STLA - UAW's Shawn Fain Announces Breakthrough In Strike Talks With GM; Eyes On Ford And Stellantis Next | Benzinga
Shares of Detroit's "big three" automakers, General Motors Co (NYSE:GM), Ford Motor Co (NYSE:F), and Stellantis NV (NYSE:STLA) were trading higher Friday after United Auto Workers (UAW) president Shawn Fain announced crucial updates.
What Happened: On Friday, Fain noted a significant change in talks with GM. Just as the automaker’s main profit-generating plant in Arlington, Texas was nearing a shutdown, GM consented to include their electric battery production within the UAW’s national master agreement.
Fain said the move stands in contrast to the automaker’s previous stance, which suggested that the change was unfeasible.
The UAW president said the development could redefine the future landscape of the industry and the union itself. Previously, there was a trend of reducing engine and transmission plants and substituting them with lower wage battery jobs. However, the UAW’s strategic approach appears to be proving effective, particularly in its dealings with GM.
Fain said he has the same expectations for Ford and ...