If you have been paying attention to the news recently, you may have been informed about a growing strike in states such as Michigan and Ohio known as the “Auto Worker’s Strike” or “UAW Strike,” and wonder, “what is all of this about?”
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The United Auto Workers (UAW) strike has become a focal point of concern, not only for the automotive industry but also for the broader United States economy. This labor dispute, rooted in the demand for fair wages amid surging inflation rates, has profound implications.
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Hybrid and electric vehicles hit a stumbling block as 2020 brought annual growth of the industry below zero to -4%. In a year defined by the pandemic and economic shutdowns, it is no surprise that a rapidly growing industry would falter.
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Just as the auto industry demonstrated signs of recovery from the shutdowns last spring due to the coronavirus pandemic, an untimely issue regarding a dearth of semiconductor chips has arisen. Because of the global shortage of these silicon chips, nearly every major automaker, including Ford Motor Co, Toyota, and Nissan, have halted some form of car production and furloughed workers. Specifically, Ford and the General Motors Company predict lost earnings due to this unforeseen problem, potentially losing $2.5 billion and $2 billion, respectively.
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