General Motors Corp.
The Chevrolet Traverse was among the vehicles whose production was most affected by the recent UAW strike.

GM Executives Detail UAW Deals’ $575-per-Car Costs

Nov. 29, 2023
CEO Mary Barra and her team expect to be able to cut costs and spending to absorb the financial impact of the new four-and-a-half-year contracts.

General Motors Corp.’s leaders on Nov. 29 said the recently resolved United Auto Workers strike will add $575 in labor costs to each vehicle the company makes over the life of employees’ new contract.

Speaking to analysts after announcing that GM will hike its quarterly dividend by a third and buy back $10 billion of its stock, Chair and CEO Mary Barra and CFO Paul Jacobson said they expect the company will be able to completely offset the strike’s $1.1 billion operating earnings impact in 2024 via a range of savings. GM did not produce about 95,000 vehicles because of the six-week work stoppage, with the Chevrolet Colorado and GMC Canyon trucks and Chevrolet Traverse and Buick Enclave crossovers being most affected.

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