Key takeaways:
- UAW President Shawn Fain has pushed for salary increases for autoworkers, citing the billions of dollars in profit and CEO pay raises the companies have seen in recent years.
- Hybrid and all-electric vehicle sales topped 1 million in 2022, for the first time, with the Big Three automakers selling almost 14 million new cars and trucks.
- Autoworkers are concerned about potential job losses and pay cuts that could come with the shift to electric vehicles, and are hoping for a fair deal that will protect their jobs and wages.
A new labor contract between the United Auto Workers (UAW) and the Big Three U.S. automakers is still in the works, with just hours left before the existing contract expires. UAW President Shawn Fain has pushed for salary increases for autoworkers, citing the billions of dollars in profit and CEO pay raises the companies have seen in recent years.
The negotiations come as the automotive industry is in the midst of a major transition to electric vehicles. According to the Bureau of Transportation Statistics, hybrid and all-electric vehicle sales topped 1 million in 2022, for the first time. This shift has major implications for the business and its workers.
The Big Three automakers sold almost 14 million new cars and trucks in 2022. This number is expected to decrease as electric vehicles become more popular. Autoworkers are concerned about the potential job losses and pay cuts that could come with this shift.
The UAW and the automakers have yet to reach an agreement on the new labor contract, and it is unclear when a deal will be reached. In the meantime, autoworkers are hoping for a fair deal that will protect their jobs and wages.
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