• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick GM union workers ratify UAW deal following contentious vote
Editor's Pick

GM union workers ratify UAW deal following contentious vote

by November 18, 2023
by November 18, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

DETROIT — General Motors union workers ratified a record deal with the United Auto Workers after a contentious final few days of voting, according to results posted Thursday morning by the union.

Much like the negotiations themselves, voting was not as smooth as many thought it would be. A majority of the Detroit automaker’s large assembly plants rejected the pact, however it wasn’t enough to offset support at smaller facilities and a handful of other assembly plants.

Ratification of the deal came under doubt Wednesday morning, after seven of GM’s 11 U.S. assembly plants rejected the pact. But a swing in voting results in favor of the deal, specifically at a SUV plant in Texas, gave the agreement a much needed lifeline.

According to the UAW’s vote tracker, the deal was supported by 54.7% of the nearly 36,000 autoworkers at GM who voted. The vote total was 19,683 in support versus 16,275 against — a margin of 3,409 votes.

Both the UAW and GM declined to comment on the results until they’ve been finalized.

Voting on similar contracts at Ford Motor and Chrysler-parent Stellantis is ongoing, with support of roughly 67% of unionized workers at each automaker who voted as of Thursday morning, according to the union. Barring any major shifts or swing in turnouts, those deals are likely to pass.

GM’s voting was closer, in part, due to the demographics of the company’s workforce. The automaker has the highest number of traditional workers on a percentage basis compared to its crosstown rivals. Such workers have voiced disapproval for the wage increases granted to them by the deals, compared to those offered to newer hires. They were also dissatisfied with pension contributions and retirement benefits.

For the union and UAW President Shawn Fain, the deals represent significant economic gains. They include 25% pay increases; a path to secure future jobs for union ranks such as battery plants; and a springboard for organizing efforts at other non-union automakers operating in the U.S. — a main goal of Fain moving forward.

For the companies as well as their investors, the contracts represent the top-end of forecasted increases in labor costs. While the automakers several times called foul on the union’s tactics, including six weeks of targeted strikes, they should be able to stomach the cost increases. That’s not to say they won’t be seeking offsets to the increases elsewhere in the forms of future investments, restructuring and other means.

Ford CFO John Lawler last month said the UAW deal, if ratified by members, would add $850 to $900 in costs per vehicle assembled. He said Ford will work to “find productivity and efficiencies and cost reductions throughout the company” to offset the additional costs and deliver on previously announced profitability targets.

This post appeared first on NBC NEWS
You Might Also Like
  • Southwest Airlines faces FAA audit over string of near-miss incidents
  • Peloton announces Ford exec, founder of Apple Fitness+ Peter Stern as its next CEO
  • Here’s how Bed Bath & Beyond’s bankruptcy affects sales and coupons
  • Quectel Announces Ultra-Compact LTE Cat.1 bis Module to Address Mid-Range IoT Applications
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Recap and Action Plan: Small Caps, Beans, Oil
next post
Prodded everywhere to tip, Americans often say no

You may also like

Sierra Space CEO leaves as $5 billion company pushes to...

January 7, 2025

Federal Reserve says it may stop interest rate hikes as...

May 4, 2023

Job growth totals 236,000 in March, near expectations as hiring...

April 11, 2023

Tesla CEO Elon Musk loses bid to get $56 billion...

December 3, 2024

EPA bans asbestos, a deadly carcinogen still in use decades...

March 21, 2024

Walmart and Target face similar problems — but only one...

August 19, 2023

The 10 worst states to retire in the U.S. No....

July 31, 2024

Investor convicted in Trump Media insider trading case

May 10, 2024

Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

May 8, 2025

Google lays off hundreds of ‘Core’ employees, moves some positions...

May 3, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    McDonald’s rising prices pushing some diners...

    May 1, 2024

    Americans grow more confident about the...

    January 11, 2024

    Why some major artists are suddenly...

    June 2, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here