GM and Ford's bonds have seen selling pressure for the last 10 days, as these charts show.
General Motors Co.’s and Ford Motor Co.’s stocks are expected to come under pressure this week if U.S. auto workers go on strike as expected, but both companies’ bonds have already been under selling pressure for the last 10 days.
This chart shows each company’s outstanding maturities, with GM facing significantly greater refinancing needs in the next year. Both sides began exchanging wage and benefit proposals last week. Though some incremental progress appears to have been made, a final agreement could come too late to avoid walkouts by UAW workers at factories in multiple states. Any strike would likely cause significant disruptions in auto production in the U.S.The union is seeking 46% raises in general pay over a four-year period, which would lift the per-hour pay for a top-scale assembly plant workers to about $47 an hour from $32 now.
Perhaps most important to the union is that it be allowed to represent workers at 10 electric-vehicle battery factories, most of which are being built by joint ventures between automakers and South Korean battery makers. The union wants those plants to receive top UAW wages. In part, that is because workers who now make components for internal combustion engines will need a place to work as the auto industry increasingly transitions to EVs.
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