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☆ Winners and losers of the UAW talks with GM, Ford and Stellantis
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

UAW President Shawn Fain warned of a more combative union heading into the talks, but not many, if anyone, expected the union to strategically outmaneuver the companies like it did, leading to record deals for 146,000 UAW members with GM, Ford Motor and Stellantis . UAW members must still vote to ratify the tentative agreements. 1, of course, are the UAW members," said Art Wheaton, a labor professor at The Worker Institute at Cornell University. Some winners, some losers: UAW membersBroadly speaking, the UAW members covered by the new deals are winners, however not everyone faced the financial toll of the union's strikes against the Detroit automakers. They may also be targets of increased organizing efforts by members seeking better wages like those for UAW members.

Persons: Joe Biden, Shawn Fain, Evelyn Hockstein, General Motors, Fain, Tesla, Wheaton, Shawn Fain Fain, they've, Marick, It's, Ford, John Lawler, Masters, I'm, Biden Organizations: United Auto Workers, Reuters DETROIT, General, Detroit, UAW, GM, Ford Motor, Worker Institute, Cornell University, Wayne State University, Ford, Deutsche Bank, Finance, Detroit automakers, Toyota, Hyundai, EVs Locations: Bellville , Michigan, U.S, Detroit, Michigan

☆ Listen now: Tunnel warfare and other top stories
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: 1 min

Listen on the Reuters app. Plus, what the UAW deal could mean for future labor relations and the top Halloween trends. Listen to our special episode on Hamas' tunnels here. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. Further ReadingIsrael engages Hamas militants inside Gaza's tunnelsUAW reaches deal with GM, ending strike against Detroit automakersUS officials, Jewish leaders meet to address antisemitism on campusOur Standards: The Thomson Reuters Trust Principles.

Organizations: Apple, Google, Reuters, UAW, Thomson, Reading, GM, Detroit Locations: Israel, Gaza

☆ The UAW strike is over after 46 days. Here are the details of their contract that will leave some workers making up to $42 an hour.
▼ + stars: | 2023-10-31 | by ( Nora Naughton | Associated Press | ) www.businessinsider.com time to read: +6 min

The historic United Auto Workers strike is over. The UAW announced Monday evening it had reached a tentative agreement with GM, the last of the Detroit car companies to complete negotiations. The 25% pay increases by April 2028 agreed to in the new contracts raise top pay to about $42 an hour, according to the union. For historical comparison, the union said its workers saw pay increases of 23% for all the years from 2001 through 2022. Ford was the first to notch a tentative agreement with the union on Oct. 25 after employees spent 41 days on strike.

Persons: —, Ford, Jim Farley, Mary Barra, Fain, Stellantis Organizations: United Auto Workers, GM, Detroit, Service, Big Three Detroit, UAW, Local UAW, Ford, Workers, Ultium, LG Energy, Big Locations: Detroit, U.S, Michigan, Korea

☆ GM, UAW Reach Tentative Labor Deal to End Strike
▼ + stars: | 2023-10-30 | by ( Ryan Felton | ) www.wsj.com time to read: 1 min

The UAW’s accord with GM follows tentative agreements with Ford and Stellantis and is expected to bring the union’s historic walkout that sent more than 45,000 workers to the picket lines to a close . Photo: James Breeden/ReutersGeneral Motors became the last of the Detroit automakers to reach a new tentative labor deal with the United Auto Workers union Monday to end a strike that has spanned more than six weeks, according to people familiar with the talks. This latest accord follows tentative agreements struck last week with Ford Motor and Chrysler-parent Stellantis and is expected to bring the union’s historic walkout that sent more than 45,000 workers to the picket lines at nine U.S. factories and dozens of parts-distribution centers to a close.

