UAW resumes bargaining talks with Chrysler-parent Stellantis

uaw-resumes-bargaining-talks-with-chrysler-parent-stellantis
UAW resumes bargaining talks with Chrysler-parent Stellantis

Bargaining talks between the United Auto Workers and Chrysler-parent Stellantis resumed on Monday as the strike against the Detroit Three automakers entered its fourth day. Over the weekend, union negotiators and representatives of General Motors (GM.N), Ford (F.N), and Stellantis (STLAM.MI) held talks in an effort to end the ambitious labor action. This coordinated strike, the first of its kind, comes at a time when approval of labor unions among Americans is high, despite declining membership in recent years. The strike involves approximately 12,700 UAW workers targeting three U.S. assembly plants. Analysts and industry executives speculate that the UAW may strike at additional plants to increase pressure on the automakers. UAW President Shawn Fain stated that there were minimal conversations over the weekend and that the ball is in the automakers’ court. He also mentioned that the UAW is prepared to extend the strike to other plants if necessary. Treasury Secretary Janet Yellen stated that it is premature to predict the strike’s impact on the economy. The strikes have halted production at plants in Michigan, Ohio, and Missouri, affecting the production of popular models. Ford has already laid off 600 workers at the Michigan Bronco plant due to the work stoppage, while GM expects to halt operations at its Kansas car plant this week. House Democratic Leader Hakeem Jeffries visited picket lines in support of the UAW. Analysts predict that plants producing profitable pickup trucks may be the next targets if the strike continues. The strike has also affected BlueScope Steel, causing its shares to slip. The automakers have proposed 20% raises over the four-and-a-half year term of their proposed deals, but the UAW is demanding double that amount. In addition to higher wages, the UAW is seeking shorter work weeks, restoration of defined benefit pensions, and stronger job security in light of the shift to electric vehicles.

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