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Auto Suppliers

All articles tagged with #auto suppliers

business2 years ago

UAW Strikes Lead to Layoffs in US Auto Industry

The ongoing UAW strike against the Detroit Big Three is leading to significant layoffs among US auto suppliers, with nearly 40% of suppliers having already laid off workers. A recent survey by MEMA revealed that layoffs have increased by almost 10% week-over-week, and half of the suppliers who haven't laid off workers yet plan to do so soon. Additionally, over 30% of respondents indicated that it would take them one to three weeks to ramp up production once the strike ends. MEMA is urging the federal government to provide financial assistance to suppliers, recommending a loan/grant program and other measures.

via TESLARATI|
#auto-suppliers#business#financial-assistance
business2 years ago

UAW Strike Puts Pressure on Auto Suppliers and Local Businesses

Auto suppliers affected by the UAW strike against the Detroit 3 are concerned about potential layoffs as workers may find other jobs during the work stoppage. Some suppliers have already been forced to lay off employees, and more layoffs are expected if the strike continues. The longer the strike lasts, the harder it will be for suppliers to ramp up production once it ends. To mitigate the risk of losing workers, suppliers are considering options such as plant maintenance, extra training, and executives going without pay to cover workers' salaries. The strike's financial impact on suppliers could be significant, with estimates suggesting potential revenue losses of up to $38 billion. Smaller companies at the Tier 2 and Tier 3 levels are particularly vulnerable due to the pandemic, raw materials costs, production schedules, and component shortages.

via Automotive News|
#auto-suppliers#business#layoffs
business2 years ago

"Auto Suppliers Prepare for Potential UAW Strike Impact on Big 3"

Auto suppliers in the Metro Detroit area are bracing for a potential strike by the United Auto Workers (UAW) next month, which could have devastating consequences for the entire supply chain. Tier 1 suppliers could face millions of dollars in financial losses if vehicle production halts, while sub-tier suppliers already in dire financial straits could face existential threats. Suppliers are tightening spending and preparing for potential losses, with some already having contingency plans in place. The UAW's aggressive stance in contract negotiations has increased tension, and the possibility of a strike is a major topic of discussion among industry leaders and stock analysts.

via Crain's Detroit Business|
#auto-suppliers#business#contract-talks