Jim Farley, the CEO of Ford Motor, warned that the union’s demand to increase pay by 40%, reduce workweeks and add additional pension benefits might put the business in financial ruin on Thursday.
In an interview with CNBC, Farley responded to the UAW plan by saying, “You want us to choose bankruptcy over supporting our workers.” He said that no conversations are currently underway and that the company has not received a counteroffer. “Nothing is happening,”
Farley claimed that if the UAW proposal had been in place starting in 2019, rather than producing around $30 billion in profits over four years, the business would have lost roughly $15 billion “and gone bankrupt by now.”
