As losses mount for workers and the company, General Motors is providing some detail to its latest offer to settle the 26-day strike by the UAW, and telling employees "It's critical that we get back to producing quality vehicles for our customers". GM has reduced its work force to several factories and workers are apprehensive that they could endure the same fate as Lordstown Assembly â € "which never got a replacement for the Chevrolet Cruze and ended up being idled".
Credit Suisse said the strike will hurt suppliers, including American Axle AXL.N , Aptiv Plc APTV.N , Lear Corp LEA.N , Delphi Technologies DLPH.N , and Dana Inc DAN.N , whose exposure to GM varies between 5% and 18%, with American Axle at 40%.
"As we have urged repeatedly, we should engage in bargaining over all issues around-the-clock to get an agreement", said Sandefur's letter to his union counterpart.
The brokerage said GM may now have to revise its target of $4.5 billion in cost savings through 2020, announced past year, as production curtailments and labor-related cost reductions may not happen as fast as the company had expected.
"The cornerstone of GM's long-term strategy is to be the leader in developing an economically viable operating model that enables investments in battery electric vehicles and autonomous vehicles to be profitable and generate appropriate returns".
General Motors Chief Executive Mary Barra stepped in on Wednesday, asking the union to wrap up outstanding issues and respond to a company offer made this week.
The strike has forced parts supply companies to lay off workers and has made GM close some of its factories in Canada and Mexico. They added that although the strike has now lasted 23 days, the issue of job security is among their top agenda items and there has been little progress on it which can be reported.
GM shares have fallen 11% since the strike began.
The calculations do not include strike pay, substitute work by furloughed employees, lost earnings at dealerships, or reductions in government expenditures. The company has said the money it has promised to invest in plants will provide that job security.
The messages mark a turning point for GM in the fourth week of a strike that's halted production at 34 United States plants and disrupted output in factories in Mexico and Canada.
Many UAW members at Lordstown, Detroit-Hamtramck, Warren and Baltimore transmission plants are now at other GM plants.
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