JPMorgan Chase estimates the walkout has already slashed GM's profits for the year by $1bn
carmaker is in the grip of the longest industrial action it has suffered in decades. In 1970 a crippling strike called at General Motors by the United Auto Workers , the industry’s main labour union, dragged on for 67 days. On September 16thGM
is already feeling the impact. It makes about 2m vehicles a year in its American factories, which were shut down immediately by the walkout. Mostplants in Canada and Mexico, which make roughly another 1m vehicles a year, were forced to shut a few days later. By the reckoning of JPMorgan Chase, a bank, this lost output has already slashedGet our daily newsletterA healthy cash cushion of nearly $20bn at the end of June should helpstay afloat.
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