TECH - UAW Strike Nears Its Fourth Week | Benzinga
It’s been more than three weeks since the UAW took a stand against General Motors (NYSE: GM), Ford Motor (NYSE: F) and Stellantis (NYSE: STLA). The UAW achieved a major breakthrough in negotiations when General Motors allowed its workers at joint-venture battery plants to be covered by union contracts, but the unprecedented strike is still ongoing. Meanwhile, even the EV king Tesla Inc (NASDAQ: TSLA) is facing challenges.
The UAW Is Making Progress
As for wages, Ford offered a 23% hike followed by Stellantis who offered 20% and GM who offered about a 20% increase. All three automakers agreed to cut timeline to get to top wage rate from eight to three years. As for temporary workers, Ford raised the hourly wage to $21, while GM and Stellantis followed by $20. Ford and Stellantis agreed to reinstate the cost of living allowance and UAW President Shawn Fain stated that GM is not far behind. Neither of the three automakers agreed to restore pre-2007 defined benefit pension plans. As for plant closures, Ford agreed that the ...