General Motors says the six-week auto workers strike will end up costing the company about $2.9 billion
Nearly 50,000 hourly GM workers went on strike starting September 16, two weeks before the end of the quarter. It ended on Saturday, October 26. Although GM was unable to build any cars at American factories during the strike, it had built up an inventory of vehicles ahead of the walkout to give its dealers the supply of cars and trucks they needed to keep selling during the strike.
International sales, which ironically had little impact from the strike, took a hit. The market for new car sales in China, GM's largest market, has slowed considerably in the last year, cutting GM's sales there by 16%.The results were not as bad as investors had expected, and shares of GM rose 1.5% in premarket trading following the report.GM insisted the four-year deal reached with the United Auto Workers union is a good one.GM's strike is over.
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