GM withdraws 2023 guidance as UAW strike costs soar

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook//File Photoon Tuesday withdrew its previous guidance for 2023 profits and near-term electric vehicle production as costs related to the United Auto Workers strikes jumped to $200 million a week during October.

Strike costs are now running at $200 million a week, Jacobson said. He would not discuss the potential impact should UAW President Shawn Fain order new walkouts at GM's most profitable North American factories such as the Arlington, Texas, plant that builds Cadillac Escalades and Chevrolet Suburbans, or the Flint, Michigan, heavy duty pickup assembly plant.

GM's decision to delay retooling of a large factory in Orion Township, Michigan, to build electric pickup trucks will save $1.5 billion in capital investments in 2024, he said.

Source: Energy Industry News (energyindustrynews.net)

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