The UAW Empire Strikes Back! 🩸
The United Auto Workers’ strike is getting bigger. One week into the union’s historic work stoppages against major car makers, the UAW on Friday walked out of dozens of more factories across 20 states.
The UAW’s targeted strikes against General Motors, Stellantis and Ford began after the union’s contract with the companies expired at midnight on Sept. 14. At the time, 13,000 workers walked out of three assembly plants — and union leadership warned that more locations could be impacted there wasn’t significant progress in contract negotiations.
Bargaining continued Thursday, although neither side reported any breakthroughs, and on Friday the UAW announced it would be walking out of 38 more General Motors and Stellantis parts distribution centers. Another 5,600 workers joined the strike — meaning that about 13% of the union’s 146,000 members are now on the picket lines.
More disruptions ahead
Ford was spared additional strikes Friday because the company has met some of the union’s demands during negotiations over the past week, UAW President Shawn Fain said.
The UAW is seeking big raises and better benefits — pointing to CEO pay raises and profits that the three companies have raked in recent years. They also want to get back concessions that the workers made years ago.
Meanwhile, the Detroit Three say they can’t afford to meet the union’s demands because they need to invest profits in a costly transition from gas-powered cars to electric vehicles. In the last week, tensions rose as the companies laid off a thousands of workers, saying some factories are running short on parts because of the strike.
On the consumer side, with no immediate end in sight, the strike could also cause significant disruptions to auto production in the United States down the line.
Lower low expected early this week 😅
⚠️ Trading tips: looking at puts below 243 and calls above 245.5 on Monday. Get ready for a wild, wow week ahead!
Although Tesla didn’t join the union, the price action on Friday wasn’t spared either. The weak economic conditions sunk all boats this Tesla has plunged below the 250 pivot. Can we see more downside on Monday?
As Tesla earnings will arrive mid Oct. Elon is expected to pump the stock after the September weakness. Perhaps a bargain buy is approaching to hunt for the green, but not a red October 😉
Watched it?
Please click Like 👍, Comment 💬 & Repost 🔄 this article found at the bottom of your screen. Follow me for the latest news, trading ideas & strategies to ride the market daily with profits! 🤑
@CaptainTiger @MillionaireTiger @TigerClub @KylerLee @koolgal @Andreana @Aqa
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Net margins are declining….the energy storage argument is always funny too TSLA owns the stations but not the plants or pipelines that produce the energy. noooo competition and threats to the overvalued business
Well EV is the future trend, just hold TSLA shares for long term it will go further
TSLA stock is valued based on Elon it has nothing to do with the fundamentals if it did it would be a sub 50 dollar stock.
Bad thing for all motor companies. May be bearish the next few days
You only need luck if you invest in TSLA