With just a month remaining until the expiration of contracts, Detroit’s Big Three and the United Auto Workers (UAW) union are still at odds, struggling to reach a mutual understanding. On Monday, U.S. President Joe Biden urged both the automotive union and the corporations they are associated with to come together on an agreement soon.
"I’m asking all sides to work together to forge a fair agreement," Biden said in a statement as talks continue between the UAW and Ford Motor Company (NYSE:F), General Motors (NYSE:GM) and Stellantis' (NYSE:STLA) Chrysler brand.
"The UAW helped create the American middle class and as we move forward in this transition to new technologies, the UAW deserves a contract that sustains the middle class," Biden said in the statement
Last month, UAW President Shawn Fain provided President Biden with an update on the ongoing contract negotiations. Fain also engaged with members of Congress as part of the union's efforts to secure improved wages and benefits. Additionally, he voiced concerns about certain electric vehicle policies proposed by the Biden administration. It's noteworthy that the UAW has not yet officially endorsed Biden's bid for re-election.
Biden, a Democratic candidate pursuing a second term in the upcoming 2024 presidential election, centered his campaign around garnering union support. He has actively participated in labor discussions across various industries, including the railroad sector.
Stellantis released a statement saying the company "remains committed to working constructively and collaboratively with the UAW to negotiate a new agreement that balances the concerns of our 43,000 employees with our vision for the future."
Shares of STLA are down 0.24% in mid-day trading Monday, while shares of F and GM are up 0.08% and 0.46% respectively.