United Auto Workers President to Provide Bargaining Updates in Crucial Address

In a highly anticipated video address scheduled for later today, United Auto Workers (UAW) President Shawn Fain will provide substantive updates on the ongoing bargaining negotiations with the Detroit Three automakers. The timing of this address, set for 2 p.m. EDT, marks a departure from previous Fridays and has left automakers guessing about the outcome.

The talks between the UAW and automakers General Motors, Ford Motor, and Stellantis have intensified this week after days of little progress. With the threat of walkouts looming, the automakers have made new proposals in an effort to reach a resolution and avoid further disruptions to production.

The pressure on the Detroit Three automakers is mounting as Tesla, the market leader in electric vehicles (EVs), recently slashed prices on its Model 3 sedan and Model Y SUV. This move has intensified the price war in the EV market and further strained the profits of automakers who must match Tesla’s aggressive pricing strategy.

According to Deutsche Bank, the lost production due to the strikes has already had a significant impact on the operating earnings of GM, Ford, and Stellantis. Estimates suggest that GM has incurred a loss of $408 million, while Ford and Stellantis have faced losses of $250 million and $230 million, respectively.

Ford has put forth a new wage offer that includes raises exceeding 20% over the life of a contract. When combined with proposed cost-of-living adjustments, workers could potentially see pay increases of close to 30%, according to sources familiar with the proposal.

Fain’s Friday video addresses have become highly anticipated events since the coordinated strikes began on September 15. Each week, Fain has kept the automakers in suspense, deciding whether to order additional plant shutdowns or grant concessions based on the offers made. So far, the UAW has ordered walkouts at five assembly plants and 38 parts depots operated by GM and Stellantis.

As the UAW President prepares to provide the latest bargaining updates, the industry and workers alike eagerly await news of progress towards a resolution. The outcome of these negotiations will have significant implications for the future of the automotive industry and the livelihoods of thousands of workers.