GM Strike Costs Mount, Forces Retraction of 2023 Profit Outlook and EV Goals

GM lost $200M per week due to UAW strike, retracted 2023 profit outlook of $12B-$14B

Strike costs forced GM to abandon goal of 400K EVs from 2022-2024

GM CEO "Majority of workforce will make $84K/year by end of agreement"

Strike has cost auto industry $9.3B as of Oct. 19

Despite strike, GM beat Q3 estimates with revenue up 5.4% to $44.1B