Toyota is also raising wages, according to a report.
While the United Auto Workers’ 2023 labor negotiations were solely with the Detroit-Three auto makers, the talks’ impact is evident across the entire U.S. auto industry.
The Toyota news comes in the wake of Ford, GM, and Stellantis’s tentative agreements with the UAW, which will likely end the strike that began on Sept. 15. The agreements include wage increases of about 25% over the life of the contract for each auto maker over the life of the contract which runs through April 2028 plus some inflation protection. The immediate pay bump upon ratification is 11%.
Car pricing is about more than just labor costs though, as well. Just look at what’s going on with the Ford Maverick pickup truck. Eventually, things will normalize and prices will return to normal. The same thing happened during the Covid-19 pandemic, when low or no auto production led to low dealer inventories.
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