While General Motors (GM) pulled through with a third-quarter earnings beat, CFO Paul Jacobsen admitted that the United Auto Workers (UAW) strike led the automaker to pull back on its 2023 guidance, already costing the company over $800 million.
UAW picket lines expanded its picket lines on Tuesday, targeting GM’s full-size SUV plant in Arlington, Texas.
Autoblog Editor-in-Chief Greg Migliore and CFRA Analyst Garrett Nelson compare the current auto workers’ strike with the 2019 strike and how each Big Three automaker — GM, Ford (F), Stellantis (STLA) — is positioned in the labor negotiations.
“What you’re seeing more recently is the UAW walking out at the really high-margin plants of the Detroit Three,” Nelson tells Yahoo Finance, later adding: “What we make of this is that the UAW is now really going after the high-margin operations. They want to show the union members that they’ve done everything possible to drive the best labor deal before reaching an agreement.”
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