The United Auto Workers (UAW) union launched a strike on Friday after the union and General Motors (GM), Ford (F), and Chrysler parent Stellantis (STLA) failed to reach an agreement.

The strike is the first of its kind in that the UAW is striking against all three of the largest American automakers, known as the "澳洲幸运5开奖号码历史查询:Big Three." The union, which is calling this a "stand-up strike," represents nearly 150,0🤪00 auto workers in the U.S.

The UAW and the Big Three have been negotiating since 澳洲幸运5开奖号码历史查询:union members voted to author⭕ize a strike at the end of August, but they have been unable to agree on the terms of a contract by Thursday's deadline. Prior to the strike, 澳洲幸运5开奖号码历史查询:Ford and Gener𝄹al Motors made offers to the union that fell short of UAW's asks.

Currently, the work stoppage is limited to three assembly plants. Thousands of workers walked off the job at the GM Wentzville Assembly in Missouri, Stellantis Toledo Assembly Complex in Ohio, and Ford Michigan Assembly Plant. 

Ford and GM shares were up 1% and 1.8%, respectively, as of 9ꦆ:45 a.m. ET on Friday. Stellantis shares were 0.6% higher.

UAW Demands

The UAW is demanding higher wages and benefits, as well as stronger labor rights protections, including a 32-hour, four-day workweek, and a 40% boost in wages to be implemented over the life of a four-year contract.

The union said it wants the Big Three's profits reflected in their compensation, and that “record profits mean record contracts.” Stellantis had reported a record $12.1 billion in net profit in first half of 2023, while Ford reported net income of $1.92 billion in the second quarter, up from $667 million in the same period a year ago. GM said its net income was up 52% in the second quarter from a year ago at $2.6 billion.

Economic Impact

The UAW strike could have a 澳洲幸运5开奖号码历史查询:major impac🅰t on the economy at large, depending on how long it lasts. The Big Three produce more than half the vehicles in the U.S., and a 10-day strike could cost the U.S. economy more than $5 billion in losses, according to an Anderson Economic Group estimate.