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Autoworkers Strike Cuts Into GM Earnings

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A strike by auto workers against General Motors is expected to cut pretax earnings by $800 million this year, and another $200 million per week after that, the company's chief financial officer said.

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.

 

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