AutoBeta(AutoBeta.net)10/13 Report--

According to foreign media reports, GM made concessions in negotiations with the United Auto Workers (UAW), and GM agreed to add 7.7 billion US dollars in direct investment to US plants and add 5400 jobs.

It is understood that GM reached an agreement with UAW on salary, medical benefits, job security and other issues, and finally broke out during the strike on September 15. as many as 50, 000 people took part in the strike. GM media lost nearly 100 million US dollars, and has lost 1 billion US dollars so far.

Gerald Johnson, executive vice president of UAW, said GM's $7.7 billion direct investment in the United States and Canada addressed the UAW's top concerns, including maintaining health care costs and providing "clear ways" for temporary workers to find permanent jobs.

Some analysts believe that GM's additional investment and job creation are designed to address the main concerns of the union, which wants the company to provide more job security.

It can be seen that the strike has brought huge losses to GM. The research firm estimates that the three-week strike has cost GM $660 million in profits and more than $412 million in direct wages for all employees. The strike also cost $155 million in federal income and payroll taxes and $9.1 million in Michigan income tax revenue.

While GM suffered heavy losses from the strike, its sales continued to fall. GM and its joint ventures sold 689531 vehicles in the Chinese market in the third quarter, down 8.5% from the previous month and 17.5% from a year earlier, according to GM's latest sales figures in China released on Oct. 10. That means GM's sales in China have fallen for five consecutive quarters.

As GM and Ford's sales in China continue to decline, the share of American car companies in total passenger car sales in China fell to 9.5% in the first eight months of this year, down from 10.7% in the same period last year, according to the China Automobile Association.

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