What people are saying about the US auto worker strike
(Reuters) — The United Auto Workers union launched simultaneous strikes at three factories owned by General Motors (NYSE:GM), Ford (NYSE:F) and Chrysler parent Stellantis (NYSE:STLA) on Friday, kicking off the most ambitious U.S. industrial labor action in decades.
The walkouts will halt production of the Ford Bronco, Jeep Wrangler and Chevrolet Colorado pickup truck, along with other popular models.
Here is what people are saying about the unprecedented walkouts:
DAN IVES, ANALYST AT WEDBUSH:
«If the strike lasts longer than three to four weeks, it will be moderately detrimental to GM and Ford's EV strategy in 2024...While the Detroit stalwarts battle with the UAW, there's a bottle of champagne that's being iced at Tesla (NASDAQ:TSLA) headquarters.»
SAM FIORANI, PRODUCTION FORECASTER AT AUTO FORECAST SOLUTIONS:
«This is more of a symbolic strike than an actual damaging one… If the negotiations don't go in a direction that (UAW President Shawn) Fain thinks is positive, we can fully expect a larger strike coming in a week or two.»
LEE JAE-IL, ANALYST AT EUGENE INVESTMENT & SECURITIES:
«For South Korean automakers, the UAW strike could help raise their car prices in the United States due to production cuts, and that could create a seller’s market environment. Also, it could potentially help increase its car exports to the United States. However, production disruptions at parts suppliers that supply to GM would be inevitable.»
ARTHUR WHEATON, DIRECTOR OF LABOR STUDIES AT CORNELL SCHOOL OF INDUSTRIAL AND LABOR RELATIONS:
«It's not a devastating hit to the communities. It's not a devastating hit for the strike fund. It's not a devastating hit on the balance sheet for any of the automakers but it starts to raise the
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