UAW is expanding its strike again – but not at Stellantis this time

By:
on Sep 29, 2023
Listen
  • UAW is expanding its strike to two more plants in Illinois and Michigan.
  • The union is leaving out Stellantis this time due to progress in negotiations.
  • Shares of Stellantis NV are trending up at writing following this news.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

United Auto Workers has decided to expand its strike again – but this time it’s Stellantis NV (NYSE: STLA) that the union is leaving out.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Why is UAW not expanding strike against Stellantis?

Copy link to section

Shawn Fain – the President of UAW just confirmed that members of the labour union will begin strike this afternoon at two more assembly plants – one of General Motors Company (NYSE: GM) in Michigan and the other of Ford Motor Co (NYSE: F) in Illinois.

Stellantis is being spared this time as the United Auto Workers has made progress with the European automaker on a bunch of issues including cost-of-living adjustments, he added.

We are excited about this momentum at Stellantis and hope it continues.

The announcement arrives only hours after Argentina Lithium said it received a $90 million investment from Stellantis. Shares of the car company are trending up at writing.

How many auto workers will join the strike today?

Copy link to section

More than 18,000 auto workers are already on strike after the UAW expanded work stoppages at another 38 parts and distribution facilities of GM and Stellantis last Friday. Another 7,000 are now expected to join this afternoon.

Note that the union had left out Ford Motor last week citing momentum in negotiations as Invezz reported here.

The autoworkers strike has been a nuisance for the “Big Three” car manufacturers since September 15th. Anonymous sources have recently told CNBC that the companies are getting frustrated because the union is taking long to submit counterproposals.  

Shares of both General Motors and Ford Motor are in the red at writing.

Ford Motor Company General Motors Lithium USA Manufacturing North America Precious Metals Stock Market World