Published 8 months ago

General Motors estimates UAW strike cost company $1.1B

General Motors estimated that the UAW strike cost the company $1.1 billion, affecting its 2023 earnings and leading to lower capital spending.
The new contracts with the UAW and Canadian autoworkers will cost GM $9.3 billion in the next four years, increasing costs per vehicle by $500 in 2024.
GM plans to cut capital spending, including on electric vehicles and its autonomous unit Cruise, and expects higher EV production and improved profit margins in the future.

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CTV News

GM says strike cost US$1.1B, but it can absorb rising labour costs as it raises dividend

General Motors says pretax earnings took a $1.1 billion hit this year from a six-week strike by autoworkers, but the company expects to absorb the costs of a new contract and is even raising its dividend.

8 months ago·Canada

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Associated Press News

GM says strike cost $1.1 billion, but will absorb labor costs

The Detroit automaker on Wednesday reinstated its full-year earnings forecast that was withdrawn during the United Auto Workers strike that ended at GM on Oct. 30.

8 months ago·United States

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CBS News

General Motors says UAW strike cost $1.1B, but it can absorb rising labor costs as it raises dividend

8 months ago

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The Hill

General Motors estimates UAW strike cost company $1.1B

General Motors (GM) estimates that the recent United Auto Workers (UAW) strike cost it $1.1 billion. The company on Wednesday said this cost came “primarily from lost production” in a press release. Despite this, GM CEO Mary Barra said her company “will deliver very strong profits in 2023.” “We are finalizing a 2024 budget that…

8 months ago·Washington, United States

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UPI

GM says UAW strike cost $1.1 billion, but 2023 profits will be 'very strong'

General Motors said Wednesday the United Auto Workers strike cost the company $1.1 billion as it reinstated its full-year 2023 earnings guidance.

8 months ago·Washington, United States

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Chicago Tribune

Autoworker strike cost General Motors $1.1 billion

GM, as well as rivals Ford and Jeep maker Stellantis, agreed to new contracts with the UAW that raise top assembly plant worker pay by about 33% by the time the deals expire in April of 2028.

8 months ago·Chicago, United States

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