GM Strike Far From Ending as Stocks Plunge and Costs Mount

GM Strike Far From Ending as Stocks Plunge and Costs Mount

General Motors Co. and the United Auto Workers remain far apart in their talks over a new contract, according to the union’s top negotiator, making it less likely a strike called yesterday will end within two days like a previous work stoppage did in 2007. “We have many unresolved issues,” Terry Dittes, vice president of the UAW, said in an interview. “It’s not just a couple of things. How long will this take? I can’t say.” Standing at a picket line on Monday outside GM’s sedan plant in Detroit-Hamtramck, Dittes said the two sides have only settled 2% of about 1,000 outstanding proposals and that there are 10 major sticking points which need to be settled, including wages for entry-level workers and treatment of temporary staffers. Union workers walked off at midnight after GM and UAW negotiators failed to come to a new four-year agreement by a Sept. 14 deadline. The strike will cost GM at least $50 million a day in lost earnings, according to an estimate by Credit Suisse. Shares of the automaker plunged 4.2%, the biggest drop in more than a month. U.S. President Donald Trump sought to align himself with the auto workers on Monday, […]

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