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GM, Ford Stocks Have Been Crushed by the UAW Strike. Tesla Isn't Winning.

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Investors are worried that rising labor costs at Ford and GM will give Tesla a cost advantage. That potential benefit isn't reflected in the EV maker's stock.

The United Auto Workers strike is almost three weeks old. Some of its effects on car stocks are predictable. Others aren’t.

The battle is over wages and benefits amid high inflation. Workers are looking to improve their lives after enduring wage gains that haven’t kept up with inflation for the past few years. The Detroit Big Three auto makers are trying to keep costs down so they can invest in electric vehicles and make them as inexpensively as nonunion players including Tesla and Rivian Automotive .

Ford and GM shares are both down about 21% over the past three months, while the S&P 500 is down about 3% over the same span. Tesla isn’t getting the bump that investors might have expected from the possibility that competitors’ costs could rise faster than its expenses, which underscores how it is a variety of factors, rather than single events, that drive stock prices.

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