unifor to increase its costs by $9.3 billion and add approximately $575 in costs per vehicle during the terms of the deals. GM disclosed the expected labor deal impact as part of a business update Wednesday in which it initiated a $10 billion accelerated stock buyback program, increased its dividend and reinstated its full-year 2023 guidance. GM said the $9.3 billion in labor cost increases are expected to occur as follows: $1.5 billion in 2024; $1.8 billion in 2025; $2.1 billion in 2026; $2.5 billion in 2027; and $1.1 billion from January-April 2028. GM's expected vehicle cost increase includes $500 per vehicle in 2024. Chrysler parent Stellantis , which was the second of the so-called Big 3 U.S. automakers to reach a deal with the UAW, has not disclosed expected costs of its labor pact with the union.

Persons: —, Mary Barra, John Lawler Organizations: Motors, United Auto Workers, Canadian, UAW, GM, Detroit, Ford Motor, Ford, Chrysler, CNBC PRO Locations: —, U.S

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector' in US
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +6 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. The website asks Tesla workers to join, saying CEO "Elon Musk is the richest man in the world, with a net worth of $230 billion. The question is, will Tesla workers get their fair share?"

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Elon Musk, Tesla, Harley Shaiken, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, New York Times, Honda, Subaru, Mazda, Volvo, University of California, White, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, America, Mississippi, Tennessee, Chattanooga , Tennessee, Berkeley, Georgetown , Kentucky, Washington

☆ UAW aims to organize 13 nonunion automakers
▼ + stars: | 2023-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —The United Auto Workers union says it has started an effort to organize workers at 13 non-union automakers with US factories. The union said there are about 150,000 employees at 36 nonunion auto plants operated by the companies it is targeting in this campaign. That is slightly more than the union’s representation at the three unionized automakers, which have about 145,000 UAW members between them. But if a union organizing campaign is successful, the union will be made up of workers from the company. The union has filed complaints accusing many of the automakers of unfair labor practices during those earlier organizing efforts.

Persons: Jeff Allen, “ We’ve, ”, Allen, we’ve, “, Shawn Fain, ” Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, US, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volkswagen, Volvo, Toyota Camry, Lexus, UAW, Workers, Tesla Locations: New York, Georgetown , Kentucky, America, Volkswagen’s, Chattanooga , Tennessee, Canton , Mississippi, Smyrna , Tennessee

☆ UAW launches union campaigns at Tesla, 12 other automakers in the U.S.
▼ + stars: | 2023-11-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The United Auto Workers union is launching an unprecedented campaign to organize 13 non-union automakers in the U.S. after securing record contracts with the Detroit automakers. As part of the campaign workers are signing electronic cards in support of union efforts to potentially organize U.S. plants from those automakers. It is not guaranteed that the union would push to organize every plant or automaker that participates in the campaign. UAW President Shawn Fain has said the union's next mission after ratifying record contracts with General Motors, Ford Motor and Stellantis was to expand its ranks. Still, the UAW has a poor track record with trying to organize non-Detroit automakers.

Persons: Shawn Fain, Fain, —, Stellantis Organizations: United Auto Workers, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volkswagen, Volvo, UAW, General Motors, Ford Motor, Detroit, Ford, GM, Lexus, " Workers Locations: U.S, Fremont, California, Georgetown , Kentucky

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector'
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Nov 29 (Reuters) - The United Auto Workers union said on Wednesday it is launching a first-of-its-kind push to publicly organize the entire nonunion auto sector after winning new contracts with the Detroit Three automakers. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. "I want this type of contract for all auto workers and I have a feeling the UAW has a plan for that," he said at an event with Fain. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers.

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Tesla, Elon Musk, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, Mississippi, Tennessee, Chattanooga , Tennessee, Georgetown , Kentucky, Washington

☆ GM outlines $9.3 billion in increased costs from new labor deals
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

The $9.3 billion in additional costs through 2028 is for deals with the UAW as well as Canadian union Unifor, and translates to about $575 per vehicle over the life of the deals. GM's new guidance reduced expected net income attributable to stockholders for 2023 to a range of $9.1 billion to $9.7 billion, compared to the previous outlook of $9.3 billion to $10.7 billion. That includes an estimated $1.1 billion EBIT-adjusted impact from the UAW strike, which lasted just over six weeks, primarily from lost production. GM had approximately 1.37 billion shares of common stock outstanding prior to the buyback program, the company said. GM will still have another $1.4 billion of capacity remaining under its share repurchase authorization for additional stock buybacks.

Persons: Heather Somerville, Mary Barra, Barra, Cruise, Goldman Sachs, David Shepardson, Ben Klayman, Sharon Singleton, Mark Potter Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, GM, Cruise, Bank of America, Barclays, Citibank, Thomson Locations: San Francisco , California, U.S, California, Detroit

The company now predicts full-year net income of $9.1 billion to $9.7 billion, down from its previous outlook of $9.3 billion to $10.7 billion. But GM expects to generate more cash for the full year. To get there, GM expects to cut capital spending, including a slowdown in spending on electric vehicles and at Cruise, its troubled autonomous vehicle unit. In June of last year, electric vehicle sales were growing about 90% year over year, according to Motorintelligence.com. Barra wrote that GM has a strong cash balance due to record profits from selling gas-powered vehicles and more efficient internal combustion and electric vehicle operations.

Persons: Motors, Barra, Cruise, It's, Mary Barra, Shawn Fain, she’s, ” Barra Organizations: DETROIT, —, autoworkers, Detroit, Wednesday, United Auto Workers, GM, San, Cruise, Ford, UAW Locations: Cruise, California, San Francisco, Barra, Detroit

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