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Labor Issues

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GM

STLA

S&P Global Ratings has stated that the impact of a potential UAW (United Auto Workers) strike will not significantly affect the majority of auto suppliers from a ratings perspective.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 7:53 pm

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GM

STLA

S&P has warned that if the UAW strike continues for more than a week or expands, it will result in significant reductions in earnings and liquidity in the U.S. auto sector relative to the 2023 base case.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 7:43 pm

GM

STLA

UPS

The International Brotherhood of Teamsters has secured a five-year contract with United Parcel Service, Inc (UPS), valued at approximately $30 billion, averting a potential strike. The contract includes wage increases and safety measures. Meanwhile, the United Auto Workers (UAW) is in a historic strike against Detroit's major automakers, including Ford Motor Company (GM), General Motors Co (GM), and Stellantis NV (STLA), pushing for a 46% pay increase.

Portfolio Pulse from AJ Fabino

September 15, 2023 | 7:09 pm

STLA

Stellantis shares are trading higher despite the volatility in auto stocks due to the UAW strike.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 7:00 pm

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GM

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TSLA

A contract dispute with the United Auto Workers (UAW) union has led to strikes at Ford Motor Co (F), General Motors Co (GM), and Stellantis NV (STLA), causing uncertainties in the automotive sector. The strikes, which currently impact 12,700 workers, could potentially increase the prices of new and used autos within two months. Analysts suggest that the strikes could have a more significant impact on automotive suppliers than the OEMs. The strikes could also affect local governments, particularly in Michigan, which has the largest share of UAW auto workers.

Portfolio Pulse from Chris Katje

September 15, 2023 | 6:47 pm

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UAW President Shawn Fain announced that the union has sent a comprehensive counteroffer to the Detroit Three (Ford, General Motors, and Stellantis) and is awaiting their response. Negotiations are expected to continue tomorrow.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 6:29 pm

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GM

STLA

UAW President Fain has stated that the union does not agree with President Biden's statement that negotiations have broken down.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 6:27 pm

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STLA

President Joe Biden addressed the ongoing strike by the United Auto Workers (UAW) union against Detroit's three major automakers - Ford Motor Co (F), General Motors Co (GM), and Stellantis NV (STLA). Biden urged both sides to negotiate further for a mutually beneficial agreement and stated that the shift towards clean energy in the automotive industry should benefit both workers and companies. The UAW initiated the strike following contract expirations.

Portfolio Pulse from AJ Fabino

September 15, 2023 | 5:07 pm

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GM

Despite the ongoing U.S. strike action, General Motors Mexico has announced that its plants in Mexico will continue to operate as normal.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 5:04 pm

SPY

According to a report by Challenger, Gray & Christmas cited by Reuters, U.S. retailers have announced 55,755 job cuts through August.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 4:59 pm