Soon after reaching a tentative agreement with Chrysler parent Stellantis NV STLA on Saturday, the United Auto Workers Union (UAW) announced that its members from General Motors Co‘s GM Spring Hill Manufacturing in Tennessee have joined the ongoing strike for better pay and other amenities.
What Happened: UAW reached a tentative agreement with both Ford Motor Co F and Stellantis last week. General Motors is the only one of the Detroit three who hasn’t reached an agreement with the union as of now despite the strike having completed one and a half months.
The UAW is already striking at the company’s Arlington Assembly, Lansing Delta Township Assembly and Wentzville Assembly in addition to several parts distribution centers. Last week, after the union commenced striking at GM’s Arlington assembly plant, the company pegged the weekly cost of the union dispute to $400 million.
GM makes several SUV models at its latest strike location including the Cadillac XT5 and XT6, the all-electric Lyriq and the GMC Acadia, implying that the company’s costs are only going to rise.
“We are disappointed by the UAW's action in light of the progress we have made. We have continued to bargain in good faith with the UAW, and our goal remains to reach an agreement as quickly as possible,” GM said in response to the strike expansion.
Why It Matters: UAW reached an agreement with Ford on Wednesday and with Stellantis on Saturday. The tentative agreement with Stellantis follows the pattern of the agreement with Ford and the union is looking for a similar agreement with GM.
"When we return to the bargaining table in 2028, it won't just be with the Big Three, but with the Big Five or Big Six," the seemingly determined union wrote in a post on Sunday.
Photo via Shutterstock.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next: Gavin Newsom Takes A Spin In Tesla’s Refreshed Model 3 At Chinese Gigafactory After Praising Rival
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.