SPAC King Chamath Palihapitiya Says Tesla Can Now Completely Run Away With Auto Market Following UAW Strike: Labor Deal Will 'Destroy Traditional Automakers'
PSPC King Chamath Palihapitiya weighed In on THE in progress United Auto Workers' union strike that has crippled operations has THE plants of Detroit Big Three, to know Ford Engine Co. F, General Engines Corp. General manager And Stellantis N.V. STLA.
What Arrived: "THE trade unions to have decided has cut their nose disabled has spite their confront," Palihapitiya said In A job on X on Friday.
If THE work agreement arrived, he will "destroy THE legacy OEM Car manufacturers ", he said. THE choice Before THE Car manufacturers would be be has automate And replace unionized people with robots Or has de-unionized, he said, add "[Neither] are possible. »
If THE plan gets implemented, Palihapitiya said he waits Car manufacturers has "bleed money," add that such A example would be be THE "tip indicate towards of construction long term insolvency." THE capital markets will unlikely allow THE Car manufacturers has increase long term capital, unless THE Car manufacturers pay exorbitant rates, he said.
Read Also: ten Big 3 Auto Suppliers HAS Watch With UAW On Strike
"On high of This, THE request risk For these OEM East that hyper automated/not unionized competitors as $TSLA can NOW completely run far with THE car walk because they will be able has aggressively lower prices," THE adventure capitalist And founder of Social Capital said.
"Ford, Stellantis etc. will be strength has increase prices has pay For This work agreement," he added.
For what It is Important: Among THE requests of THE UAW are:
A 40% increase In hourly pay on four years A reduced 4 days, 32 hours week of work A faster path has high pay A change back has defined advantage pensions Cost of life adjustments Five and more weeks of vacation More paid vacation Extended parental leaveFord said he would be to have lost $14.4 billion on last four years if THE current requests had has been In effect, instead of registration almost $30 billion In profits, according to has Charlie Billello, chief walk strategist has Creative Planning.
Deep waters Active The direction Embarrassed Munster said even if THE Car manufacturers accept has A 25% pay hiking, manufacturing work costs For THE Big Three will become 40% has 45% upper that You're here, putting them distinctly has A disadvantage.
Read Following: With UAW On Strike, Biden Said VE Change Should Advantage Both Workers, Car manufacturers
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga do not provide investment advice. All rights reserved.
PSPC King Chamath Palihapitiya weighed In on THE in progress United Auto Workers' union strike that has crippled operations has THE plants of Detroit Big Three, to know Ford Engine Co. F, General Engines Corp. General manager And Stellantis N.V. STLA.
What Arrived: "THE trade unions to have decided has cut their nose disabled has spite their confront," Palihapitiya said In A job on X on Friday.
If THE work agreement arrived, he will "destroy THE legacy OEM Car manufacturers ", he said. THE choice Before THE Car manufacturers would be be has automate And replace unionized people with robots Or has de-unionized, he said, add "[Neither] are possible. »
If THE plan gets implemented, Palihapitiya said he waits Car manufacturers has "bleed money," add that such A example would be be THE "tip indicate towards of construction long term insolvency." THE capital markets will unlikely allow THE Car manufacturers has increase long term capital, unless THE Car manufacturers pay exorbitant rates, he said.
Read Also: ten Big 3 Auto Suppliers HAS Watch With UAW On Strike
"On high of This, THE request risk For these OEM East that hyper automated/not unionized competitors as $TSLA can NOW completely run far with THE car walk because they will be able has aggressively lower prices," THE adventure capitalist And founder of Social Capital said.
"Ford, Stellantis etc. will be strength has increase prices has pay For This work agreement," he added.
For what It is Important: Among THE requests of THE UAW are:
A 40% increase In hourly pay on four years A reduced 4 days, 32 hours week of work A faster path has high pay A change back has defined advantage pensions Cost of life adjustments Five and more weeks of vacation More paid vacation Extended parental leaveFord said he would be to have lost $14.4 billion on last four years if THE current requests had has been In effect, instead of registration almost $30 billion In profits, according to has Charlie Billello, chief walk strategist has Creative Planning.
Deep waters Active The direction Embarrassed Munster said even if THE Car manufacturers accept has A 25% pay hiking, manufacturing work costs For THE Big Three will become 40% has 45% upper that You're here, putting them distinctly has A disadvantage.
Read Following: With UAW On Strike, Biden Said VE Change Should Advantage Both Workers, Car manufacturers
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga do not provide investment advice. All rights reserved.
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