The union is asking for 40% pay raises through September 2027 and major improvements in benefits.
A full strike would reportedly hit the earnings of the Detroit Three carmakers by about US$400 million to US$500 million per week.
Ford Motor Company chief executive officer Jim Farley told CNN the proposal to hike wages by 40% would “put us out of business.” He said there were no talks going on, and that the automaker has received no counter-offer to its plan to offer 20% pay hikes. GM CEO Mary Barra told employees the company still hoped to reach a deal. “Remember, we had a strike in 2019 and nobody won.” GM reported a US$3.6 billion pre-tax loss in 2019 after the 42-day walkout.
Ford’s Farley said if the UAW proposal had already been in effect the company would have lost about US$15 billion from 2019-2022 instead of earning about US$30 billion and “gone bankrupt by now.”The UAW responded to the comments on social media saying Farley “made $21 million last year.”The UAW’s Fain said on Wednesday that a strike was likely as automakers rejected the pension, 32-hour work week, and other benefit improvements sought.
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