Strikes could idle more Detroit Three auto plants Friday
By David Shepardson and Joseph White
DETROIT (Reuters) — United Auto Workers union President Shawn Fain is expected to launch walkouts at more Detroit Three auto factories Friday, barring last-minute progress in bargaining that has moved slowly since last week.
UAW members, Wall Street investors, industry executives and the White House are watching to see whether Fain shuts down powertrain factories or plants that assemble the pickup trucks and large SUVs that Ford (NYSE:F), General Motors (NYSE:GM) and Stellantis (NYSE:STLA) rely on for most of their North American and global profits.
Fain will make a video address on Friday at 10 a.m. ET (1400 GMT). On Thursday, the union made a counter-proposal to Stellantis. Talks among the UAW and negotiators for the Detroit Three were described as «very active» by one person briefed on the situation.
If Fain triggers walkouts at more plants starting at noon (1600 GMT) on Friday, the UAW is expected to continue work stoppages currently under way until a new contract is ratified, a source familiar with the situation said, speaking on condition of anonymity.
Headed into Friday, about 18,300 UAW members at the Detroit Three were on strike, or about 12% of the 146,000 union members working at the automakers. Strikers have been getting $500 a week from the UAW's strike fund.
The union has shut one assembly plant at each of the Detroit Three, and 38 parts distribution centers at GM and Stellantis.
The effect of these walkouts has been relatively limited compared to the financial hit from halting assembly lines that build Ford F-series, Chevy Silverados and Ram trucks.
Analysts estimate GM, Ford and Stellantis earn as much as $15,000 per vehicle on each of their respective large pickup
Read more on investing.com
