(AOF) – Ford and General Motors are expected to decline slightly in pre-market trading on Wall Street after the launch of a strike by the American automobile union UAW which targets several of their sites as well as those of Stellantis. The union’s strike fund reached $825 million, allowing it to finance this social movement for twelve weeks, or a little less than three months according to the consulting firm Evercore ISI. Ford Motor Chief Executive Jim Farley said Thursday on CNBC that UAW’s demands could bankrupt the company.
The central union is demanding a 40% increase in wages, a reduction in working hours and the addition of new retirement benefits.
This is the first time that a strike has affected the three main American car manufacturers.