So much for the Big 3 automakers’ labor strike spooking investors, as shares of General Motors Co. and Ford Motor Co. both turned positive moments after...
So much for the Big 3 automakers’ labor strike spooking investors, as shares of General Motors Co. GM, +2.08% and Ford Motor Co. F, +0.75% both turned positive moments after Friday’s opening bell, while Stellantis N.V.’s stock STLA, +1.38% was always higher. And while Tesla Inc.
was seen as a big beneficiary of the Big 3 legacy automakers’ labor troubles, the electric vehicle giant’s stock TSLA, -0.49% turned lower. GM’s stock rose 1.8% in morning trading, reversing a 0.7% post-open loss and a decline of as much as 2.1% premarket; Ford’s stock was up 0.8%, after being down as much as 2.3% premarket and as much as 1.7% after the open; Stellantis shares were up 1.4%, after being up just 0.3% earlier. Tesla’s stock slumped 1.5%, after being up as much as 1.
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Ford, uniquely exposed to a strike, makes a last ditch effort.CEO Jim Farley and executive chairman Bill Ford both showed up to the negotiating table with UAW earlier this week in an effort to avert a strike, the company said in a statement. (UAW President Shawn Fain was a no-show, Ford says.) Ford wants to be seen as pulling out all the stops. But it’s also true that Ford employs the most UAW members of all the “Big Three” automakers, leaving the company uniquely exposed to the economic fallout from a strike. The deadline to reach a deal is tonight at 11:59PM. Tick tick tick.
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Would a United Auto Workers strike provide an opportunity for Tesla — and push up used-car prices?The current UAW contract with Ford, General Motors and Stellantis expires within days.
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UAW strike: These Ford, GM plants are the most likely targetsUAW strike could break with tradition and focus on Ford, GM assembly lines making America's most sought-after vehicles.
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Ford CEO rebuffs UAW leader's criticisms as strike deadline on Thursday approachesFord CEO Jim Farley rebuffed comments by United Auto Workers President Shawn that the company is not taking bargaining seriously.
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