: GM stock adds to losses after UAW calls company’s offer ‘insulting’

Shares of General Motors Co. GM dropped nearly 2% on Thursday, adding to earlier losses, after the auto maker released its proposal to unionized workers and the United Auto Workers called it “insulting.” GM’s proposal included a 10% wage increase and other payments. GM came to the table with “an insulting proposal that doesn’t come close to an equitable agreement” for auto workers, UAW president Shawn Fain said in a statement. The contract with the Big 3 auto makers expires Sept. 14 and workers at GM as well as Ford Motor Co. F and Stellantis NV STLA have authorized the union to call a strike if negotiations fail. UAW demands include a 46% wage increase over the life of a new contract, the elimination of tiered wages, and a 32-hour work week.

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