The United Auto Workers union said on Thursday it has made 'significant pro...
FILE PHOTO: General Motors assembly workers picket outside the General Motors Bowling Green plant during the United Auto Workers national strike in Bowling Green, Kentucky, U.S., September 17, 2019. REUTERS/Bryan Woolston/File Photo
JP Morgan auto analyst Ryan Brinkman estimated in a research note this week the strike has cost GM over $1 billion but it may be able to recover some lost profit in the fourth quarter. He said GM is losing $82 million a day.LMC automotive estimated on Thursday GM has lost production of 118,000 vehicles through Oct. 2. But GM has 81 days’ supply of vehicles in stock for the United States, and 90 days’ worth of Chevrolet Silverado pickup trucks.
The UAW on Tuesday rejected a new comprehensive offer from GM and the sides have been exchanging counterproposals over the last few days. Both sides face broader risks should the U.S. economy slow down. Data released on Tuesday showed the U.S. manufacturing sector contracted in September to its weakest level in more than a decade. Stocks fell broadly on the report. [nL3N26M3M6]
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