The United Auto Workers union members have gone on strike since early Friday after failing to reach an agreement with Detroit’s Big Three, namely Ford Motor Co. F, General Motors Corp. GM and Stellantis NV STLA.
Outspoken Rep. Marjorie Taylor Greene (R-GA) took to social media platform X, formerly Twitter, to air her view on the unsavory development.
What Happened: “I feel badly for the Auto workers,” Greene said on X on Friday. The Democrats’ “Green New Deal” is switching the entire auto industry to electric by 2035, the Congresswoman alleged. She was referring to the electrification push by the Biden administration, which, through its Inflation Reduction Act of 2022, has incentivized a transition to clean energy.
“Over the next decade, this will completely annihilate many of their jobs bc combustion engines will no longer be manufactured and China batteries will replace them,” Greene argued.
“Bidenomics and the Green New Deal are responsible for destroying their jobs and America energy independence,” she added.
See Also: Best Auto Manufacturers Stocks
Why It’s Important: A 10-day UAW strike could cost carmakers, suppliers and workers over $5 billion, said Deepwater Asset Management’s Gene Munster, citing data from Anderson Economic Group.
If the Big Three automakers agree to even 25% of the proposed wage hike as opposed to the union’s demands, their manufacturing labor costs will become 40-45% higher than those of the non-unionized Tesla, Inc. TSLA, the analyst said.
Ford’s CEO Jim Farley warned that ceding to all of union’s demands would push the automaker into bankruptcy.
On Friday, Ford shares ended down 0.08% at $12.61, according to Benzinga Pro data. GM and Stellantis, however, rose 0.86% and 2.18%, respectively.
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