For the first time in the 88-year history of the United Autoworkers Union, its members are on strike against each of the Big Three automakers (Ford, GM and Chrysler maker Stellantis) at the same time. About 13,000 workers at three plants in Missouri, Michigan and Missouri were the first to walk off the job this morning. The three automakers failed to negotiate labor agreements with the UAW before their contracts expired at 11:59 p.m., resulting in the UAW's first strike since 2019. The union's roughly 146,000 members are seeking a wage increase of up to 40% over the length of the next four-year contracts, along with full pay for 32-hour workweeks, better retirement pensions and improved health care. GM and Ford stand to lose $2.5 billion and $3 billion in revenue, respectively, for each week a strike lasts, Goldman Sachs Equity Research previously estimated. Here's the latest. |
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