United Auto Workers members on strike picket outside General Motors’ Detroit-Hamtramck Assembly plant in Detroit, Sept. 25, 2019.
Michael Wayland / CNBC
DETROIT — The Oracle of Omaha is cutting exposure to the U.S. automotive industry amid union negotiations — potentially for good reason.
Warren Buffett’s Berkshire Hathaway this week said it nearly halved its stake in General Motors in the second quarter. While the firm didn’t disclose its reasoning, the year-end is expected to be a challenging one for the U.S. automotive industry amid contentious contract talks between the United Auto Workers union and GM, Ford Motor and Stellantis.
The talks, which cover nearly 150,000 U.S. autoworkers, could cost the automakers billions of dollars in additional labor costs, work stoppages or, in a worst-case scenario, both.
The new UAW leadership team has dubbed these talks the union’s “defining moment.” President Shawn Fain has already deployed harsh messaging and a few theatrics, including…
2023-08-18 12:56:39
Post from www.cnbc.com
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