Shares of GM (GM) were down 3% in early trading. But that is still a fraction of its overall deliveries, as it sold a total of 1.5 million vehicles in North America in the first half. The four-year deal includes a 3 pay rise. The company hit its target of 50,000 EV sales in North America in the first half of the year and is on track to produce 100,000 EVs for the market in the second half of the year. In October 2019, the strike came to an end, as United Auto Workers voted to approve a new deal with General Motors. GM declined to comment on the involvement of its top two executives in the negotiations.
GM replaced the expensive EV batteries in the recalled Bolts. General Motors Co“The charge reflects the conscious decision we made during the … recall to serve our customers in ways that go beyond traditional remedies, and we are taking new steps that will reduce GM’s costs and improve our EV margins over time,” said Barra. The latest charge reflects a change in that agreement with LG. LG, the company’s battery supplier had already agreed to pay GM $1.9 billion to cover most of the cost of the recall. The company took a $792 million charge related to a recall of its Chevy Bolt to replace its EV battery, due to the fire risk posed by the electric car. “In my mind we can get to something that meets everyone’s needs without a strike.”
“We think we can find an agreement that does the right thing for our employees but also allows GM to remain competitive,” she said. Patrick Anderson explains the implications of this strike beyond the auto industry (Detroit News editorial, 10/2/19).
Asked during an interview on CNBC Tuesday if there will be a strike, Barra said she’s confident a work stoppage can be avoided.
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