GM said the historic UAW strike action is costing it $200 million a week, forcing it to pull its 2023 profit forecasts despite better-than-expected third quarter earnings.
posted much stronger-than-expected fourth quarter earnings Tuesday, but pulled its full-year profit forecast amid surging costs related to the historic strike action launched last month by the United Autoworkers Union.
Strike costs in the third quarter were pegged at $200 million, General Motors said, but noted that tally has already risen to around $600 million in the quarter quarter to date, and would likely accelerate further, at a pace of $200 million per week, according to GM CFO Paul Jacobson. GM also scrapped its goal of making 400,000 electrified vehicles between 2022 and mid-2024, a target CEO Mary Barra was committed to as recently as July of this year.
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