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Friday is in the house and we’re giving you an update on the looming strike, as well as covering the closure of a once successful used car group. We also talk about a big partnership between Hilton Hotels and Tesla.
Show Notes with links:
- “Insulting” is the word UAW President Shawn Fein used to describe the offer that GM slid across the table yesterday in an effort to avoid a potential strike.
- GM has proposed a 16% pay increase over four years for hourly workers, a $5,500 ratification bonus, $5,000 in inflation-protection bonuses, and the addition of Juneteenth as a paid holiday. They also aim to reduce the time for new hires to reach top wages from eight years to six.
- UAW President Shawn Fain criticized GM's offer as inadequate, citing GM's refusal to consider cost-of-living increases, retiree pay hikes, and other demands.
- GM’s offer tops Ford’s offer from last week, the first of any of the Big 3, by at least 1% as well as the addition of the Juneteenth Holiday
- "Our offer includes well-deserved wage improvements that far exceed the 2019 agreement and reward you for your hard work," GM said in a letter to workers. "We still have work to do, but we wanted to make this offer to show our good faith efforts to keep the process moving."
- Falling victim to the ongoing turbulence in the used car market, regional used-car dealership group, Off Lease Only, has filed for Chapter 11 bankruptcy protection. The Florida and Texas-based company terminated all its employees and announced the wind-down of its operations amidst challenges like inventory scarcity and vehicle price inflation.
- Tesla and Hilton have announced a partnership to introduce 20,000 electric vehicle charging stations across 2,000 Hilton properties in North America giving a huge boost to EV charging infrastructure goals while reflecting a significant shift in traveler priorities.
- “We’re seeing a rapid and steep increase in the number of requests for EV charging. We’re trying to meet our guests’ needs with this new agreement with Tesla,” Matt Schuyler, Hilton’s chief brand officer, told CNBC.
- Schuyler continued “The number-one search attribute for our hotels is shuttle access for airports. That’s No. 1. No. 2 is EV charging. And that’s a dramatic change that wasn’t even on the radar just a few years ago”.
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