UAW President Claps Back At Ford’s And GM’s Layoff Announcements: ‘Their Plan Won’t Work’ – Ford Motor (NYSE:F), General Motors (NYSE:GM)

The United Auto Workers (UAW) strike has led to the temporary layoffs of non-striking employees at both Ford Motor Co. F and General Motors Co. GM. UAW president, Shawn Fain, dismissed the automakers’ plans for layoffs stating, “Their plan won’t work.”

According to an ABC News report on Saturday, the UAW, representing around 150,000 autoworkers, initiated the strike against GM, Ford and Stellantis NV STLA on Friday. The strike saw nearly 13,000 workers leaving their positions at the companies’ plants in Michigan, Missouri and Ohio.

See Also: Barron’s Weekend Stock Picks: UAW’s Strike Against The Big Three, Arm’s Future And Sights On The S&P 500

Ford’s response to the strike was to instruct 600 of its Michigan assembly workers not to report to work due to the strike’s “knock-on effects.” GM also announced plans to keep 2,000 workers inactive at its assembly plant in Kansas City, Kansas due to the “ripple effect” of the strike at the company’s Missouri plant.

Reacting to these announcements, Fain stated, “If the Big Three decide to lay people off who aren’t on strike, that’s them trying to put the squeeze on our members to settle for less.” He further added, “Their plan won’t work.” Stellantis has yet to announce any layoffs amid the ongoing strike.

As of the latest market close, Ford’s stock was trading at $12.62, while GM’s stock stood at $33.94 and Stellantis’ was at $19.24.

Read Next: SPAC King Chamath Palihapitiya Says Tesla Can Now Completely Run Away With Car Market In The Wake Of UAW Strike: A Labor Deal ‘Will Destroy The Legacy Automakers’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock

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