- 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.