No Monkey Business

UAW Moves to Unionize Entire Auto Sector

• Nationwide Push: Following successful negotiations with the Detroit Three, the UAW now has its sights set on the entire non-union auto sector.
• Major Automakers: The campaign includes major players like Tesla, Toyota, Volkswagen, Hyundai, Rivian, Nissan, BMW, and Mercedes-Benz.
• Publicizing Support Levels: If 30% of workers at a plant seek union representation, it will be made public.
• Rally and Recognition Steps: At 50% support, a rally with Fain will be held, and at 70%, the UAW will push for recognition or a union vote.
• Past Attempts: UAW has historically struggled to organize plants operated by foreign automakers, with failed efforts at Nissan and VW.

These automakers may want to dust off their bargaining chips and polish up their negotiating skills, just in case.

GM’s $9.3B Hit

• Struggles and Challenges: The Detroit automaker has been grappling with the strike's aftermath, issues at its Cruise unit, and EV rollout complications.
• Labor Deal Costs: New labor deals will cost GM $9.3B, translating to an additional $575 per vehicle.
• Stock Buyback: Simultaneously, GM announced a significant $10B in stock buybacks.
• Dividend Increase: The company plans to increase its dividend by 33%.
• Stock Price Movement: GM's stock saw a substantial jump of 9.8%.
• Market Impact: Ford and Stellantis also experienced gains, with their shares rising 4.3% and 4.8%, respectively.
• Cost-Cutting Measures: GM also aims to cut fixed costs by $3B by the end of 2024 and has initiated employee buyouts.

Good ol’ GM to the rescue saving…GM.

Mercedes-Benz Ends EQS Production in the US

• EQS SUV Production Moving: From Vance, Alabama to Bremen, Germany.
• Bremen Factory Expansion: The factory already produces the C-Class, E-Class, GLC, and EQE, and is expected to increase its line by 20K vehicles annually with the addition of the EQS SUV.
• New GLC EV: Will replace the EQS SUV in Alabama, starting Q1 2026.
• Projected Fleet: Up to 50K GLC EVs are anticipated within the first year.
• Tax Credit Eligibility: GLC EV qualifies under the U.S. Inflation Reduction Act.

If letters had royalties, Mercedes would owe the alphabet a fortune.