UAW warns of expanded strikes if progress isn't made by Friday

  • Stock Market News
UAW warns of expanded strikes if progress isn't made by Friday

As the United Auto Workers (UAW) union enters its 14th day of striking against the Detroit 3 automakers (General Motors (NYSE: GM ), Ford (NYSE: F ), Stellantis (NYSE: STLA )), reports have surfaced that the union may announce extended strikes if progress in negotiations hasn’t been made by 10:00 ET (14:00 GMT) on Friday.

The new deadline set by the union follows the UAW's decision to extend its initial strike actions against GM and Stellantis to include 38 more parts and distribution facilities, one week after the initial strikes began on September 15. Notably, the UAW opted not to escalate its strikes at Ford, citing positive developments in their ongoing negotiations.

It is expected that UAW president, Shawn Fain will host a Facebook Live event to announce which locations will walk out on Friday.

The UAW strike currently includes around 18,300 automotive employees, approximately 12.5% of the union’s 146,000-person membership, actively engaging in protests over labor agreements that expired on September 14th.

President Fain said that the UAW plans to increase work stoppages based on progress made in negotiations. The union is calling the work stoppages “stand-up strikes,” a nod to historic “sit-down” strikes by the UAW in the 1930s.

The union's latest deadline comes one day after U.S. President Joe Biden visited Fain and the union, making him the first sitting president to ever walk a picket line.

During his visit, President Biden expressed his solidarity with the union and its objectives, which include a notable demand for a 40% wage increase over the duration of the new contract.

In addition to the wage increase, the UAW is seeking a shortened workweek, a shift back to traditional pensions, the elimination of compensation tiers, and a restoration of cost-of-living adjustments, among other improvements.

Shares of F are down 0.32% in premarket trading, while STLA and GM are up 0.48% and 0.27%, respectively.


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