In a letter to all union members, GM Executive Vice President for Global Manufacturing Gerald Johnson said Thursday, Oct. 10, that the strike has been hard on families, the company, its suppliers and dealers, and a top UAW negotiator said officials are making progress in working toward a tentative agreement. Workers and the union are pushing GM on a host of issues, including wages, health care and the use of temporary workers. Through this coming weekend, GM losses are expected to reach $1.13 billion, according to an estimate from Anderson Economic Group, while lost wages for GM employees are expected to have reached roughly $600 million.
Committees are working on issues such as products for factories that GM wants to close, investments in other USA factories, and training for union workers to handle future technology, according to Dittes' letter. "I worked directly across the line from a woman who made $28".
GM stock was up 2.8% at $35.62 on Friday afternoon.
The automaker said that on October 7 it presented an updated offer to the UAW, which would increase compensation and preserve health care benefits without raising out-of-pocket expenses. For temporary workers, our offer also would create a clear path to permanent employment and include a ratification bonus.
"We have advised the Union that it's critical that we get back to producing quality vehicles for our customers", Johnson said in the letter.
"The company's strategy from day one has been to play games at the expense of the workers", the UAW statement says.
GM made a comprehensive offer October 7 to the UAW and hasn't received a response in the days since, despite CEO Mary Barra joining a meeting with union leaders October 9.
After little headway followed their proposal to UAW brass October 7, Barra invited Dittes and UAW President Gary Jones to meet at the automaker's Detroit headquarters, where bargaining has been taking place.
The UAW did not immediately respond to a request for comment on GM's letter.
One of the five issues the committees are discussing is the fate of four USA factories that GM has indicated could close; another is future technological changes to production, according to the UAW letter. But those other issues also must be resolved as part of an agreement. The company said at the time that it would construct a new electric-vehicle battery factory in Lordstown and build an electric truck in its plant bordering Detroit and the town of Hamtramck.
"While investors may look through the one-time impacts.the strike reminds us of the challenge of investing in OEMs at this point in the cycle", analyst Dan Levy wrote in a note.
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