Fiat Chrysler Workers Could Go On Strike Wednesday Night

Source: CNN

The United Auto Workers union is prepared to strike Fiat Chrysler at 11:59 p.m. Wednesday, the union told the automaker Tuesday.

The strike would be the first in the industry since 2007, affecting about 40,000 workers.

Union leadership had reached a tentative deal with the company for a four-year pact on Sept. 15. But workers rejected that deal by nearly a two-to-one margin last week. Members had already voted overwhelmingly to authorize a strike without a new agreement.

The two sides were negotiating over the weekend, and Fiat Chrysler spokeswoman Jodi Tinson said talks are continuing to avoid a strike.

Read more: http://money.cnn.com/2015/10/06/news/companies/uaw-fiat-chrysler-strike/

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Fiat Chrysler Could Lose $40 Million Weekly Profit From Strike: Analyst

Published: 2:37 AM, October 7, 2015
Updated: 2:48 AM, October 7, 2015

DETROIT - Fiat Chrysler Automobiles NV stands to lose $40 million of operating profit a week from a strike of its plants by the U.S. labor union United Auto Workers, said an analyst with the Center for Automotive Research.

Sean McAlinden, chief economist at the Ann Arbor, Michigan-based automobile industry consultancy, said the figure is based on the estimated per-vehicle profit of Fiat Chrysler autos sold in the U.S. market.

Labor costs have fallen to about 4 percent of the total price of a vehicle at Fiat Chrysler, down from 15 percent at Detroit automakers in the late 1990s, McAlinden said. REUTERS

http://www.todayonline.com/business/fiat-chrysler-could-lose-40-million-weekly-profit-strike-analyst