Persons: James Breeden Organizations: GM, Ford, Reuters General Motors, Detroit automakers, United Auto Workers, Ford Motor, Chrysler

☆ We're not ready to bail on Ford after the UAW deal. But we have lots of questions
▼ + stars: | 2023-10-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

The UAW on Sunday released parts of its tentative agreement with Ford, which was first announced last Wednesday. Modeled after the Ford agreement, the UAW reached a tentative labor deal with General Motors (GM) early Monday and one with Chrysler-parent Stellantis (STLA) on Saturday. The only third-quarter sales beat was in Ford Blue, its legacy internal combustion engine unit, which also includes hybrids. However, Ford Blue missed on EBIT (earnings before taxes and interest). We think the automaker can achieve these goals since it has support from its resilient Ford Blue segment, which continues to be profitable in all regions.

Persons: Ford, week's, It's, Jim Cramer, Shawn Fain, Jim Farley, Jim, they're, we're, Jim Cramer's, Matthew Hatcher Organizations: United Auto Workers, Club, UAW, Sunday, Ford, General Motors, Chrysler, Detroit automaker, Ford Blue, Management, EV, ICE, CNBC, Plant, AFP, Getty Locations: Ford Blue, Michigan, Wayne , Michigan

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The GM workers will return to work after an official announcement of the deal, two sources said. Ford shares fell 2% while Stellantis shares were down 1.5% in Milan. Excluding Monday's share moves, GM and Ford shares have lost roughly a fifth of their value since the strike began while Stellantis shares have fallen 1%. "The Street is glad to have this UAW nightmare in the rear view mirror with a less onerous deal than originally feared for the Detroit Big 3," Wedbush analyst Daniel Ives said.

Persons: Rebecca Cook, Stellantis, Patrick Anderson, Shawn Fain, Fain, Joe Biden, Biden, Tesla, Ford, Erik Gordon, Daniel Ives, David Shepardson, Joseph White, Shivansh Tiwary, Deepa Babington, David Gaffen, Peter Henderson, Alistair Bell Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, Reuters, Detroit Three automakers, Ford Motor, Chrysler, Anderson Economic Group, GM, Ford, Democratic, Detroit Three, Detroit automakers, EV, Toyota, University of Michigan, Kentucky, Detroit Big, Thomson Locations: Detroit , Michigan, U.S, Detroit, Milan, Arlington , Texas, Tahoe, Sterling Heights , Michigan, Hill, Tenn, Washington

DETROIT — The United Auto Workers and General Motors have agreed to a deal that will put an end to collective bargaining talks between the union and Detroit automakers following more than six weeks of targeted U.S. labor strikes, sources told CNBC. GM is the final Detroit automaker to reach a deal with the union following historically contentious talks. Tens of thousands of workers across the country went on strikes after the sides failed to reach agreements by a Sept. 14 deadline. Ford Motor was the first to reach a tentative agreement with the union, on Wednesday, followed by a deal with Chrysler-parent Stellantis on Saturday. The headline economics of the deals, such as 25% wage increases, were patterned off of Ford's initial deal.

Organizations: DETROIT, United Auto Workers, General Motors, Detroit, CNBC, GM, UAW, Bloomberg, Ford Motor, Chrysler

☆ Canadian auto union reaches deal with Stellantis after brief labor strike
▼ + stars: | 2023-10-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Canadian union Unifor and Stellantis have reached a tentative agreement early Monday morning, ending a brief strike that began after a deal wasn't reached by 11:59 p.m. Sunday. Details of the tentative agreement with Stellantis were not immediately available. The Canadian work stoppage comes nearly three weeks after Unifor launched a roughly 12-hour national strike against General Motors after the sides failed to reach a tentative agreement by a union-set deadline. The Canadian union is negotiating with each automaker separately and using a deal first reached last month with Ford as a pattern for GM and Stellantis. However, once the UAW reached a tentative agreement, which must still be ratified by members, Wednesday with Ford Motor , it has used that deal as a template for proposals with Stellantis and GM.

