General Motors and Ford Motor report third-quarter earnings and future guidance this week amid ongoing strikes and contract negotiations with the United Auto Workers union.
If the automakers are bullish and exceed Wall Street's expectations, it could fuel the union's main argument that the companies can afford more concessions amid healthy profits — potentially prolonging the work stoppages and contentious talks.But if the companies, which will likely include many caveats in any future comments, are too bearish on guidance or the impact ofGM is expected to report third-quarter earnings of $1.
"When you're in bargaining you want to use every piece of news that's in your favor and bring it up and bring it to the public and to the table," said Art Wheaton, a labor professor at the Worker Institute at Cornell University."If GM, Ford and Stellantis are still very profitable for the third quarter, going to claim that, 'They're being too cheap in bargaining, and they should give us more.
While many analysts continue to view the UAW strike as a short-term problem, some are acknowledging that the hefty costs of an eventual concessionary deal could affect automakers' electric vehicle plans and long-term competitiveness compared with other, non-union, automakers.United Auto Workers President Shawn Fain during an online broadcast updating union members on negotiations with the Detroit automakers on Oct. 6, 2023.
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