The United Auto Workers' strike at Ford Motor Co.'s plant in Louisville, Kentucky, will deal a major blow to the automaker. The facility is Ford's largest and most profitable.
The United Auto Workers stepped up its fight against Ford over the weekend. "Unfortunately, we had to escalate our action. We came here today to get another offer from Ford, and they gave us the same exact offer as two weeks ago" the organization said in a statement on X, formerly Twitter. On Friday, Ford noted that approximately 550 employees have been asked not to report to work beginning Oct. 16, with the total impact of the strike layoffs affecting approximately 2,480 employees.
In a note Thursday, Bank of America estimated the shutdown of the Kentucky facility alone will cost Ford $247 million each week in earnings before interest and taxes, according to Seeking Alpha. When accounting for the other Ford plants where operations are stalled, the analysts said, the strike will inflict a $430 million hit to the company each week. For comparison, GM estimated its losses from the strike to be around $200 million total as of the third week into it.
Around 34,000 of the 150,000 union workers employed by the Big Three are currently off the job and on picket lines, and the UAW has threatened to extend the strike nationwide if contract negotiations drag on without sufficient progress being made in addressing the union's demands.
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