{"id":78170,"date":"2023-10-29T11:38:34","date_gmt":"2023-10-29T15:38:34","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gm-hit-with-uaw-strike-expansion-after-stellantis-agreement\/"},"modified":"2023-10-29T11:38:38","modified_gmt":"2023-10-29T15:38:38","slug":"gm-hit-with-uaw-strike-expansion-after-stellantis-agreement","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78170","title":{"rendered":"GM Hit With UAW Strike Expansion After Stellantis Agreement."},"content":{"rendered":"
\n
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<\/div>\n<\/figure><\/div>\n

Ford Motor and Stellantis have reached deals with the United Auto Workers union. That leaves General Motors in the crosshairs and battle is already escalating. <\/p>\n

Saturday night, the UAW announced workers would go on strike at another
\n General Motors
\n (ticker: GM) plant hours after the Union announced it had reached a tentative agreement with
\n Stellantis
\n (STLA). <\/p>\n

\n

UAW workers are now on strike at GM\u2019s Spring Hill, Tennessee plant that makes the Cadillac\u00a0XT5,\u00a0XT6,\u00a0the all-electric\u00a0Cadillac LYRIQ, and the GMC Acadia. <\/p>\n

About 3,900 people work at the plant, most, but not all are UAW employees. The expansion brings the number of striking GM workers to about 18,000, or roughly 40% of the total UAW workforce at the auto maker. <\/p>\n

\u201cWe are disappointed by the UAW\u2019s action in light of the progress we have made,\u201d GM told Barron\u2019s<\/em> in an emailed statement. \u201cWe have continued to bargain in good faith with the UAW, and our goal remains to reach an agreement as quickly as possible.\u201d<\/p>\n

What led to the escalation isn\u2019t immediately clear. The UAW didn\u2019t immediately respond to a request for comment. <\/p>\n

Investors expected the next announcement to be an agreement, not a strike expansion.
\n Ford Motor
\n (F) and that UAW announced at tentative agreement Oct. 25. That, essentially, set a template for settlement. The Union and the auto makers both knew what was acceptable. <\/p>\n

The Ford agreement includes a general wage increase of roughly 25% over the life of the four-plus year deal, including some 11% in year one. The Stellantis agreement contains similar things, including 25% wage increases through April 2028, according to the Union.\u00a0<\/strong><\/p>\n

Stellantis will also restart an idled plant. \u201cWe have saved Belvidere [Illinois],\u201d said UAW Vice President Rich Boyer in a recorded message on Saturday night. \u201cIn addition to the vehicle commitment, Stellantis will also be adding over a thousand jobs at a new battery plant in Belvidere.\u201d\u00a0<\/strong><\/p>\n

Winning jobs associated with the electric vehicle transition has been a priority for the Union in 2023. <\/p>\n

The Saturday Stellantis agreement wasn\u2019t a surprise. The GM strike expansion is. <\/p>\n

It doesn\u2019t mean GM is in for a materially longer strike than the other two. The template is still set for settlement following deals from two of the three auto makers. There might be a little more the union is looking for. <\/p>\n

Investors might not like it if GM doesn\u2019t have an agreement by Monday. The labor unrest has weighed on shares of GM and Ford. Through the end of Friday\u2019s trading, GM and Ford shares were down 29% and 34%, respectively, since the start of July when contract issues came to the forefront. The
\n S&P 500
\n is down about 7% over the same span.<\/p>\n

Shares of Stellantis, a more global company, are up about 3% over that time.<\/p>\n

The drop in share prices can\u2019t be blamed entirely on the strike, either. Ford stock dropped 12% on Friday after reporting disappointing third-quarter earnings.<\/p>\n

But ending the strikes sure can\u2019t hurt. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

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

Ford Motor and Stellantis have reached deals with the United Auto Workers union. That leaves General Motors in the crosshairs and battle is already escalating. Saturday night, the UAW announced workers would go on strike at another General Motors (ticker: GM) plant hours after the Union announced it had reached a tentative agreement with Stellantis […]<\/p>\n","protected":false},"author":1,"featured_media":76066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-78170","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nGM Hit With UAW Strike Expansion After Stellantis Agreement. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Ford Motor and Stellantis have reached deals with the United Auto Workers union. 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