Investing.com -- A United Auto Workers strike against the so-called Detroit Three carmakers are heading into their sixth day, with the union warning that it will expand the scope of the labor actions on Friday if no progress is made in talks over pay hikes and compensation.
Ford (NYSE:F), Jeep-maker Stellantis (NYSE:STLA) and General Motors (NYSE:GM) have all said they want to settle the walkouts.
Stellantis's North American Chief Operating Officer, Mark Stewart, flagged to CNBC that the firm is still searching for common ground with the UAW. But Stewart said he was hopeful "that we're able to do that" by Friday.
GM also noted in a statement that it is continuing to bargain "in good faith" with the union in order to reach an agreement as soon as possible, while a Ford spokesperson told the Associated Press that negotiations were ongoing.
As of Tuesday, some 12,700 of the UAW's 150,000 members who are employed by the three auto manufacturers are on strike, according to Reuters.
Analysts at Barclays predicted earlier this week that the next wave of potential strikes could impact the companies' profitable large truck plants. However, the analysts said that the businesses appear to be prepared for this situation "given [their] robust ingoing inventory."