UAW expands strikes: Ford, GM, EV market impact
United Auto Workers (UAW) President Shawn Fain announced plans today to expand the ongoing strike against two of the Big Three automakers — Ford (F) and General Motors (GM) – with 7,000 additional workers to join the walkout. Yahoo Finance spoke to experts across the automotive industry to break down the implications for Ford, GM, Stellantis (STLA), as well as the EV market.
Yahoo Finance Autos Reporter Pras Subramanian explained the latest strikes by the UAW in detail, which will affect GM's Lansing Delta Township Assembly plant and Ford's Chicago Assembly plant. Subramanian said, "We've seen estimates that every week that this goes on, $100-200 million is getting evaporated for the Big Three."
Wedbush Managing Director Dan Ives views a prolonged UAW strike as a "horror show" for the EV market. Ives said, "And for the Street, it's not about the next quarter or two, it's about what this does to the EV strategy ... If they accept this deal, GM and Ford, I believe this would significantly impair their EV strategy for decades to come."
David Undercoffler, Autolist Editor-in-Chief, also discussed the implications for the EV market. Undercoffler said, "These are much simpler machines than gas-powered vehicles. It's much easier to produce those and to assemble them ... but right now this is more about wages."
Autoblog Editor-In-Chief Gregory Migliore broke down the potential impact of the expanding UAW strike on sales. Migliore said, "There really hasn't been a lot of time for the impact to be felt right on the bottom lines for the metrics we're going to look at."
Willett Advisors Chairman and CEO Steven Rattner discussed the implications of the UAW strike and why the Big Three automakers are fighting so hard. Rattner said, "I'm very sympathetic to the workers. They have not gotten the kind of increases they need to keep up with inflation, but manufacturing is a very different space than driving a UPS truck or flying an American Airlines plane."
00:00:20 - Yahoo Finance Autos Reporter Pras Subramanian
00:00:49 - Wedbush Managing Director Dan Ives
00:01:24 - Autolist Editor-in-Chief David Undercoffler
00:01:42 - Autoblog Editor-In-Chief Gregory Migliore
00:02:03 - Willett Advisors Chairman and CEO Steven Rattner
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