Persons: Lana Payne, Payne, Jerry Dias, Stellantis, Unifor Organizations: DETROIT —, Chrysler, Pacifica, Dodge Challenger, UAW, Stellantis, General Motors, Detroit automakers, U.S ., Ford, Ford Motor, GM Locations: Toronto , Ontario, Canada, Canadian, Ontario

DETROIT (AP) — Pressure in rising on General Motors as the lone holdout in a strike targeting all three big Detroit automakers after a tentative contract agreement with Jeep maker Stellantis was reached with the United Auto Workers union over the weekend. The Ford agreement revives cost-of-living adjustments that the UAW agreed to suspend in 2009 during the Great Recession. At Stellantis, workers get cost-of-living pay that would bring raises to a compounded 33%, with top assembly plant workers making more than $42 per hour. Overnight, 8,200 Stellantis workers in Canada represented by a different union, Unifor, walked off the job. At the peak, about 46,000 UAW workers were on strike — about one-third of the union’s 146,000 members at all three companies.

Persons: Stellantis, ”, Erik Gordon, Ford, Shawn Fain, Fain, Chuck Browning, ” “, ” Browning, Gordon, Bruce Baumhower, ” Unifor, ____ Bajak, John Raby, Corey Williams, Haleluya Organizations: DETROIT, General Motors, Detroit, United Auto Workers, UAW, Ford, GM, Saturday, Silverado, Sierra, Vehicles, GMC Acadia, Cadillac, University of Michigan, ” “ UAW, Jeep, “ Locations: American, Spring Hill , Tennessee, Texas , Michigan, Missouri, Spring, Mexico, Arlington , Texas, Detroit, America, Stellantis, Toledo , Ohio, Canada, Unifor, Boston, Charleston , West Virginia, Sterling Heights , Michigan, Jersey City , New Jersey

☆ U.A.W. Says It Aims to Organize Nonunion Auto Plants
▼ + stars: | 2023-10-29 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

After winning major gains in wages and benefits from two of the three Detroit automakers, the United Automobile Workers union is looking beyond the Motor City to car companies operating nonunion factories across the South. president, Shawn Fain, said the union planned a push to organize plants at some of the nonunion automakers, such as Toyota, Honda and Tesla. “One of our biggest goals coming out of this historic contract victory is to organize like we’ve never organized before,” Mr. Fain said. It will be the Big Five or Big Six.”The statement was one of Mr. Fain’s clearest to date that the U.A.W. intended to renew efforts to unionize the plants of foreign-owned automakers and Tesla, which operates nonunion vehicle plants in California and Texas.

Persons: Shawn Fain, ” Mr, Fain Organizations: Detroit automakers, United Automobile Workers, Facebook, Toyota, Honda, Tesla Locations: Motor City, California, Texas

DETROIT (AP) — The United Auto Workers union has widened its strike against General Motors, the lone holdout among the three Detroit automakers, after reaching a tentative contract agreement with Jeep maker Stellantis. About 14,000 UAW workers had been on strike at two Stellantis assembly plants in Michigan and Ohio, and several parts distribution centers across the country. Workers also will get cost-of-living pay that would bring the raises to a compounded 33%, with top assembly plant workers making more than $42 per hour. Like the Ford contract, the Stellantis deal would run through April 30, 2028. Negotiations between the UAW and Stellantis had intensified Thursday, the day after the Ford deal was announced.

Persons: ”, Erik Gordon, Ford, Stellantis, Shawn Fain, ” “ Everybody’s, Larry Montgomery, John Rutherford, Spring Hill didn’t, Fain, “, ” Fain, Rich Boyer, Gordon, Bruce Baumhower, Baumhower, Jermaine Antwine, Bajak, John Raby, Corey Williams, Haleluya Organizations: DETROIT, United Auto Workers, General Motors, Detroit, UAW, GMC Acadia, Cadillac, University of Michigan, GM, Ford, ” UAW, Workers, Toyota, Tesla, Jeep, Hollywood Locations: Hill , Tennessee, North America, Texas , Michigan, Missouri, Tennessee, Belvidere , Illinois, Spring Hill, Stelantis, Michigan, Ohio, Stellantis, Belvidere, Trenton , Michigan, Toledo , Ohio, Sterling Heights , Michigan, Pontiac , Michigan, Boston, Charleston , West Virginia, Jersey City , New Jersey

It is not clear what derailed GM and the UAW's progress toward an agreement patterned after earlier deals at Ford and Chrysler-owner Stellantis (STLAM.MI). Pension costs and issues involving the use of temporary workers were among the points of contention at GM, sources said. GM said it was disappointed by the UAW decision to strike Spring Hill. Last month, UAW workers at Mack Truck's U.S. operations overwhelmingly rejected a deal recommended by Fain. In 2015, UAW members at what is now Stellantis voted down a contract endorsed by union leadership.

