{"id":66038,"date":"2023-09-27T11:58:31","date_gmt":"2023-09-27T15:58:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tesla-ceo-elon-musk-says-uaw-demands-could-bankrupt-ford-gm\/"},"modified":"2023-09-27T11:58:33","modified_gmt":"2023-09-27T15:58:33","slug":"tesla-ceo-elon-musk-says-uaw-demands-could-bankrupt-ford-gm","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66038","title":{"rendered":"Tesla CEO Elon Musk Says UAW Demands Could Bankrupt Ford, GM"},"content":{"rendered":"
\n

\n Tesla
\n CEO Elon Musk warned that the United Auto Workers\u2019 demands could drive
\n Ford,<\/span><\/p>\n

GM
\n and Chrysler owner
\n Stellantis
\n to bankruptcy, as he appeared to criticize President Biden for joining the picket line.<\/p>\n

\u201cThey want a 40% pay raise and a 32 hour work week. Sure fire way to drive GM, Ford and Chrysler bankrupt in the fast lane,\u201d Musk said in a post on X, responding to news that Biden backed the union\u2019s demands.<\/p>\n

\n

In a separate post, he said rising prices as a result of wage increases \u201cmakes cars unaffordable, which leads to major sales drop, which leads to bankruptcy.\u201d<\/p>\n

Biden joined striking auto workers in Michigan Tuesday, grabbing the megaphone and addressing the crowd at one point. \u201cFolks, stick with it, because you deserve the significant raise you need and other benefits.\u201d<\/p>\n

When later asked if workers should get a 40% pay increase, he said \u201cyes, I think they should be able to bargain for that,\u201d according to remarks released by the White House.<\/p>\n

Tesla (ticker: TSLA), a nonunion auto maker, is a potential winner from the continuing standoff embroiling three of its competitors. Wedbush analysts Dan Ives described the dispute as a \u201cgrowing nightmare situation\u201d for Ford (F) and GM (GM) earlier this month, as both are at the early stages of an electric-vehicle transformation path \u201cthat will define future success.\u201d He added that Tesla\u2019s competitors now face mounting costs and complexities in the year ahead.<\/p>\n

Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla CEO Elon Musk warned that the United Auto Workers\u2019 demands could drive Ford, GM and Chrysler owner Stellantis to bankruptcy, as he appeared to criticize President Biden for joining the picket line. \u201cThey want a 40% pay raise and a 32 hour work week. Sure fire way to drive GM, Ford and Chrysler bankrupt […]<\/p>\n","protected":false},"author":1,"featured_media":66039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66038","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nTesla CEO Elon Musk Says UAW Demands Could Bankrupt Ford, GM | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Tesla CEO Elon Musk warned that the United Auto Workers\u2019 demands could drive Ford, GM and Chrysler owner Stellantis to bankruptcy, as he appeared to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=66038\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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