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Stellantis NV (EPA: STLA) is comfortably in the green at writing even though the United Auto Workers expanded its strike further against the legacy automotive company on Monday.
Why did UAW expand its strike against Stellantis?
Another 6,800 of its workers (roughly) at SHAP – Sterling Heights Assembly Plant unexpectedly joined the ongoing strike this morning.
UAW decided to turn more aggressive against Stellantis because its current offer is not even on par with GM and Ford, the union revealed in a press release today.
Stellantis has the worst proposal on the table regarding wage progression, temporary worker pay and conversion to full-time, cost-of-living adjustments (COLA) and more.
The said facility in suburban Detroit produces Ram 1500 pickup trucks. Shares of Stellantis are up more than 30% versus the start of this year at writing.
Watch here: https://www.youtube.com/embed/Wmnx46IxMK4?feature=oembedStellantis’ pickup Ram 1500 has a healthy supply
The Michigan factory sure is a crucial one for Stellantis that hasn’t commented on today’s development yet.
But it’s better-positioned to navigate this walkout that primarily affects the production of its pickup trucks than rivals Ford and General Motors as its Ram 1500 already has well over 100 days of supply.
In total, more than 40,000 members of the United Auto Workers are now on strike against the big three U.S. automakers.
Stellantis is scheduled to report its financial results for the third quarter on October 31st. Consensus is for it to earn $5.90 a share in its current year which is expected to decline materially to $5.29 per share next year.
The post UAW says Stellantis ‘has the worst proposal’ as it expands strike appeared first on Invezz.
