General Motors estimates UAW strike cost company $1.1B

GM Says It Can Handle Rising Labor Costs as It Announces Huge Share Buyback and Dividend Increase

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…

GM says it can handle rising labor costs as it announces huge share buyback and dividend increase

DETROIT (AP) — Clearly frustrated with its languishing share price, General Motors on Wednesday announced a massive stock buyback plan, raised its dividend and told investors it can absorb increased labor costs from a six-week autoworkers strike. The Detroit company said it lost production of 95,000 vehicles due to the United Auto Workers walkouts, costing […]

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.

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.

General Motors says UAW strike cost $1.1B, but it can absorb rising labor 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.