: UAW strike: More Ford, GM workers furloughed

by | Oct 3, 2023 | Stock Market

About 500 Ford Motor Co. and General Motors Co. autoworkers have been laid off as a knock-off effect of the United Auto Workers strike, which entered its third week. A Ford
spokesperson confirmed Tuesday that 330 workers at its Chicago stamping plant and at its Lima, Ohio, engine plant have been asked not to report to work. The layoffs took effect beginning Saturday at the Chicago plant and on Monday at the Lima plant.

130 workers at a plant near Cleveland and 34 workers at a facility in Indiana were laid off. Both factories make metal parts used at GM assembly plants that are dark because of the walkouts. The union has extended strike pay of $500 a week to workers laid off as a result of the labor action. At the start of the strike, the UAW had a strike fund of $825 million. Shares of Ford dropped 2% in midday trading Tuesday, while GM’s stock fell 3.3% amid weakness in the broad U.S. equity market. Related: UAW strike brings fight to consumers, worsening car-parts shortages already plaguing the industry For Ford, the week’s layoffs were in addition to the 600 workers laid off from Ford’s Michigan assembl …

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