Connect with us

Hi, what are you looking for?

Tradings Insight HubTradings Insight Hub

Business News

Autoworkers strike expands again with walkout at GM SUV plant

The United Auto Workers union expanded its strike against Detroit’s Big Three for the second consecutive day as members at a major General Motors manufacturing plant walked off the job.

The union said 5,000 employees from the Arlington Assembly plant in Texas are now on strike. All of GM’s full-size internal combustion SUVs are worked on at that facility, including the Chevrolet Tahoe and Suburban, GMC Yukon and Yukon XL, and Cadillac Escalade and Escalade-V.

The move comes the same day General Motors reported its third-quarter results. The company said the strike has cost it around $800 million in pretax profits and it withdrew its 2023 profit forecast, but its quarterly adjusted earnings and revenue were better than Wall Street analysts had expected.

The expansion of the strike comes one day after 6,800 Stellantis employees walked off the job, shutting down manufacturing at a facility where Ram 1500 trucks are made.

In a statement, GM said it was ‘disappointed’ by the step.

“Last week, we provided a comprehensive offer to the UAW that increased the already substantial and historic offers we have made by approximately 25% in total value,” the company said.

It’s another escalation in the union’s strike against GM, Stellantis and Ford. The union previously ordered a walkout on Oct. 11, when it struck against Ford’s Kentucky Truck Plant.

Full-size SUVs and pickup trucks are some of the highest-priced and most profitable products that the Big Three make. They are also some of the most popular vehicles among U.S. consumers.

In the early weeks of the labor stoppage, the UAW had been calling on additional workers to go on strike once per week and was giving the automakers more notice about potential strikes. It also did not strike those truck and SUV plants initially.

The strike is now more than five weeks old, and the union appears to be moving at a faster pace to push the companies to complete a new contract.

Around 45,000 UAW members are now on strike out of a total of 146,000.

They’re seeking annual pay raises of more than 40% over a four-year contract, a shorter workweek, improved pensions for retirees, better health care, cost-of-living adjustments and an end to wage and benefit tiers.

The automakers have offered record contracts with pay increases of around 20%, as well as bonuses and other improved benefits.

The strike began on Sept. 15, after the contract between the union and the Big Three expired. It’s the first time the UAW has gone on strike against all three leading U.S. automakers at the same time.

This post appeared first on NBC NEWS

You May Also Like

Investing News

While gold is seen as a stable asset, it’s not immune to gains and losses. For this reason, understanding the trends that move the...

Business News

Tesla on Friday unveiled a restyled, made-in-China Model 3 with a longer driving range, the first time the automaker has launched a new model in...

Stock News

SPX Monitoring Purposes: Short SPX on 9/1/23 at 4515.77; cover short 9/5/23 at 4496.83 = gain .43%. Gain since 12/20/22: 15.93%. Monitoring Purposes GOLD: Long GDX...

Investing News

~Greenlane to supply complete landfill gas-to-biomethane upgrading solution to repeat customer~ Greenlane Renewables Inc. ( ‘Greenlane ‘) (TSX: GRN) (FSE: 52G) is pleased to announce...

Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Copyright © 2024 TradingsInsightHub.com All Rights Reserved.