GM strike 2019 news is spreading following a walk out of 50,000 United Auto Workers (UAW) members on Sunday night.
The strike against General Motors (NYSE:GM) comes as it negotiates with workers that are part of the UAW union. These members are negotiating for higher pay, better benefits and more job security.
The GM strike 2019 is the result of the two groups not being able to come to terms on a deal. GM says that it is offering higher pay and better profit sharing. However, it appears that the UAW wasn’t happy with the offer.
The GM strike 2019 is the largest that has happened since 2007 when UAW members spoke out against pay and benefits then too. GM and UAW are meeting again today, but it’s unknown if they will reach an agreement this time around, reports CNNBusiness.
“The fight more is for the future. The middle class has been eroding. We’ve been losing, losing. We’ve been making concessions for the past three contracts…” Celso Duque, a GM employee, told Fox Business. “The main issue isn’t that they’re building in Mexico. The issue is that they’re building in Mexico and then shipping the cars up here to sell.”
It’s worth noting that the GM strike 2019 is important for more than just GM. UAW members also work at Ford (NYSE:F) and Fiat Chrysler (NYSE:FCAU). Whatever happens here could affect negotiations with those two companies further down the line.
GM stock was down 4% as of noon Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.