GM Losing Patience With UAW Over Nearly Monthlong Strike

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General Motors sent a letter to employees updating the state of negotiations with the UAW on day 26 of the strike.

He said an offer GM presented on Monday "would increase compensation through wages and lump sum payments, preserve industry-leading health care benefits without increasing out-of-pocket costs, enhance profit-sharing with unlimited upside, and improve the ratification bonus".

In its formal offer made in mid-September, GM vowed to invest $7 billion in USA plants that would support 5,400 jobs, most of which would be new hires.

GM's letter comes a day after UAW-GM Vice President Dittes released details of a Wednesday meeting between himself, General Motors CEO Mary Barra, and various other top UAW officials regarding the ongoing national strike. While GM publicly released details of its first formal offer to the union September 15 - the day the UAW announced a walkout - the company had kept a lid on public criticism of union leaders, who themselves are dealing with a credibility crisis linked to a federal corruption investigation.

GM's latest offer boosts wages and lump-sum payments and preserves health care benefits, Gerald Johnson, the automaker's executive vice president of manufacturing, wrote to employees October 11.

"We have advised the union that it's critical that we get back to producing quality vehicles for our customers", he wrote.

The union statement came a few hours after GM issued a statement saying it wants to reach a fair and worthy agreement to end the strike and believes its latest offer handed to the UAW on Monday achieved "mutual objectives".

Earlier this week, the UAW informed membership that one of the key issues was a lack of commitment by GM to build vehicles at USA factories. And the offer gives temporary workers a clear path to permanent status, Johnson said.

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"While investors may look through the one-time impacts.the strike reminds us of the challenge of investing in OEMs at this point in the cycle", analyst Dan Levy wrote in a note.

"We are committed to the collective bargaining process, and we are committed to our future together".

The two sides held "top table" discussions Friday, in which chief negotiators from both sides meet on company-wide issues.

Dittes said that he did not know when the five issues would be resolved, suggesting a final deal may not be close.

Credit Suisse lowered its 2019 earnings per share estimate for GM by 83 cents to $6.11, below the Wall Street consensus of $6.56, according to IBES data from Refinitiv, as the No.1 automaker is also at the risk of losing market share to smaller rivals such as Ford Motor F.N .

Talks are expected to continue Friday.

Moody's said in a Friday report that GM must maintain its flexibility under any new deal to build electric and self-driving vehicles without its fixed costs rising further. Of that, $7.7 billion of that would be direct investments, including building an electric truck at the Detroit Hamtramck Assembly plant.

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