United Auto Workers leadership is calling on thousands of auto workers at a GM pickup truck plant in Missouri, a Ford Motor Co. assembly line in Michigan, and a Stellantis NV Jeep plant in Toledo, Ohio, to strike at midnight if an agreement is not reached ahead of the labor contract expiration.
In a members update webcast on Facebook Live on Thursday night, UAW President Shawn Fain said that the union is committed to a contract that reflects the “incredible sacrifices and contributions” that UAW members have made. The union has said wages for auto workers who make the top rate have risen about 6% over the past four years, while the three auto makers’ North American profits have increased about 65% during that time.
Shortly after Fain’s comments, Ford said in a statement that the UAW’s counterproposal just received “showed little movement from the union’s initial demands” from six weeks ago. A strike at all three U.S. automakers would be a break with UAW tradition, as the union for many years has elected to center efforts striking at one company to protect its strike fund and picket-line firepower.
Automakers could weather a strike, although anything longer than about two weeks is viewed as more impactful and detrimental to the companies. GM GM, has about $39 billion in cash and equivalents, while Ford F, -0.16% has around $51 billion, according to a recent Moody’s Investors Service report. Stellantis’s STLA, -0.58% cash and equivalent pile towers over the others, at $69 billion.
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