Persons: Shawn Fain, Rebecca Cook, Fain, management's, Stellantis, Joe White, David Shepardson, Lisa Shumaker Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, Rights, Ford, General Motors, Chrysler, GM, UAW, Detroit, Saturday, Union, Mack, Reuters, Thomson Locations: Wayne , Michigan, U.S, Hill , Tennessee, Detroit, Taylor , Michigan, Mack Truck's, Stellantis, Washington

A public deal announcement with Stellantis is expected later Saturday afternoon or early evening, the sources said. Stellantis shuttered its assembly plant in Belvidere, Illinois, early this year, leaving 1,300 workers without jobs. The tentative contract deal will have provisions on the use of temporary workers, the sources said, adding Stellantis has agreed to significant investment. Fain and other senior union leaders are briefing local UAW chiefs by video conference, the sources said. The deal is also expected to include investments in other U.S. plants, including the Trenton engine plant, the sources said.

Persons: Stellantis, Shawn Fain, Biden, Fain, Tesla, Ford, Joe Biden, David Shepardson, Joseph White, Sayantani Ghosh, David Gregorio, Peter Henderson Organizations: United Auto Workers, Chrysler, Detroit Three, UAW, Ford, GM, Detroit, Detroit automakers, EV, Toyota, Kentucky, Korean, buildouts, U.S, Republican, Thomson Locations: Belvidere , Illinois, Illinois, U.S, Trenton, Detroit, Arlington , Texas, Tahoe, Sterling Heights , Michigan, Hollywood, Michigan

☆ Ford shares fall after pulling full-year forecast, wider losses in EV unit
▼ + stars: | 2023-10-27 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The Detroit automaker also pulled its 2023 forecast, citing "uncertainty" over the pending ratification of its new labor deal with the United Auto Workers (UAW) union, which is expected to significantly increase labor-related expenses. The company's quarterly report added to the gloom around the EV market, which has seen inflation-wary consumers pull back on some purchases. Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. The automaker has lost about $4.32 billion in market cap throughout the duration of the strike, according to LSEG data. Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Ford, BEV, Wells, Wolfgang Rattay, John Lawler, Shivansh Tiwary, Nathan Gomes, Krishna Chandra Organizations: Ford Motor, Detroit, United Auto Workers, UAW, REUTERS, EV, Reuters, Ford, General Motors, Thomson Locations: Kentucky, Frankfurt, Germany, Bengaluru

NEW YORK (AP) — Cruise, the autonomous vehicle unit owned by General Motors, is suspending driverless operations nationwide days after regulators in California found that its driverless cars posed a danger to public safety. The choice to suspend its driverless services isn't related to any new on-road incidents, Cruise added. The pedestrian became pinned under a tire of the Cruise vehicle after it came to a stop. Three rear-end collisions that reportedly took place after Cruise AVs braked hard kicked off the investigation. “We welcome NHTSA’s questions related to our safety record and operations," Cruise spokesperson Hannah Lindow said in a statement sent to The Associated Press Friday.

Persons: — Cruise, Cruise, ” Cruise, Cruise’s robotaxis, robotaxi, Cruise's, Cruise AVs, Hannah Lindow Organizations: General Motors, California Department of Motor Vehicles, Cruise, General Motors Co, Detroit, California Department of Motor, Traffic Safety Administration, Associated Locations: California, San Francisco, Cruise, Los Angeles, Phoenix, Austin

☆ Ford shares fall 9% after earnings underline worries about costs and EV plans
▼ + stars: | 2023-10-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Company's electric F-150 Lightning on the production line at its Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. Shares of Ford Motor traded sharply lower Friday after the company reported earnings that missed estimates and said that demand for its electric vehicles was falling short of expectations. Ford reported its third-quarter results after the markets closed Thursday, and they weren't what Wall Street had expected. Ford on Wednesday night became the first of the three Detroit automakers to reach a tentative agreement with the UAW. Ford also withdrew its previous financial guidance for 2023 in light of the pending deal with the UAW.

