Skip to main content

Market Overview

UAW Strike: Hundreds Gather At Ford's Michigan Plant As Workers Walk Out On 'Detroit Three' Automakers

Share:
UAW Strike: Hundreds Gather At Ford's Michigan Plant As Workers Walk Out On 'Detroit Three' Automakers

Hundreds of individuals, including late-shift auto workers and their allies, congregated at a Ford Motor Company (NYSE:F) assembly facility in Wayne, Michigan, as the United Auto Workers (UAW) union members initiated their historic walkout.

According to Reuters, the United Auto Workers (UAW) union members walked off the job to begin what is considered the first-ever simultaneous strikes against the “Detroit Three” automakers, including General Motors (NYSE:GM) and Stellantis (NYSE:STLA), Chrysler’s parent company.

Mike Lester, an employee at an automotive supplier, expressed, “This is what union looks like.”

“It’s organized. We’re (here) to make sure … Ford pays their fair share to their employees.”

See Also: Ford’s Jim Farley Fires Back At UAW Leader As Strike Deadline Approaches: ‘There’s No One To Negotiate Wi

The strike was triggered after the union and companies failed to agree on new contracts. The union is demanding a 40% hike in pay, an end to a tiered wage system, and a return to defined-benefit pensions. UAW President, Shawn Fain, stated that Ford could fund better pay and benefits for workers if it reduced stock buybacks and dividends to shareholders.

Ford’s CEO, Jim Farley, warned that complying with the union’s demands would put the company out of business. Fain, however, did not rule out more drastic action, such as company-wide strikes, if a deal is not reached.

Meanwhile, Democratic U.S. Representative from Michigan, Debbie Dingell, voiced her support for the workers, emphasizing their need for cost of living adjustments and job security.

“They want to see cost of living adjustments. They’re working on assembly line … and different people are working at different tiers, but doing the same job. So they want to get rid of the tiers and they want job security,” Dingell said.

Read Next: A fine wine index called Liv-ex Fine Wine 1000 GREW in value during the Great Recession. Premium liquor has been moving to the beat of its own drum. Click here to invest in curated casks/collections.

Photo Courtesy: David Kn On Shutterstock.com


Engineered by Benzinga Neuro, Edited by
Navdeep Yadav


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you.
Learn more.


 

Related Articles (GM + STLA)

View Comments and Join the Discussion!

Posted-In: EVs Ford GM mobilityNews Tech Media General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com