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Key Takeaways
- Ford, Stellantis and GM are seeing 13,000 workers go on strike in what could be a protracted strike from the UAW
- The union wants a 40% pay rise, but the Detroit Three have only offered half that
- Shares in the three companies sank across the board on Thursday ahead of the strike action
The United Auto Workers has sent thousands of its members on strike after Ford, General Motors and Stellantis failed to reach a new labor deal with the union. The UAW is using a new tactic to try and put pressure on the automakers, which has led most to think the strikes could last for longer than normal.
The move marks a new chapter in the automotive industry’s strike history, but the heat is on the UAW boss to ensure the new approach works. As for investors, they can see the writing on the wall and automaker stocks were sent climbing downwards in pre-market trading.
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