Persons: General Motors, John Lawler, Jim Farley's, Ford Organizations: Ford, Electric Vehicle, Ford Motor, United Auto Workers, General, Wall, Detroit, UAW, Tesla Locations: Dearborn , Michigan, Kentucky, U.S, North America

☆ Ford Pays Dearly for Labor Peace With the UAW
▼ + stars: | 2023-10-26 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: Paul Gigot Interviews Bjorn Lomborg. Images: AP/EPA Composite: Mark KellyPresident Biden praised what he called the “historic tentative agreement” that the United Auto Workers and Ford struck late Wednesday as a testament to collective bargaining. Perhaps, but the real test will be whether Ford can stay competitive, especially amid the government-forced electric-vehicle transition. UAW President Shawn Fain ’s strategy of staging strikes at select plants operated by all three Detroit auto makers appears to be paying off. The union was threatening to call off workers at a factory that builds Ford’s highly profitable F-150 pickup when the auto maker agreed to a generous deal that ends the nearly six-week walkout.

Persons: Paul Gigot, Bjorn Lomborg, Mark Kelly President Biden, Ford, Shawn Fain ’ Organizations: United Auto Workers, UAW, Detroit

☆ Why the U.A.W.’s President Has Taken a Hard Line
▼ + stars: | 2023-10-26 | by ( Noam Scheiber | More About Noam Scheiber | ) www.nytimes.com time to read: +1 min

When Shawn Fain sought the presidency of the United Automobile Workers union last year, he ran on a platform that promised: “No corruption. The platform helped propel Mr. Fain to the top job — where he has led a mounting wave of walkouts in recent weeks to demand more favorable contract terms. It was devised by a group called Unite All Workers for Democracy, which was officially formed in 2020 as a caucus — essentially, a political party within the union. The group set out to topple the ruling party, known as the Administration Caucus, which had run the union for more than 70 years. In 2022, Unite All Workers hashed out its party line, recruited candidates and ramped up a campaign operation to elect them.

Persons: Shawn Fain, Fain, Fain’s, — Organizations: United Automobile Workers, Detroit, All Workers for Democracy, Administration Caucus, Workers

☆ Ford, UAW Near Tentative Labor Deal to Potentially End Six-Week Strike at the Automaker
▼ + stars: | 2023-10-25 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EVs, which require fewer workers and cost more in raw materials. What does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers union is close to securing a new tentative labor contract with Ford Motor , after intense bargaining overnight and into the day Wednesday, according to people with knowledge of the talks. The UAW, now in the sixth week of its strike at the three Detroit automakers, has called for work stoppages at three Ford factories and sent more than 16,000 U.S. factory workers at the Dearborn, Mich., based car company to picket lines.

Persons: George Downs Organizations: Street, United Auto Workers, Ford Motor, UAW, Detroit automakers, Ford Locations: U.S, Mich

☆ UAW, Ford Expected to Announce New Tentative Labor Deal
▼ + stars: | 2023-10-25 | by ( Nora Eckert | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EVs, which require fewer workers and cost more in raw materials. What does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street Journal<br>The United Auto Workers union is expected to announce a new tentative labor contract with Ford Motor on Wednesday night, after intense bargaining throughout the day, according to people with knowledge of the talks. The UAW, now in the sixth week of its strike at the three Detroit automakers, has called for work stoppages at three Ford factories and sent more than 16,000 U.S. factory workers at the Dearborn, Mich., car company to picket lines.

