General Motors on Thursday made a new offer to the UAW that it called "a compelling and unprecedented economic package," but negotiators from the Detroit 3 were running out of time to avoid a strike that the union says will begin at midnight.
GM CEO Mary Barra said the automaker's latest offer includes a 20 percent wage hike over the course of the four-year contract, with 10 percent in the first year. Ford Motor Co. offered the UAW 20 percent raises over four years on Tuesday.
“Make no mistake: If we don’t continue to invest, we will lose ground, and it will happen fast,” Barra told employees in a video posted Thursday evening, calling GM’s workforce a competitive advantage. “Our competition across the country and around the world — most of whom are non-union — will waste no time seizing the opportunity we’ve handed them.”
UAW President Shawn Fain, in a statement responding to GM, said, "We're actively reviewing GM's latest proposal, and look forward to submitting our responses. We wish they would've gotten this serious about bargaining six weeks ago, instead of hours before the deadline."