Ford says ‘significant gaps’ remain in UAW strike negotiations
UBS managing director and senior portfolio manager Jason Katz discusses the impact of the UAW strike on the Federal Reserve and the auto industry, as well as high oil prices.
Ford was spared by the United Auto Workers (UAW) on Friday from actions that widened strike activity at its two peers in Detroit’s Big Three automakers but has indicated that significant gaps remain between the two sides in key areas despite progress on certain issues.
The UAW broadened its strike against General Motors and Stellantis – the parent company of brands like Chrysler, Dodge, Jeep and Ram – on Friday with the announcement of new strikes at 38 parts distribution centers across 20 states.
The move affected about 5,600 union workers from GM and Stellantis, bringing the total number of UAW members on strike to roughly 18,300 across the Big Three. The ongoing strike has caused work stoppages at facilities where union members aren’t on strike, resulting in temporary layoffs due to the lack of work.
«Negotiations continue. Ford is working diligently with the UAW to reach a deal that rewards our workforce and enables Ford to invest in a vibrant and growing future,» the company said in a statement after talks continued over the weekend. «Although we are making progress in some areas, we still have significant gaps to close on the key economic issues. In the end, the issues are interconnected and must work within an overall agreement that supports our mutual success.»
UAW STRIKE SPREADS TO MORE GM, STELLANTIS FACILITIES, FORD SPARED AMID PROGRESS IN TALKS
The UAW opted against broadening its strike against Ford amid progress on some issues, although both sides note they're far apart in key areas. (Emily Elconin/Bloomberg via / Getty Images)
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