Strike expands just hours after GM announces third quarter earnings
“When workers and the entire working class get their fair share.”
While the United Auto Workers (UAW), which has been on strike since last month, is gradually expanding the scale of the strike, additional strikers were added at the General Motors (GM) plant on the 24th (local time).
According to the Associated Press and CNN Business, 5,000 workers at the GM plant in Arlington, Texas, went on strike on this day. The factory produces large, high-profit SUVs such as Chevrolet Tahoe and Cadillac Escalade.
This expanded strike occurred just hours after GM announced its third quarter results. GM’s third quarter sales increased 5.4% to $44.1 billion (approximately 59 trillion won), and earnings per share were $2.28, exceeding Wall Street expectations.
“As we’ve been saying for months, record profits equal record contracts,” said UAW Chairman Sean Payne. “Now it’s time for GM workers and the entire working class to get their fair share.”
GM is said to have suffered a loss of $200 million in the first two weeks of the strike, and an average of $200 million per week over the next three weeks of this month. CNN Business explained that with the Arlington plant going on strike this time, weekly losses are likely to surge by more than 50%.
Management said the UAW had no reason to expand the strike and that the union and company were making progress at the bargaining table. GM said in a statement, “We are disappointed by this unnecessary and irresponsible expansion of the strike,” adding, “We already provided a significant offer last week.” At the same time, a record-breaking contract was proposed to increase wages by 23% by 2028, and a cost of living adjustment was also proposed to reflect rising prices.
However, the UAW said in a statement, “GM’s latest offer does not compensate for the profits UAW members have generated,” adding, “GM can afford to sign record contracts (including wages) and, overall, the Big Three (GM, Ford) “It is clear that Stellantis can do more to compensate for the damage (to workers) caused by years of falling real wages, etc.”
The UAW, which went on strike with 12,700 workers at Ford, GM, and Stellantis plants starting on the 15th of last month, has gradually expanded the scale of the strike depending on the negotiation situation. Currently in the sixth week of the strike, approximately 46,000 workers are on strike. The previous day, the UAW announced that 6,800 workers would join the strike at the plant that produces the Ram 1500 Stellantis pickup truck in Sterling Heights, Michigan.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.