Persons: George Downs Organizations: United Auto Workers, Ford Motor, UAW, Detroit automakers, Ford Locations: U.S, Mich

But if the UAW can reach a tentative agreement with Ford, it would be used as a model to seek similar contract settlements with GM and Stellantis. Typically, during past auto strikes, a UAW deal with one automaker has led the other companies to match it with their own settlements. About 32% of the union’s 146,000 members at the automakers are now on strike and getting by on $500 per week in strike pay. The UAW also wants traditional defined-benefit pension plans restored for workers who were hired after 2007, an end to varying tiers of wages for UAW workers, pension increases for retirees and other benefits. One key issue is whether to extend the national UAW contract to 11 U.S. electric vehicle battery factories.

Persons: Ford, Shawn Fain, ’, Todd Dunn, “ I've, ” Dunn, “, Dunn, he's, ” Masters, Mary Barra, Wayne State's Masters, It's Organizations: DETROIT, United Auto Workers, Ford, Detroit, General Motors, UAW, GM, Kentucky, Plant, Ford's, Bloomberg News, Automotive, Marick, Wayne State University, Workers, Toyota, Moody's Investor Service Locations: Arlington , Texas, Sterling Heights , Michigan, Louisville, Detroit, Korean, Texas

Altogether, about 45,000 workers at Ford, G.M. and Stellantis are on strike across the country, including 8,700 workers at Ford’s Kentucky truck plant in Louisville, the company’s largest, and almost 10,000 others at Ford factories in Illinois and Michigan. The tentative deal with Ford could increase pressure on the other companies to reach an agreement with the union. In the past, once the union reached a deal with one automaker, tentative agreements with the others quickly followed. Last week, Ford’s executive chairman, William C. Ford Jr., said the union’s demands risked damaging the ability of Detroit automakers to compete against nonunion companies like Tesla and foreign rivals.

Persons: Shawn Fain, William C, Ford Jr, ”, “ Organizations: Ford, Detroit automakers, Toyota, Honda Locations: Ford’s Kentucky, Louisville, Illinois, Michigan

☆ Ford, UAW negotiators reach labor deal, pending union leadership approval
▼ + stars: | 2023-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – The United Auto Workers union and Ford Motor have agreed in principle to the terms of a tentative agreement that would end a nearly six-week strike at the automaker, sources with knowledge of the discussions confirmed Wednesday to CNBC. Any deal would still need to be ratified by a simple majority of Ford's 57,000 union-represented workers. The automaker and the union participated in intense bargaining Tuesday and Wednesday in an attempt to finalize a record deal, according to the sources. However, a tentative agreement with Ford would likely be used as a template to negotiate with Stellantis and GM. The union expanded strikes against both of those automakers at major plants this week.

Persons: Shawn Fain, Margaret Mock, Stellantis Organizations: United Auto Workers, UAW, DETROIT –, Ford Motor, CNBC, Ford, Detroit, General Motors, Stellantis, GM Locations: Sterling Heights , Michigan

☆ GM Scales Back EV Plans as Buyers Hesitate
▼ + stars: | 2023-10-24 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

UAW union members have been striking over job security and pay as automakers push forward in developing EVs, which require fewer workers and cost more in raw materials. So what does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalGeneral Motors is abandoning a self-imposed target to build 400,000 electric vehicles by mid-2024, the latest sign that automakers are concerned about the viability of the market for battery-powered cars. The Detroit automaker walked back the goal while reporting a healthy third-quarter profit, despite the hit from the continuing United Auto Workers strike. The walkout, which began in mid-September, is now costing GM about $200 million a week in profit.

Persons: George Downs Organizations: Street, Motors, Detroit, United Auto Workers, GM

☆ GM Scraps EV Target, Posts Strong Third-Quarter Profit
▼ + stars: | 2023-10-24 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

UAW union members have been 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 that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalGeneral Motors is abandoning a self-imposed target to build 400,000 electric vehicles by mid-2024, the latest sign that automakers are concerned about the viability of the market for battery-powered cars. The Detroit automaker walked back the goal while reporting a healthy third-quarter profit, despite the hit from the continuing United Auto Workers strike. The walkout, which began in mid-September, is now costing GM about $200 million a week in profit.

Persons: George Downs Organizations: Street, Motors, Detroit, United Auto Workers, GM

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