Stellantis, Daimler Truck Agree On 9% Pay Hike In Mexico: Report

Stellantis NV STLA and a Mexican unit of Daimler Truck Holding AG DTRUY have reportedly reached agreements with Mexico’s unions to raise wages by 9% in 2023.
The wage increases will help more than 24,000 workers in northern and central Mexico, reported Reuters.
Stellantis has more than 15,000 unionized workers across five plants in Coahuila state and three in the State of Mexico, who will benefit from the 9% wage hike.
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Daimler Vehiculos Comerciales Mexico has agreed to an 8.82% pay increase for 6,440 workers at its Coahuila plant.
The workers are represented by a union that is a part of one of the country’s largest labor groups, the Confederation of Mexican Workers (CTM).
The report further noted that the Mexican labor groups have been battling for wage lift to beat inflation.
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Price Action: STLA shares are trading higher by 0.69% at $17.54 in premarket on the last check Wednesday.