Autoworkers have expanded their strikes against General Motors (GM) and Ford (F). The strike against Stellantis (STLA) continues, but it was not expanded because progress has been made in negotiations. Willett Advisors Chairman and CEO Steve Rattner, who also served as the head of former President Obama's Auto Task Force, says this strike may be "tougher" to resolve than others that have been seen in the past. Rattner gave two reasons why: that it's being played out in public and that the UAW has some demands that are "not possible for the companies to comply with." Some of those demands that may be hard for the automakers to deliver, Rattner says, are working 32 hours/week but being paid for 40 hours, the return of defined benefit pension plans, and improving retiree health care benefits. Both President Joe Biden and former President Donald Trump visited the Detroit area this week. Rattner says those visits hurt the ability to get a deal done, saying it "enflames" the situation." Rattner argues that Biden was "egged on" by Trump to visit the striking workers. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Autoworker's expanded their historic strike. against Ford (F) and General Motors (GM). Starting Friday at noon, workers walked off Ford's Chicago Assembly Plant and GM's Lansing-Delta Assembly Plant, however, Stellantis (STLA) was left out of this expansion due to gains being made in negotiations. Both leaders from Ford and United Auto Workers have increased their media presence, attempting to control the narrative of the strike, leading to what seems like a further division. Gregory Migliore, Autoblog Editor-In-Chief, joins Yahoo Finance to break down efforts from both leaders and how the tension between both sides has potentially escalated. "Not only are the sides farther apart, the case of Ford, it does seem like things are definitely heating up in perhaps a negative way," Migliore said in response to a press conference from Jim Farley, CEO of Ford, who’s "frustration showed through today." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
(Bloomberg) -- Ford Motor Co. Chief Executive Officer Jim Farley accused the United Auto Workers of holding talks hostage over issues not governed by their contract, as tensions rose between the union and two of Detroit’s biggest carmakers. Most Read from BloombergEurope’s Richest Royal Family Builds $300 Billion Finance EmpireHouse Passes Bill to Avert Government Shutdown, Sends to SenatePakistan Rupee Set to Become Top Performing Currency Globally Murder Claim in Canada Is Only Helping India L