In a Friday morning announcement, United Auto Workers union President Shawn Fain announced that a total of 7,000 more UAW members will strike Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) assembly plants in Chicago and Lansing, Michigan, respectively, beginning at noon ET Friday. Workers at the Lansing stamping plant were not affected. (These American industries have the highest union membership.)
[in-text-ad]
Fain first apologized for being late to begin the meeting, offering the comment that a “significant flurry” of activity occurred just before the scheduled 10 a.m. ET starting time. It turns out that Stellantis N.V. (NYSE: STLA) had come in at the last minute with new positions on the union’s demand for adjustments to the cost of living allowance and other points at issue in the negotiations.
Apparently, neither Ford nor GM made any meaningful progress in negotiations with the union. Fain gave no specific reasons for the new labor actions at the two companies’ plants.
Last Friday, 5,600 UAW members walked off their jobs at GM and Stellantis parts distribution centers, joining nearly 13,000 workers who went on strike two weeks ago at one assembly plant owned by each of the Detroit Three automakers. The addition of 7,000 strikers at noon brings the total number of UAW members who have walked out to more than 25,000. UAW membership totals about 150,000 across the country.
GM shares dipped by about 0.6% after Fain’s announcement, and Ford’s stock fell by about 0.3%. Stellantis stock traded up about 0.2%.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
