A potential full strike might cost Ford, GM, and Stelantis up to US$500 million in weekly production losses.
Ford warns the proposed 40% wage hike could double US labour costs, hindering competitiveness against Tesla and non-union rivals.
Fain’s decision to go with targeted walkouts could limit the cost to the union of strike pay. The UAW has a strike fund of US$825 million, which pales in comparisons to billions in liquidity the automakers have built up thanks to robust profits from the trucks and SUVs UAW members build. “If the negotiations don’t go in a direction that Fain thinks is positive, we can fully expect a larger strike coming in a week or two,” said Sam Fiorani, a production forecaster at Auto Forecast Solutions.
Ford CEO Jim Farley said before the address that the future of the industry was at stake. “Let’s do everything we can to avert a disastrous outcome,” he said.
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