What investors should know about the UAW's organizing drive of VW

VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of joining the United Auto Workers – marking the Detroit union's first victory at a foreign-owned automaker plant in the South.

The union, led by President Shawn Fain, is using the deals with the Detroit automakers, which included record wage increases and benefits, as springboards for an unprecedented organizing drive of "We're going to carry this fight on to Mercedes and everywhere else," Fain told VW workers Friday night following the historic vote. "So, thank you all, thank you all for your fight, for your work. And let's get to it. Let's go to work. And let's win more for the working class all over this nation."Top of the list of likely impacts from organizing efforts at VW is labor costs.

United Auto Workers President Shawn Fain cheers the U.S. President Joe Biden during the State of the Union address to a joint session of Congress in the House Chamber of the U.S. Capitol in Washington, U.S., March 7, 2024."Overall, given the substantial pay gap between UAW-unionized workers and non-unionized workers in the southern states, it can be assumed that the vote will lead to more upwards pressure on wages for VW over time," UBS said in an investor note.

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