"2019 was likely to be a great year for GM but that's not going to happen now."
Morning Star Equity Strategist David Whiston on the impact of the UAW strike on General Motors.
- One of America’s largest automakers performed better than analysts expected for the last 3 months.
- However, the company lowered its forecast for this year and next, mainly due to the impact of the 40 day strike by the UAW – the longest strike since the 1970s.
- The strike cost the company nearly $4B for 2019 and the lost production of aroundA 300,000 cars.
GM shows profit of $3 billion in third quarter with biggest strike costs still ahead