STLA - Detroit Automakers Are Bracing For A Lengthy Struggle | Benzinga
UAW’s strike against General Motors (NYSE: GM), Ford Motor (NYSE: F) and Chrysler-parent Stellantis (NYSE: STLA) is now in its 20th day. Yesterday, GM secured a new $6 billion line of credit, revealing that targeted strikes have already cost the automaker $200 million during the third quarter. Earlier, Ford also revealed it secured a $4 billion credit line to weather market uncertainties.
Ford Is Reportedly Making Progress But Not On All Issues
On Wednesday, Reuters reported that Ford is making progress in negotiations due to a "comprehensive" new offer it made a day earlier. Reportedly, Ford added "more than 20% general wage increase that is not compounded with a double-digit increase in the first year. However, the UAW and Ford have not reached an agreement regarding other significant issues such as pay and union representation at future battery plants, with UAW also pushing for ...