STLA Stellantis NV

By Denny Jacob

Shares of General Motors, Ford Motor and Jeep-maker Stellantis rose in early trading Friday following a strike by the United Auto Workers union at all three Detroit car companies.

GM shares rose 2%, Ford ticked up 0.8% and Stellantis edged up 1.1%.

UAW officials initiated the walkout after failing to clinch new labor deals with the automakers for about 146,000 U.S. factory workers. Bargaining went late into Thursday night, but the two sides remained too far apart to avoid a walkout at the 11:59 p.m. ET deadline. The union has never conducted strikes across all three companies in its 88-year history, according to UAW President Shawn Fain.

As of Wednesday, the companies had offered wage increases of 17.5% to 20% over more than four years, short of the union's mid-30% demand, Fain said. Other issues also remain sticking points, such as cost-of-living adjustments and retiree medical benefits.

A Ford spokeswoman called the union's latest demands unsustainable, and said the company was committed to reaching an agreement. GM said it had made an unprecedented offer and was disappointed by the UAW's actions. Stellantis also expressed disappointment, saying union leaders refused to engage in a responsible manner.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

September 15, 2023 10:14 ET (14:14 GMT)

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