Jim Farley, CEO of American automotive giant Ford, found the demands of the United Automobile Workers union (UAW) to increase wages by 40%, shorten working hours and add new retirement benefits unacceptable.
Farley told CNBC that the UAW's request could cause the company to go bankrupt. "The UAW's bid would jeopardize Ford's position as the only legacy American brand not to file for bankruptcy," Farley said. said.
Farley said that if the UAW's offer had been in effect since 2019, instead of making a profit of approximately $30 billion in four years, the company would have lost approximately $15 billion and would have been bankrupt by now. "The UAW wants us to choose bankruptcy rather than supporting our workers." he said.
Following Farley's statements, the UAW went on strike at the factories of leading US automakers, including General Motors, Ford and Stellantis.