Investing.com -- A video address from United Auto Workers President Shawn Fain on Friday will include substantive updates on negotiations with the so-called Detroit Three carmakers, according to Reuters.
Citing people familiar with the matter, Reuters reported that Fain's statements -- scheduled for 14:00 p.m. ET (18:00 GMT) on Facebook (NASDAQ:META) -- will clarify if the talks have made enough progress to prevent more strikes.
Fain previously addressed union members at around 10:00 Detroit time (1400 GMT), and unveiled further walkouts at plants owned by Ford Motor (NYSE:F), General Motors (NYSE:GM) and Stellantis (NYSE:STLA) at noon. Shares in all three were lower in early U.S. trading.
Talks between the UAW and these companies heated up this week following days of little movement, unnamed sources told Reuters.
Pressure to resolve the dispute over wages and benefits is ratcheting up on the automakers. In a note, analysts at Deutsche Bank predicted that operating income at GM, Ford and Stellantis would be hit by $408 million, $250M, and $230M, respectively, due to the labor actions which began three weeks ago at plants in Ohio, Michigan and Missouri.