GM explains latest offer to striking UAW workers

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The union statement came a few hours after GM issued a statement saying it wants to reach a fair and worthy agreement to end the strike and believes its latest offer handed to the UAW on Monday achieved "mutual objectives".

"During this meeting, (Barra) requested all committees work to resolve their open issues simultaneously so the company could receive a comprehensive proposal from the union", a letter to GM from UAW Vice President and Director of UAW General Motors Department Terry Dittes says.

GM, which likely lost production of about 100,000 vehicles in the third quarter, is at the risk of losing another 170,000 vehicles in the current quarter, the brokerage said, with the impact spreading to some of GM's facilities in Mexico and Canada that receive parts from its US factories.

Of the new total, $7.7 billion would be invested directly in GM plants, including building an electric truck at the Detroit-Hamtramck Assembly Plant, with the remaining $1.3 billion to be used for joint ventures, including a potential battery plant near the idled Lordstown, Ohio plant.

With the strike now roughly one month deep and looking like the automaker's well-laid plans, GM is firing back by suggesting the workers' union is intentionally wasting everybody's time. The UAW said both sides continued to meet at all levels. Analysts have estimated lost production has cost the carmaker at least $1 billion of lost profit, and its credit ratings may be at risk. In it, Dittes said the union would respond to the company's offer once various negotiating committees working on specific issues work out their differences.

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General Motors Chief Executive Mary Barra stepped in on Wednesday, asking the union to wrap up outstanding issues and respond to a company offer made this week.

No new formal offers are expected to be presented by UAW officials, according to one source familiar with the talks.

Demonstrators said Friday they will strike for as long as they need to. Meanwhile, direct wage losses for all employees have already surpassed $ 400 million and continues to climb.

But GM pays a far greater labor cost in the United States than it does in Mexico.

The two sides have been slogging their way through negotiations on a new four-year contract for four weeks now and progress has been limited. The union has pushed hard to get the company to agree to bring back some of the vehicles it now builds in Mexico as a way of providing job security to its members.

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