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Four weeks of strikes have erased $1.13 billion of GM profits, according to an analysis from Anderson Economic Group which looked at the impact through Oct. 13. General Motors decline to comment on the impact the financial impact the strike is having on its business.
The strike isn't just impacting the automaker. UAW members have lost out on more than $624 million of wages while the federal government and the state of Michigan have taken hits of $250 million and $13.8 million respectively, according to Anderson Economic Group.
“The majority of dealers, with the exception of those directly next to GM plants, are not yet feeling the pinch of in their sales, having maintained reasonable inventory levels,” said Dr. Cristina Benton, director of Anderson Economic Group’s market and industry analysis practice area. “Some dealers close to the assembly plants are reporting lower than normal sales volumes.
GM CEO Mary Barra had a rendezvous earlier this week with union president Gary Jones and vice president Terry Dittes in an effort to end the 25-day old strike.
Talks between GM and the UAW resumed Monday after union negotiations on Sunday said they had taken a "turn for the worse," accusing the automaker of lacking "basic decency."
The union wants GM to commit to moving at least some production from Mexico to the U.S., including the shuttered Lordstown, Ohio, plant that caught President Trump's attention in March, a source familiar with the negotiations told FOX Business.
FOX Business' Grady Trimble and Suzanne O'Halloran contributed to this report.