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General Motors, Ford and Stellantis are facing sharply higher labor costs, estimated by some analysts at exceeding US$1 billion per year, per company.
The company’s U.S. sales rose 21 per cent, and Jacobson said the average U.S. selling price for GM vehicles was US$50,750, down only slightly from the previous quarter.
The total economic cost of the United Auto Workers strike is pegged at more than US$7 billion since it began more than a month ago.
The month-long strike by hourly workers at the Detroit Three automakers is starting to have a financial impact on businesses, including airlines and auto parts makers. Analysts warn that the cost could increase if the strike continues. Companies are already counting the cost of lost revenue in an uncertain economy.
Headed into Friday, about 18,300 UAW members at the Detroit Three were on strike, or about 12 per cent of the 146,000 union members working at the automakers.