GM says union labor deals will increase costs by $9.3 billion
Publishing timestamp: 2023-11-29 10:42:51
Summary
General Motors expects new labor contracts with United Auto Workers and Canadian union Unifor to increase its costs by $9.3 billion and add approximately $575 in costs per vehicle. The increased costs are a result of pay raises, cost-of-living adjustments, and enhanced profit-sharing payments included in the labor agreements. Some of these costs may be passed on to consumers through higher vehicle prices. GM is finalizing its budget for next year to offset the incremental costs. The article also mentions the impact of UAW strikes on GM's earnings and the potential cost impacts for Ford and Stellantis.
Sentiment: NEUTRAL
Tickers: GM, STLAM-IT, STLA, F,
Keywords: mary barra, stellantis nv, transportation, autos, breaking news: business, labor economy, personnel, general motors co, ford motor co, business, business news, united states,
Source: https://www.cnbc.com/2023/11/29/gm-labor-deals-with-uaw-unifor-cost.html