Thousands of members of the United Auto Workers went on strike at three U.S. assembly plants of General Motors, Ford Motor and Stellantis, after the union and the automakers failed to reach a deal on a new labor contract Thursday night.
The facilities are GM’s midsize truck and full-size van plant in Wentzville, Missouri; Ford’s Ranger midsize pickup and Bronco SUV plant in Wayne, Michigan; and Stellantis’ Jeep plant in Toledo, Ohio.
12,700 workers will be on strike. The UAW represents about 146,000 workers at Ford, GM and Stellantis.
The UAW Stand Up Strike begins at all three of the Big Three.#StandUp pic.twitter.com/WsUdPt0or5
— UAW (@UAW) September 15, 2023
If all three faced a strike, shrinking auto production would cut quarterly annualized growth by 0.05 to 0.1 percentage points for each week it lasted, Goldman Sachs estimates. However, Goldman Sachs said growth would then rise by the same amount it declined in the quarter following a strike.
Ford, GM offered 18-20% raises but were rejected. The bigger parts are the 32 hour work week would have overtime kick in a day earlier for workers still working 50-60hours per week and forcing the UAW into the new electric car and battery plants. The companies only have half UAW workers. They can phase out the UAW plants and only build at global non-UAW plants.
Former Ford CEO Mark Fields said
Fields: UAW could win the battle but lose the war.
If the automakers are forced to reinstate pensions, provide healthcare for retirees and take other steps, they could decide to just move factories – and jobs – overseas.
“The automakers are going to be very rational about this. If this is what my cost per unit is here in the US — including labor — and it’s uncompetitive, I’m going to have to move it to where it’s more competitive, like Mexico,” said Fields, who is currently a senior advisor to private equity firm TPG Capital. “You don’t want the UAW to win the battle but lose the war.”
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
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