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The UAW preps for battle against the Detroit Three

Dec. 10, 2018 1:54 PM ETGeneral Motors Company (GM) StockF, GM, CARZ, STLABy: Clark Schultz, SA News Editor129 Comments
  • The United Auto Workers union is preparing for battle as labor contract negotiations draw nearer.
  • The UAW is reported to have more than $760M in its strike fund. "We’re in a position of strength when we go into negotiations," notes UAW Local 600 President Bernie Ricke.
  • Adding a layer of complications to the upcoming UAW talks are the plant closing by General Motors (GM -1.7%) and expected layoffs at Ford (F -3.6%). Fiat Chrylser Automobiles (FCAU -0.3%) is also anticipated to be likely to decrease its overall production level in North America even after factoring in the company's plans for a new plant in Detroit.
  • The current four-year UAW contract with the Detroit Three expires on September 13, 2019.
  • Amid various headaches in the automobile sector, the First Trust NASDAQ Global Auto Index ETF (NASDAQ:CARZ) sunk to a 52-low today.

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