This week began with UAW workers at Volvo Group
Since walking out on September 15th, the strike against General Motors
GM Saved The Day
For the first time since the work stoppages began, the UAW decided not to expand the strike despite still not having reached a tentative agreement with General Motors, Ford and Stellantis. UAW was about to shut down the GM-owned Arlington Assembly plant that produces highly profitable full-size SUVs when the automaker agreed to include battery cell workers under the company's national agreement. Officially, because of being formed by joint ventures, the battery plants aren't covered by the automakers' agreements with the union. Therefore, this revolutionary decision GM made will undoubtedly put pressure on Ford and Stellantis.
Mack Trucks Union Members To Join Striking Detroit Autoworkers
As announced on Sunday night, 74% of UAW members rejected a tentative deal that was reached last week by the union and Mack Trucks as they felt it was significantly short of what UAW's demanding in ongoing negotiations with General Motors, Ford and Stellantis. As of 7 a.m. on Monday, about 3,900 workers from facilities in Pennsylvania, Maryland and Florida are on strike. Although Mack Trucks is a separate company and a different part of the union compared to the section that covers members employed at the Detroit automakers, UAW workers were expecting similar increases and benefits as their peers.
The Strikes Are Harming A Very Lucrative Segment
The strikes already costed GM $200 million in the third quarter. With the walkouts and part shortages that idled production, they impacted the production of small and midsize pickups, as well as of SUVs. 2023 has been named as the year of the electric pickup before it even began with Tesla Inc
At GM, Chevrolet and GMC midsize pickups, Chevrolet Traverse, Cadillac XT4, as well Buick Enclave SUVs and Chevrolet Malibu sedan were affect. The strikes also halted production of Ford-made Ranger midsize pickup, Ford Bronco, Explorer and Lincoln Aviator SUVs, along with Stellantis-made Jeep Wrangler SUV and Gladiator.
Yet, in West Seneca, NY, an automotive parts manufacturer is working full speed.
The tonneau cover specialist, Worksport Ltd
More importantly, Worksport continues to develop revolutionary solar-powered accessories, the SOLIS tonneau cover and COR portable system that brought the attention of Hyundai Motor Company
By announcing the news on Thursday, Kia, Hyundai and Genesis, all part of the Hyundai Group, but with Hyundai and Kia operating as separate companies in the U.S., have joined General Motors, Ford, Mercedes-Benz Group AG
According to figures from Kelley Blue Book, Hyundai, Kia and Genesis counted together make the second-best-selling EV manufacturer in the United States, right behind Tesla. Hyundai, Kia and Genesis sold 37,800 EVs during the first half of the year while Tesla sold more than 330,000, but this is still a big milestone for the NACS Tesla charging standard.
Catching up to Tesla who only continues to evolve is a daunting endeavor as the EV king is a moving target. The UAW strike will undoubtedly make it harder for GM, Ford and Stellantis to play the already costly EV game and cast a shadow on 2023's pickup theme.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
