reported a $3.1 billion third quarter net profit Tuesday chair and CEO Mary Barra addressed the ongoing strikes by the UAW in a letter to shareholders because, she said, she knows many of them are “concerned” about the effects of higher labor costs.Saying she's taking the issue “head on” Barra wrote, “It’s been clear coming out of COVID that wages and benefits across the U.S. economy would need to increase because of inflation and other factors.
It’s an offer that rewards our team members but does not put our company and their jobs at risk. Accepting unsustainably high costs would put our future and GM team member jobs at risk, and jeopardizing our future is something I will not do.”BlackRock s Imminent Spot Bitcoin ETF Approval Fuels Market Optimism
The union began staging what it calls stand up strikes at midnight Sept. 14 by walking off the job at the Ford Motor Co. Michigan Assembly Plant in Wayne, Mich., General Motors Co. Wentzville, Mo. Assembly Plant and the Toledo Assembly Complex operated by Stellantis. The UAW has since expanded the walkouts to include all 38 GM and Ford parts and distribution centers, GM's Lansing Delta Township Assembly Plant in Lansing, Mich., Ford assembly plants in Chicago and Louisville, Ky. and on Monday added Stellantis's Sterling Heights Assembly Plant in suburban Detroit.Meanwhile, other highlights of GM's third quarter financial results include:EBIT adjusted net income of $3.6 billion down 16.9% from $4.28 billion during Q3, 2022U.S. marketshare: 16.
Barra will discuss the company's third quarter results and is also expected to comment further on the contract talks during a conference call with financial analysts later this morning.