On Friday, GM (General Motors) stock jumped while Unifor employees at the CAMI Assembly and Battery plants aggressively voted for a new pay hike agreement.
The automotive manufacturer’s stock increased by 0.53% to $48.88 apiece on September 20’s Asian afternoon session. However, it declined by -0.25% to $48.76 per share in after-hours trading.
According to the Canadian labor union, assembly plant employees ratified a two-year contract with the corporation. The deal aims to achieve a significant pay increase, equivalent to a 20.00% hike.
The CAMI assembly plant manufactures two models of BrightDrop electric commercial vans by GM and their batteries.
Based on the tallies, 95.70% of the Unifor Local 88 members were in favor of ratifying the contract, which would establish an immediate 10.00% raise. This included a 2.00% raise in September 2025 and another 3.00% raise in July 2026.
The union added that the contract would offer a 20.25% wage increase for skilled trades. Moreover, they noted that the new two-year deal expires on September 20, 2026.
Unifor National President Lana Payne mentioned that Unifor negotiated a two-year contract term. In addition, this would align CAMI workers with the union’s Detroit Three negotiations, which integrate the future bargaining power of over 5,600 GM members.
Kansas GM Factory Employees Face Layoffs
GM reported that it will temporarily lay off two-thirds of the Fairfax assembly plant staff in Kansas. This came amid their facility preparations to start production of the next Chevrolet Bolt model.
The US company invested approximately $390.00 million in producing the new vehicle. They said the new installation of the new tooling requires a temporary employee layoff until production resumes in mid-2025.
Moreover, the labor force cut would begin for 1,695 workers in November as the Chevrolet Malibu midsize sedan production closes.
On the other hand, GM will launch a new generation of its Chevy Bolt next year. According to experts, it may boost the automaker’s electric vehicle output.
