Autoworkers Strike Cuts Into GM Earnings

And those figures include only factories that are on strike now with less than a third of the company's workforce on the picket lines, so if more plants are added by the United Auto Workers union, the losses will pile up further, CFO Paul Jacobson told reporters.GM on Tuesday posted net income of more than $3 billion from July through September, down 7% from the same period last year due to lost production from the strike, and also increased warranty costs, Jacobson said.

Jacobson said the third-quarter strike loss was $200 million, since the walkouts were only in effect the final two weeks of the period. He predicted another $600 million of losses from October through December. Last week GM announced that it's postponing production at one Michigan electric pickup truck factory from this year until late 2025 to keep manufacturing in line with demand. That decision will save the company $1.5 billion next year, Jacobson said.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Autoworkers strike cuts into GM earnings, company sees further loses if walkouts lingerA strike by autoworkers against General Motors is expected to cut the automaker's pretax earnings by $800 million this year, and another $200 million per week after that.
Source: wjxt4 - 🏆 246. / 63 Read more »

Autoworkers strike cuts into GM earnings, company sees further loses if walkouts lingerA strike by autoworkers against General Motors is expected to cut the automaker's pretax earnings by $800 million this year, and another $200 million per week after that. That's according to the company’s chief financial officer. And those figures just include factories that are on strike now by the United Auto Workers union.
Source: AP - 🏆 728. / 51 Read more »

Autoworkers strike cuts into GM earnings, company sees further loses if walkouts lingerA strike by autoworkers against General Motors is expected to cut the automaker's pretax earnings by $800 million this year, and another $200 million per week after that.
Source: ksatnews - 🏆 442. / 53 Read more »