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General Motors (GM) shareholders showed just how happy they were with the company’s news Wednesday morning that it was reinstating its full-year guidance as well as engaging in a $10 billion share buyback plan.
The UAW is stepping up its war against foreign automakers and taking the battle to their home turf. As part of this effort, the labor union has filed charges against Mercedes in Germany.The union accuses Mercedes-Benz Group AG of conducting an “aggressive anti-union campaign” against U.S.
Despite trying to stay away from politicians during last year’s labor strike, United Auto Workers’ leadership endorsed Joe Biden for president on Wednesday. This comes after union-head Shawn Fain said UAW dealings with domestic automakers would not be undermined by those seeking to garner political support. Now, Fain is backing Biden on claims that his administration supports the American workforce.
Tesla is famously non-union, but it’s not immune to the effects of a well-negotiated UAW contract. The automaker is significantly boosting pay for workers at its factory in Sparks, Nevada, by as much as ten percent, bringing it closer in line with the wage increases seen by union auto workers.
When all else fails, blame the government. Stellantis, whose brands include Jeep, Dodge, Chrysler, and Fiat, recently announced layoffs that it blamed on the selective application of California Air Resource Board (CARB) rules. The move could impact thousands of jobs at the company’s Jeep factories in Detroit and Ohio, where it builds the Grand Cherokee, Wrangler, and Gladiator.
On October 30, General Motors (GM) became the final member of the Big Three automakers to reach an agreement with the United Auto Workers (UAW) union, following a strike that began September 15. The automaker joined Ford and Stellantis in coming to terms with the union, setting in motion the process to ratify agreements with all three.
The UAW fought hard and strategically to score some of the biggest contract improvements we’ve seen in years during its recent strike against the big three. Now, after weeks of negotiations and tentative deals, there’s doubt about whether the union members will ratify the agreement. The latest blow comes as four GM plants vote no on the new deal.On Tuesday, 68% of the employees at General Motors Spring Hill, TN assembly plant voted against the UAW deal with the automaker.
Ford Motor Co. reported it was profitable during the third quarter, unlike last year, but its bottom line is going to be crimped for the next few years. The company’s Q3 revenue was $43.8 billion, up 11% year-over-year – a net income of $1.2 billion reversed last year’s Q3 net loss of $827 million. Adjusted earnings before interest and taxes, or EBIT, for the quarter this year increased to $2.2 billion.