Stellantis, citing UAW strike, backs out of Las Vegas tech show set for next year
Dodge and Chrysler owner cancels presentation at CES 2024 amid union negotiations
Comodo Motors general manager Jordan Baker joins ‘The Big Money Show’ to discuss the impact on auto dealers and car buyers from the ongoing United Auto Workers strike.
Stellantis on Tuesday announced it will no longer participate in the CES technology show in Las Vegas early next year as planned, saying it needs to focus on business right now due to the United Auto Workers union's ongoing strike against the automaker in the U.S.
The multinational firm, which owns more than a dozen vehicle brands including Dodge, Chrysler and Jeep, announced in a press release that it was canceling its display and presentations that had been set to take place at the world's largest tech show in January.
Stellantis CEO Carlos Tavaras delivers a keynote address in front of Stellantis' Ram 1500 Revolution battery-electric concept pickup truck that was introduced during CES 2023 at The Venetian Resort in Las Vegas on Jan. 5, 2023. (Ethan Miller/Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| STLA | STELLANTIS NV | 12.80 | -0.05 | -0.39% |
Stellantis said that "with a focus on preserving business fundamentals in the wake of ongoing UAW negotiations," it is backing out of the conference "as part of the contingency plan implemented since the beginning" of the strike.
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The Amsterdam-based company said it is currently "executing comprehensive countermeasures to mitigate financial impacts and preserve capital," and "[i]n light of the current status of negotiations in the United States, preserving business fundamentals and therefore protecting the future of the company is a top priority of Stellantis leadership."
Striking United Auto Workers march in front of the Stellantis Mopar facility in Ontario, California, on Sept. 26, 2023. (Gina Ferazzi / Los Angeles Times via Getty Images / Getty Images)
The UAW launched its simultaneous but limited strike against Stellantis, Ford and General Motors on Sept. 15, starting with shutting down work at one assembly plant at each of the manufacturers. The union has incrementally expanded the strike to other facilities across all three, and has so far shut down six assembly plants and 38 parts depots.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 55.22 | +0.34 | +0.61% |
More than a month into the strike, the automakers — known as Detroit's Big Three — have collectively lost $3.45 billion due to the action, according to the latest estimates from Michigan consulting firm Anderson Economic Group.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 10.81 | +0.08 | +0.79% |
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On Monday, Ford Executive Chair Bill Ford warned that if the strike is prolonged much further, it threatens the entire auto manufacturing industry in the U.S.