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Automotive suppliers at every tier are playing the waiting game as the United Auto Workers strike unfolds, preparing for potential layoffs should it be a prolonged work stoppage.
The current contracts at General Motors, Ford Motor and Chrysler parent Stellantis are set to expire at 11:59 p.m. ET on Thursday. Detroit automakers, like their global counterparts, have been focused on cost reductions, which in some cases include job cuts, to help accelerate a shift to electric vehicles (EVs) from gasoline-powered vehicles. The UAW, which represents 46,000 GM workers, 57,000 Ford employees and 43,000 Stellantis workers, kicked off negotiations with the companies in July.
UBS initiated coverage of 13 auto stocks, as the broker said investors should focus on growth opportunities and not a looming strike.
Auto-parts suppliers Lear Corp. and Magna International Inc. are the companies with the “greatest counterparty exposure” to a possible UAW strike, Garrett...