Comodo Motors General Manager Jordan Baker joins The Big Money Show to discuss the impact of the ongoing United Auto Workers strike on car dealers and car buyers.
Stellantis announced Tuesday that it will no longer attend the CES technology trade show in Las Vegas early next year as planned, saying it is now focusing on business due to the United Auto Workers union’s ongoing strike against the automaker in the United States must
The multinational company, which owns more than a dozen vehicle brands including Dodge, Chrysler and Jeep, said in a news release that it was canceling its exhibitions and presentations scheduled for January at the world’s largest technology trade show.
Carlos Tavaras, CEO of Stellantis, delivers a keynote speech in front of Stellantis’ Ram 1500 Revolution battery-electric concept pickup truck unveiled during CES 2023 at the Venetian Resort on January 5, 2023 in Las Vegas. (Ethan Miller/Getty Images/Getty Images)
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| STLA | STELLANTIS NV | June 20th | +0.25 | +1.27% |
Stellantis said it was withdrawing from the conference “with a focus on preserving the business case in the ongoing UAW negotiations,” “as part of the contingency plan implemented since the start of the strike.”
FORD CHAIRMAN calls for deal to end UAW strike and warns entire US auto industry is at stake
The Amsterdam-based company said it is currently taking “comprehensive countermeasures to mitigate the financial impact and protect capital” and “[i]“Given the current state of negotiations in the United States, preserving the fundamentals of the business and thereby protecting the future of the company is a top priority for the leadership of Stellantis.”
Striking United Auto Workers march in front of the Stellantis Mopar plant in Ontario, California on September 26, 2023. (Gina Ferazzi / Los Angeles Times via Getty Images / Getty Images)
The UAW launched its simultaneous but limited strike against Stellantis, Ford and General Motors on September 15, beginning with the closure of an assembly plant at each of those manufacturers. The union has gradually expanded the strike to other facilities at all three plants, closing six assembly plants and 38 parts warehouses so far.
The UAW’s strike against Detroit automakers has entered a “new phase,” the union boss says
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 30.34 | +0.27 | +0.90% |
More than a month after the strike began, automakers — known as Detroit’s Big Three — have lost a total of $3.45 billion as a result of the action, according to the latest estimates from Michigan consulting firm Anderson Economic Group.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 12.03 | +0.10 | +0.88% |
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On Monday, Ford CEO Bill Ford warned that further extension of the strike would jeopardize the entire U.S. auto industry