The Benchmark Company senior analyst Mike Ward discusses a potential United Auto Workers union strike on “The Claman Countdown.”
Time is running short for Ford, General Motors and Stellantis to reach respective agreements with the United Auto Workers (UAW) for new contracts, and UAW President Shawn Fain reiterated Wednesday that his union is ready to strike against any of Detroit’s Big Three automakers that have not made a deal before next week’s deadline.
When asked during an interview with the Associated Press whether the labor union would strike against any of the companies that do not have tentative agreements in place when the current contracts expire at 11:59 p.m. on Sept. 14, Fain said, “That’s the plan.”
UAW President Shawn Fain is doubling down on his threats to Ford, General Motors and Stellantis. (Jeff Kowalsky / AFP / File / Getty Images)
The labor union is seeking a 46% pay raise over the four-year contract along with an array of additional benefits, including a reduction of the workweek to 32 hours for 40 hours worth of pay for its 146,000 members at Ford, GM and Dodge parent Stellantis, whose latest offer the UAW rejected last month.
The AP reported that in its interview with Fain, he “left open the possibility of avoiding a strike” and “acknowledged, more explicitly than he has before, that the union will have to give up some of its demands to reach agreements.”
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The UAW chief also told the outlet there has been some progress in negotiations with GM and Ford, but Stellantis has still not presented a counteroffer. Stellantis told FOX Business in a statement last week that talks between the company and the UAW’s bargaining team “continue to be constructive.”
Shawn Fain, president of the United Auto Workers, center left, walks with demonstrators during a UAW practice picket outside the Stellantis Mack Assembly Plant in Detroit on Aug. 23, 2023. (Jeff Kowalsky / Bloomberg / Getty Images)
Fain has made it clear for weeks that the UAW is prepared to strike against any and all of the Big Three automakers that do not bend to the union’s demands. He was elected this year after running on a campaign that promised a more aggressive approach than previous UAW leaders. He told FOX Business ahead of his win that the union’s members “have had enough with concessions and company-friendly leadership.”
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UAW members at each of the Big Three voted in favor of strike authorization last month by large margins, according to the union, passing with 96% among GM workers, 98% at Ford and 95% for Stellantis.
Although Fain doubled down Wednesday on saying the UAW could strike against all three automakers, he told the AP that the union does not want a strike and would prefer to reach new contract agreements before the deadline.
UAW members at each of the Big Three automakers voted in favor of strike authorization last month by large margins, according to the union. (Jeff Kowalsky / AFP / File / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.94 | -0.14 | -1.16% |
| GM | GENERAL MOTORS CO. | 32.23 | -0.60 | -1.82% |
| STLA | STELLANTIS NV | 18.12 | -0.04 | -0.20% |
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An extended work stoppage would be costly not only for the auto industry but for the economy at large. A recent analysis from Anderson Economic Group estimates that a strike against Ford, GM and Stellantis all at once would cost the U.S. economy roughly $5.6 billion in just 10 days.
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