(WKBN) – It has been 23 days since the United Auto Workers went on strike at General Motors. With no cars being made, where does that leave dealerships and consumers?
Industry analysts say dealerships have enough inventory to make it through the next several weeks, but the automotive industry has taken a huge hit.
According to analysts, the strike has cost GM about 165,000 cars and trucks, and it’s past the point where the company can make up for lost revenue.
According to J.P. Morgan, GM has lost about $1.6 billion, or about $82 million a day.
Talks are still going on between both sides. The UAW issued an update on Tuesday that no progress was made in Monday’s talks.
The UAW is currently paying the employees about $250 per week — a huge drop off from what a typical GM employee would make, which is $1,200 per week.
It should be noted that GM’s third-quarter reports, which ended in September, show sales up by a little over 6%.