A historic autoworkers strike
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 18 September 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
US auto workers are striking to protect workers against the move to electric vehicles, and UK prime minister Rishi Sunak won’t attend the climate ambition summit at the UN General Assembly this week. Plus, Instacart has raised the price range for its initial public offering following the success of Arm’s blockbuster debut.
Mentioned in this podcast:
Strike pits US auto union in existential struggle over shift to electric vehicles
Rishi Sunak decides against attending UN General Assembly
Instacart raises IPO price range after success of Arm listing
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Credit: CLIP WXYZ-TV Detroit | Channel 7; UAW President Shawn Fain
Credit: CLIP CBS Detroit
Credit: CLIP UAW; Shawn Fain
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Monique Mulima, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:12.4 | Good morning from the Financial Times. Today is Monday, September 18th, |
| 0:16.6 | and this is your FT News Briefing. A major auto union is calling on all workers to unite. |
| 0:24.0 | Either you're with the billionaire class or you're with the working class. |
| 0:28.5 | An Instacart is pricing its initial public offering today. |
| 0:32.5 | Plus, we'll look at why the UK Prime Minister won't be rubbing elbows with global leaders in |
| 0:37.9 | New York this week. I'm Sonya Hudson from ArcFilippino, and here's the news you need to start your day. |
| 0:57.6 | The United Auto Workers Union and Detroit automakers resumed over the weekend, |
| 1:08.6 | after thousands of workers walked off the job last Thursday at midnight. |
| 1:13.2 | The union is striking against General Motors, Stellantis, and Ford for higher pay, |
| 1:18.1 | but also to protect workers against a larger existential crisis, the move to electric vehicles. |
| 1:24.9 | I'm joined now by the FT's Chicago Correspondent, Claire Busci, she covers the auto industry. |
| 1:29.6 | Hi, Claire. Hi. So, Claire, tell me about this existential crisis that auto workers are worried about. |
| 1:37.4 | What's at stake for the UAW? Well, there's a lot at stake. I mean, real auto wages have been |
| 1:45.6 | declining for a long time, but then there's this looming issue that is in the backdrop that we |
| 1:53.7 | really haven't seen influence bargaining before, and that is electric vehicles. So, |
| 2:00.0 | quite simply, the UAW wants to ensure that the cars of the future are built with union labor. |
| 2:06.5 | But, you know, the major player in electric vehicles, Tesla, which has most of the sales, |
| 2:12.8 | extremely anti-union. And there's a lot of concern that there will be job loss as this happens, |
| 2:20.1 | because an internal combustion engine has so many parts and they wear out batteries, |
| 2:28.2 | fewer parts, fewer parts in the powertrain. And so, the UAW itself has estimated in the past that, |
... |
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