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The United Auto Workers union will do a big favor for automakers.(THE AUTO SECTOR)
Kiplinger Letter, The, July, 2007
The United Auto Workers union will do a big favor for automakers:
It will assume a large chunk of the health care burden now borne by General Motors, Ford and DaimlerChrysler. These lofty health expenses account for about $1500 of the average $3500-per-car cost disadvantage that Big Three plants suffer versus foreign manufacturers' U.S. plants. A UAW deal, likely by Sept., will narrow that margin by roughly $1000.
U.S. automakers will still be in precarious shape, though. The UAW probably won't bite on a number of other cost-slashing proposals: Big pay cuts for new hires and converting some pensions to 401(k) plans.
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