General Motors (GM) has made its sixth offer in an effort to resolve the ongoing United Auto Workers (UAW) strike at its plants. The UAW union President, Shawn Fain, is set to provide an update on the negotiations with the Big Three auto makers.
Escalating Walkouts and a Fresh Update
In mid-September, Fain instructed union members to halt work at one plant operated by each company, and this action was expanded in subsequent weeks. A fresh update from Fain is expected on Friday. To prevent further escalation of the walkouts, GM released a statement stating that it had made another counteroffer.
GM's Counteroffer and Commitment to Negotiation
GM confirmed that it had provided a counteroffer, marking its sixth since the negotiations began. According to the statement, GM believes it has put forth a compelling offer that would reward its team members and secure the company's future success. The company reaffirmed its commitment to negotiating in good faith around the clock to reach an agreement.
Stock Performance and Status of Talks
In premarket trading, GM's stock (ticker: GM) fell 0.2% to $30.24. On Thursday, it experienced a 2.4% decline, closing at $30.31—its lowest point since September 30, 2020, when it reached $29.59, according to FactSet. Ford (F) saw a 0.1% increase, reaching $11.91, while Stellantis (STLA), the parent company of Jeep, rose by 0.4% to $18.97.
According to Reuters, GM acknowledged significant gaps in its talks with the union earlier this week but stated that there has been some progress in certain key areas.
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