Car prices could surge 10% and more, according to experts — even as the bitter standoff threatens GM and Ford with punishing losses as high as $125 million a week.
Car prices could surge 10% and more as the United Auto Workers threatens additional walkouts, according to experts — even as the bitter standoff threatens GM and Ford with punishing losses as high as $125 million a week.
“Inventories on lots of dealerships will start drying up as they get sold and there won’t be enough cars to go around,” Maoli said, noting that car parts will actually be the “biggest issue.”The Big Three automakers — Ford, GM and Jeep-maker Stellantis — grew their inventories in August in anticipation of this strike, which has affected three major assembly plants: a GM factory in Wentzville, Mo., a Ford plant in Wayne, Mich., and a Stellantis Jeep plant in Toledo, Ohio.
At GM and Ford, that percentage equates to a $100 million to $125 million weekly loss in revenue for each company. GM’s Wentzville, Mo., plant makes the GMC Canyon and Colorado, while Ford’s Wayne, Mich., production site pumps out its Bronco and Ranger models. “Over the last two — past decade, auto companies have seen record profits, including the last few years, because of the extraordinary skill and sacrifices of the UAW workers,” the 80-year-old President said at the White House Friday, hours after the strike began.Biden did not specifically recommend terms for a deal, but said Ford, General Motors and Stellantis “should go further to ensure record corporate profits mean record contracts.
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