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GM agrees to battery plant contract concession in UAW strike

Auto workers have scored what UAW President Shawn Fain called a “transformative win” in its ongoing negotiations with the big three auto makers – Ford (F), General Motors (GM) and Stellantis (STLA). GM agreed to place their electric battery manufacturing under the union’s national master agreement, according to the UAW. The agreement is significant in the negotiations, given that the shift to EV production is one of the big concerns for auto workers. Arun Kumar, Alix Partners Managing Director in Automotive & Industrial Practice, joins Yahoo Finance to break down the agreement and what it means for the auto industry at large. When asked about the significance of the agreement Kumar said “we’ve been importing [EV] batteries from China. I think having those manufacturing plants into the UAW mix allows expansion of jobs that could’ve been lost because you have less labor hours required to produce EVs”. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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