The U.S.-listed shares of Chrysler-owner Stellantis also edged down 0.5% premarket after a walkout by hourly workers, represented by United Auto Workers (UAW), at its Toledo, Ohio assembly plant where it makes the Jeep Wrangler and Gladiator. Stellantis' Milan-listed shares reversed course, climbing 0.5% in the morning trade. The escalation came as talks between the UAW and the 'Detroit Three' automakers are yet to result in an agreement, though executives say talks have made some progress.
FILE PHOTO: United Auto Workers strike at the Ford Michigan Assembly Plant in Wayne
The U.S.-listed shares of Chrysler-owner Stellantis also edged down 0.5% premarket after a walkout by hourly workers, represented by United Auto Workers , at its Toledo, Ohio assembly plant where it makes the Jeep Wrangler and Gladiator.The escalation came as talks between the UAW and the 'Detroit Three' automakers are yet to result in an agreement, though executives say talks have made some progress.
"Holding all-else constant , a Wentzville strike through Sept would negatively impact our GM Q3 estimated EBIT by roughly 2% and Q4 by about 13%," Citi analyst Itay Michaeli wrote in a note. "For Ford, we estimate a similar monthly impact from the Michigan Assembly strike at about 15,000 units or about $140 mln EBIT ," Michaeli added. The Michigan plant makes the Ford Ranger and Bronco models.
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