Economy

GM tells workers it’s time for the strike to end

GM tells workers it’s time for the strike to end

GM is calling for round-the-clock bargaining.

An ongoing workers' strike at General Motors Co GM.N could cost the automaker about $1.5 billion, brokerage Credit Suisse said on Friday, throwing the US automaker's cost reduction plans off the track and forcing key suppliers to cut their 2019 outlook. Credit Suisse estimated the loss could hit about $1.5 billion. GM says in the letter that the offer commits thousands of new jobs in the U-S and billion of dollars in new investments in plants.

The brokerage has cut its price target on GM's stock to $46 from $50, while reaffirming its "outperform" rating.

The automaker said that on October 7 it presented an updated offer to the UAW, which would increase compensation and preserve health care benefits without raising out-of-pocket expenses. Temporary GM workers would get a clear path to permanent jobs and a ratification bonus. The strike has been hard on you, your families, our communities, the Company, our suppliers and dealers.

"We have advised the union that it's critical that we get back to producing quality vehicles for our customers", he wrote.

The UAW in a statement said GM was "playing games at the expense of workers" and accused the automaker of "purposefully stalling the process to starve UAW-GM workers off the picket lines".

In it, Dittes said the union would respond to the company's offer once various negotiating committees working on specific issues work out their differences.

More news: Louis Cardinals vs. Washington Nationals - 10/11/19 MLB - Playoffs Pick, Odds, and Prediction

The UAW did not immediately respond to a request for comment on GM's letter.

A day after senior union officials met with GM chief executive Mary Barra for the first time, the company late Thursday evening sent a letter expressing its frustration with the union's lack of response to an offer it made on Monday.

Earlier this week, the UAW informed membership that one of the key issues was a lack of commitment by GM to build vehicles at US factories.

Dittes said that he did not know when the five issues would be resolved, suggesting a final deal may not be close. GM says it has found other jobs for 2,300 of the 3,000 workers who worked in those plants, but many had to relocate.

Moody's said in a Friday report that GM must maintain its flexibility under any new deal to build electric and self-driving vehicles without its fixed costs rising further. That's why before the contract deadline, we made an offer that we felt was strong.

Union officials are objecting to the company's characterization of the company's latest offer, which they say hasn't materially changed since the strike began 26 days ago. Union workers are angry about production of trucks and sport-utility vehicles in Mexico.

UAW workers are concerned that as GM shifts to more electric vehicles it will require fewer workers, and battery production may result in workers getting paid less than at existing transmission plants.


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