General Motors deal with the UAW has been ratified: find out more

November 16, 2023 08:30 AM PST | By Invezz

General Motors deal with the UAW has been ratified: find out more — Image source: Invezz

Smaller facilities helped GM win approval

The automaker had inked a record tentative agreement with the union in late October – and yet the path forward wasn’t an easy one for it.

In fact, if it wasn’t for strong support from workers at its smaller facilities, the deal would have actually failed to receive approval since GM faced outright rejection at a bunch of its larger assembly plants.

Votes in favour of the deal at a Texas-based plant that primarily makes SUVs for General Motors, in particular, was central to moving the needle in favour of the car manufacturer.

Last month, General Motors reported upbeat results for its third financial quarter but withdrew future guidance citing uncertainty related to the UAW strike.

Watch here: https://www.youtube.com/embed/tj3yj0pvIIY?feature=oembed

Two GM plants are yet to announce results

Of 34,700 unionised workers at General Motors who voted, about 54% did so in favour of the deal.

Two of the automaker’s smaller factories are yet to finalise voting results. However, the outcome at these two plants is insignificant as they represent roughly 1,400 workers in total while support for the agreement is already leading with about 2,500 more votes.

Nonetheless, GM and United Auto Workers refrained from commenting until the results at all factories have been finalised.

President Biden visited Belvidere, Illinois on Thursday to celebrate the planned reopening of the Belvidere Assembly Plant, which will bring thousands of jobs back to the area. His visit came on the heels of a tentative deal between the UAW and Stellantis, ending a 46-day strike. pic.twitter.com/ZOVnxN0bUI
— Northwestern News Report (@NNN_News) November 12, 2023

The automotive stock that Wall Street currently rates at “overweight” is down close to 40% versus its year-to-date high at writing.

The post General Motors deal with the UAW has been ratified: find out more appeared first on Invezz

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