Canadian union Unifor has initiated a strike at all Stellantis facilities in the country, with over 8,200 workers participating. Despite the strike, the union has made progress and negotiations will continue overnight.
The Strike Landscape
Stellantis, the parent company of Chrysler, recently reached a deal to end a six-week strike with the UAW. Ford also came to a tentative agreement with the union. However, the UAW announced that it will expand its strike with General Motors (GM), including GM's Spring Hill, Tennessee plant.
Unifor and Stellantis
Unifor's strike at Stellantis comes as a surprise, especially considering their statement on Friday acknowledging some progress and movement from the Jeep owner amidst days of stalling.
Potential Resolution
While Stellantis expressed disappointment with the strike action, the company has stated its commitment to bargaining until reaching an agreement. As such, it is possible that this strike will not be prolonged.
Market Response
Investors have reacted to the news of the UAW deal and Unifor's unexpected strike by pushing Stellantis stock up by 1.5% in early premarket trading on Monday. GM stock has also risen by 0.8% after experiencing a 4.6% drop on Friday. Similarly, Ford shares are up 0.8% following a 12% decline.
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