President Joe Biden made history by walking the picket lines alongside United Auto Workers (UAW) union members in their strikes against the Detroit three automakers – General Motors (GM), Ford, and Stellantis. The strikes, which began on September 15, were expanded on September 22 to include all parts distribution facilities for GM and Stellantis. However, Ford was excluded from the expansion due to their willingness to negotiate.
The UAW is seeking 40% wage increases, a 32-hour work week, cost of living adjustments, and an expansion of benefits. The automakers have offered 20% increases over a four-year period but have been resistant to the other demands. President Biden showed his support for the striking workers, stating that they “deserve the significant raise they need.” Some economists have estimated that the strikes could cost the U.S. economy around $5 billion over 10 days. However, analysts believe that regardless of the outcome, the true winner in the strikes is Tesla, as the disruptions in the production of the Detroit automakers give Tesla an opportunity to gain a competitive advantage.
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