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Published 3 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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