The third front in UAW's war on auto makers is a risky strategy.
The United Auto Workers are battling with the Detroit-Three auto makers. The union is also planning to battle foreign auto makers that operate in the U.S. without unions. They are battling against dividends, too.UAW President Shawn Fain updated his members, and investors, in an event on Friday evening. He outlined some of the concessions won from General Motors , Ford Motor and Stellantis . The auto markers are offering wage increases north of 20% over the life of the contract.
Fain misspoke a little. For starters, Ford executive chair William “Bill” Clay Ford Jr. might not be a billionaire. His family controls the Detroit Lions. He directly owns roughly 20 million shares of Ford worth some $230 million.The far more important point is that there is no additional $600 million in dividends. Ford declared their regular quarterly dividend of 15 cents a share on Oct. 17.
Company managers and company owners also have a relationship that is based on a simple trust: If I give you my savings you will give me more in the future. That “more” is cash in the form of dividends and buybacks or a company that is larger and generates more earnings than when they started. Some of that is labor’s cut. Of course, that doesn’t answer the question of what is fair for UAW workers in 2023.
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