The United Auto Workers (UAW) union's top negotiator in talks with General ...
WASHINGTON - The United Auto Workers union’s top negotiator in talks with General Motors Co to resolve a more than three-week strike said late Tuesday a key issue separating the two sides is job security.
The strike at the United States’ biggest carmaker began on Sept. 16, with its 48,000 UAW members seeking higher pay, greater job security, a bigger share of the automaker’s profit and protection of healthcare benefits. The strike has cost GM more than $1 billion and forced it to idle operations in Canada and Mexico.
GM said in September before the strike began that it had offered to make $7 billion in new U.S. investments in eight facilities in four states, but did not specify timing, location or products with the exception of a planned electric truck. To date, the strike has hit as many as 150,000 workers in the auto industry, a report from research and consulting firm Anderson Economic Group showed on Tuesday.
AEG estimates that the strike has resulted in a $660 million profit hit for GM and more than $412 million in direct wage losses for all employees through the third week of the strike.GM’s share price dropped by 2.5% on Tuesday as broader indexes fell. Its share price has lost 9% since the strike began, slicing more than $4 billion from the automaker’s market value.
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