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Article

27 Sep 2019

Author:
David Welch, Bloomberg

USA: General Motors misses out on over $500 million of profit due to strikes at its factories

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"GM Has Lost Over Half A Billion Dollars Because Of The Strike", 25 September 2019

After missing out on more than $500 million of profit due to a strike, General Motors Co. has reached a potential turning point in its contract negotiations with the United Auto Workers.

Proposals regarding all unsettled issues have been presented to the automaker, and the union is awaiting a response, Terry Dittes, the vice president of the UAW’s GM department, wrote in a letter to the labor group’s leaders Wednesday...

...The strike has cost GM output of more than 8,000 vehicles a day, according to analysts at IHS Markit. With each vehicle averaging about $8,000 in earnings before interest and taxes, and the walkout affecting nearly nine production days, GM has missed out on as much as $544 million in profit, based on calculations Credit Suisse analyst Dan Levy made in a report last week. The total would reach $700 million by Sunday if no settlement is reached this week...

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