GM Stock Down to Vote on a Union at a Crucial Battery Facility

GM Stock

Ultium Cells, a joint venture between General Motors (NYSE:GM) and LG Energy in South Korea, is up for a union ballot this week.

The United Auto Workers first asked for a union election on behalf of 900 workers at Ultium’s Ohio factory at the end of October. According to GM Authority, a conflict between the union and GM about employees at the company’s Bowling Green plant was just recently resolved.

The election is scheduled for December 7 and 8. Votes should be counted by Friday at the latest, according to the NLRB. The vote takes place right before a runoff election, in which incumbent Ray Curry of the UAW will face Sean Fain, a candidate who is gaining support.

Gallup reports that in 2022, support for unions will have risen to a multi-decade high. According to the polling company, 71% of Americans support unions, which is the highest percentage since 1965.

According to General Motors (NYSE:GM) CEO Mary Barra, supply chain problems are getting better every quarter but are still anticipated to persist in 2023. As part of what she called “one of the most momentous shifts in the last hundred years,” the automaker will continue to work on EVs, she stressed. 

Although she added that “we’re still seeing a pretty robust consumer,” the president of GM stated to CNBC that “we are planning for a fairly conservative 2023.”

Strong prices and low incentives are what we are currently experiencing, she said, adding that “a lot will depend on what happens with the economy.”

Barra predicted that by 2025, electric vehicles would make up close to 20% of sales in the US. She said that five GM assembly sites in the United States, Canada, and Mexico will only build EVs. This will help the company reach its goal of selling only electric passenger cars by 2035.

Developments behind GM stock

The price of GM shares has fallen by almost 36% in the past year. Future models from the company’s line-up will include full-sized trucks, heavy-duty vehicles, Chevy Silverados, and Hummers. Barra says that the company is also changing its business strategy to let customers buy cars online. This is to save money on selling costs.

In 2023, Gm’s (GM Stock) Cruise Plans To Enter Many Markets

Featured Image – Pexels © Malte Luk

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