UAW eyes targeted strikes at auto plants in first wave of labor walkout
alvarez
The United Auto Workers has detailed plans for a series of targeted strikes against automobile plants owned by General Motors (NYSE:GM), Ford (NYSE:F), and Stellantis (NYSE:STLA) if a deal is not worked out by 11:59 p.m. on Thursday. It could be the first time that all three Detroit automakers were hit by a UAW strike at the same time.
Ahead of the imminent expiration of the current contract, the UAW appears to have rejected late offers from General Motors (GM), Stellantis (STLA)m and Ford (F). "To win, we're likely going to have to take action," UAW President Shawn Fain told the members in a Facebook Live talk late on Wednesday. He reiterated that the Big Three generated a combined profit of $21B in the first six months of the year and said UAW members deserve a fair share.
GM's letter to the UAW: "We want to let you know that we continue to bargain directly and in good faith and have presented additional strong offers to the UAW. We are making progress in key areas that we believe are most important to you. This includes historic guaranteed annual wage increases, investments in our U.S. manufacturing plants to provide opportunities for all and shortening the time for in-progression employees to reach maximum wages. Our goal remains to reach an agreement before the expiration of the current contract."
Ford's letter to the UAW: "The Ford team continues to put 100% of our energy into reaching an agreement with the UAW that rewards our valued employees and allows the company to invest in the future. If there is a strike, it's not because Ford didn't make a great offer. We have and that's what we can control. In fact, we have put four offers on the table starting Aug. 29 and each one has been increasingly generous. We still have not received any genuine counteroffer."
Strikes at parts plants of the Detroit Three could force production halts at multiple assembly factories, as well as impact auto suppliers.
Auto stocks: Toyota (TM), Tesla (TSLA), General Motors (GM), Honda (HMC), Ferrari (RACE), Ford (F), Hyundai (OTCPK:HYMTF), Nissan (OTCPK:NSANY), Mercedes-Benz (OTCPK:MBGAF), Volkswagen (OTCPK:VLKAF), BMW (OTCPK:BMWYY), Stellantis (STLA), Rivian Automotive (RIVN), and Subaru (OTCPK:FUJHY).
Auto supplier stocks: Adient (ADNT), Allison Transmission (ALSN), American Axle & Manufacturing (AXL), Aptiv (APTV), Autoliv (ALV), BorgWarner (BWA), China Automotive Systems (CAAS), Cooper-Standard (CPS), Dana (DAN), Douglas Dynamics (PLOW), Garrett Motion (GTX), Gentex (GNTX), Gentherm (THRM), Johnson Controls (JCI), Lear (LEA), LKQ (LKQ), Modine Manufacturing (MOD), Monro (MNRO), Motorcar Parts of America (MPAA), Standard Motor Products (SMP), Superior Industries (SUP), Visteon (VC), Voxx International (VOXX), and Westport Fuel Systems (WPRT).

More on auto stocks

General Motors: An Undervalued Bet On The EV Market
Ford Motor: Automakers' Strike Deadline Creates A Long-Term Entry Point
Stellantis: Winning While Mr. Market Isn't Looking
Deadline drama: UAW union prepares for 'never seen before' auto strike
Looking beyond an auto workers strike: Ford and GM land bull ratings at UBS
Experts fear auto workers' strike could have major ripple effects, worse than 2019 strike