Insurer AIA reports a 37% increase in first-half new business value, while GM plans to cut 940 jobs and cease IT operations in Arizona.
General Motors has offered its largest four-year wage increase in decades to the United Auto Workers, with most workers receiving a 10% increase and newer employees eligible for up to a 56% increase, in an attempt to avoid a strike.
General Motors has made a contract proposal to its hourly workers, offering a 10% increase in wages, among other things, but the offer falls short of the demands of the United Auto Workers (UAW) union, potentially setting the stage for a strike.
The United Auto Workers' potential strike could cost the U.S. economy $5 billion and disrupt production at certain UAW factories, particularly targeting Ford's popular F-150 pickup truck, potentially leading to higher prices and affecting the broader auto industry.
The United Auto Workers and the "Big Three" U.S. automakers are negotiating a new labor contract, with the possibility of a strike looming and workers demanding a 20% raise and other benefits, which could potentially impact the Michigan economy and lead to costlier electric vehicles.
General Motors is an undervalued and attractive investment in the electric vehicle market, with plans to expand its EV production capacity and a strong free cash flow guidance, although it faces competition and risks from contract negotiations and a potential U.S. recession.
The United Auto Workers (UAW) held a limited and targeted strike against General Motors, Ford, and Stellantis over issues including pay, pensions, and work hours, with demands for a 40% wage increase over four years and improvements to retiree benefits; the automakers have offered wage increases of around 14.5% to 20% over the same period, citing investments in electric vehicle production and the need to balance wage increases with costs associated with EV development.
The strike by autoworkers against the Big 3 U.S. automakers highlights the growing gap between CEO and worker pay, with the United Auto Workers demanding a 46% raise for workers over the next four years, exceeding the combined 40% increase in CEO compensation over the past four years.
The United Auto Workers' strike against the Big Three automakers will have ripple effects on workers, companies, car buyers, and the broader economy, with potential impacts including reduced spending by striking workers, potential disruptions to supply chains, limited availability of specific car models, and a small but meaningful impact on economic growth.
The United Auto Workers (UAW) is demanding that General Motors (GM) give more money to assembly-line workers instead of spending billions on stock buybacks, as the UAW believes that the Detroit Three automakers have been minting profits and should share more with their employees.
The U.S. auto industry is expected to see a strong recovery in the third quarter, with sales volumes in September forecasted to increase by over 13% from 2022, and Q3 sales to surpass 3.9 million, a jump of more than 15% from the same timeframe last year.
Despite strikes and high interest rates, analysts expect new vehicle sales in the U.S. to continue growing, with an estimated annualized pace of 15.5 million in September, along with positive sales growth forecasts for general motors, Toyota, Ford, and Honda.
Top global automakers, including General Motors and Toyota, reported a rise in U.S. new vehicle sales for the third quarter, driven by strong demand for the latest models and improved supply, despite ongoing concerns over supply disruptions caused by the United Auto Workers strike.
Ford Motor's third-quarter U.S. new vehicle sales rose 7.7%, driven by increased sales of traditional pickup trucks, while sales of electric vehicles were up by 14.8% and hybrid sales saw a 41.4% increase.
Ford Motor reported a nearly 8% increase in U.S. auto sales for the third quarter, driven by strong demand for crossover SUVs and pickup trucks, despite concerns over supply disruptions caused by the ongoing strike by the United Auto Workers union.
Ford Motor Co.'s sales rose 7.7% in the third quarter, driven by higher sales of hybrid vehicles and trucks, while the effects of the United Auto Workers strike have yet to significantly impact sales.
General Motors offers a 20% wage increase over the life of the agreement, improved retirement security, and other benefits to UAW autoworkers amid ongoing strike negotiations.
Mercedes-Benz's electric vehicle sales in the US have risen by 284% in Q3 compared to last year, bringing their market share to nearly 15%, while Ford and GM's market share remains around 3% to 4%.
Sales at U.S. retailers increased by a larger-than-expected 0.7% in September, driven by strong demand at auto dealers and online stores, indicating that households have sufficient buying power to support economic growth.
US factory production increased more than expected in September, despite strikes in the automobile industry, indicating that the economy ended the third quarter with momentum.
Production at U.S. factories increased more than expected in September, suggesting strong momentum for the economy despite strikes in the automobile industry curbing motor vehicle output.
General Motors (GM) has raised its offer to striking auto workers, matching Ford's proposed 23% wage hike and other benefit improvements, in an effort to reach a final agreement with the union.
The Big Three automakers have increased their offers for a new contract with the United Auto Workers, with proposed wage increases now at 23%, but UAW President Shawn Fain believes there is still room for more.
General Motors (GM) has withdrawn its 2023 profit guidance and adjusted its electric vehicle production plans due to the escalating costs of the United Auto Workers strikes, which are now reaching $200 million per week, while its third-quarter net income fell 7.3% but still exceeded Wall Street expectations.
The United Auto Workers union has expanded its strike to include General Motors' assembly plant in Texas, which produces profitable SUVs, resulting in the closure of three of the most profitable auto factories in the world and causing significant financial losses for the Detroit Three automakers.
General Motors has withdrawn its guidance for 2023 due to the UAW strike, which is costing the company $200 million per week and has led to a 7.3% decrease in third-quarter net income, forcing the automaker to retract its profit outlook of $12 billion to $14 billion.
General Motors is working on a new offer for the United Auto Workers that would guarantee members a 25% raise over four years, aiming to end a 43-day strike with a deal similar to the one reached by Ford.
