TECH - Tesla And Toyota Could Emerge As Winners Of The Unprecedented UAW Strike | Benzinga
The UAW is threatening to launch additional strikes if agreements with Stellantis N.V. (NYSE: STLA), General Motors (NYSE: GM) and Ford Motor (NYSE: F) are not reached by noon EDT, September 22nd. On Monday, UAW President Shawn Fain announced an expansion of strikes if serious progress isn’t made. Out of UAW’s 146,000 members who work at the Big Three, approximately 12,700 workers are on strike as a result of the union’s coordinated U.S. action at the Wentzville, Toledo and Wayne plants. No one wins in a strike, and although such an unprecedented walkout is expected to have ripple consequences across the global supply chain, the misery of the Detroit Big Three automakers could benefit Toyota Motor (NYSE: TM) and Tesla Inc (NASDAQ: TSLA).
Layoffs
Last Friday, Ford temporarily laid off 600 workers at Michigan plant hours after other employees had walked out. On Wednesday, Stellantis joined GM in furloughing some employees because of the ripple effects of the strikes such as parts shortages and storage constraints. Stellantis laid off about 370 workers at three parts factories in Ohio and Indiana that supply its Jeep plant in Toledo due to storage ...