DETROIT (AP) — From generous pay and benefits to stronger job security, the United Auto Workers union won significant concessions in tentative settlements...
DETROIT — From generous pay and benefits to stronger job security, the United Auto Workers union won significant concessions in tentative settlements that have ended their strikes against Detroit’s three automakers.
At the same time, the breadth of competition means that while GM, Ford and Stellantis will seek to raise vehicle prices, it might prove difficult to make significant price hikes stick. Natalie Knight, the chief financial officer of Stellantis, the parent company of Chrysler, Jeep and Ram, said her company has already pulled out of two auto shows in the United States to save on expenses.
As factories crank back up after the strikes, Smoke foresees pressure on the companies to keep prices affordable, especially with auto loan rates around 10% driving up monthly payments. Discounts, he said, will likely have to come out of the automakers' profits. Ford, GM and Stellantis combined posted net income of $24.5 billion during the first nine months of the year. But if the Detroit companies report lower income, Wall Street will register its disappointment, and stock prices could fall.
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