General Motors said it has lost $800 million in earnings during the United Auto Workers strike.
In this April 23, 2018, file photo, the logo for General Motors appears above a trading post on the floor of the New York Stock Exchange. General Motors reported earnings on Tuesday, Oct. 24, 2023, and it said it has …In an announcement Tuesday, the car giant said that since the strike began in September, it has lost around $200 million a week and anticipates it will keep losing revenue if the strike continues.
20 GM plants are shut down, including two assembly plants. The strike has made it tough for open GM plants to keep up production due to work stoppages at parts distribution centers around the Midwest. The announcement comes after GM withdrew its full-year financial guidance for 2023 due to uncertainty around the strike.
“After we’ve had a ratified contract, we will provide an investor update to quantify the final impact of the strike as well as costs moving forward,” GM Chief Financial Officer Paul Jacobson said. Before the strike kicked off, GM expected to make around $14 billion in operating profit for the year. That number will likely drop as the strike continues.GM recently announced that, with its most recent offer, it’s at the limit of what it can offer the UAW during negotiations. The company is still far behind the union’s demands of a 40% wage increase and substantial improvements to benefits.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks higher on Treasury rebound, Nvidia PC move, Microsoft, General Electric, General Motors earnings -...Stocks higher, Nvidia, Microsoft, General Electric, General Motors
Read more »
Autoworkers strike cuts into GM earnings, company sees further loses if walkouts lingerA strike by autoworkers against General Motors is expected to cut the automaker's pretax earnings by $800 million this year, and another $200 million per week after that.
Read more »
Autoworkers strike cuts into GM earnings, company sees further loses if walkouts lingerA strike by autoworkers against General Motors is expected to cut the automaker's pretax earnings by $800 million this year, and another $200 million per week after that.
Read more »
General Motors rises premarket after earnings blow past estimatesCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Read more »
General Motors beats for Q3 but withdraws 2023 guidance amid ongoing strikesGeneral Motors beats for Q3 but withdraws 2023 guidance amid ongoing strikes
Read more »
General Motors posts better-than-expected earnings and defends latest offer to UAWStock is up in early trade after EPS beats by 41 cents
Read more »