(MENAFN- Live Mint) "General Motors and Ford Motor on Monday announced that they will be reducing their workforce by an additional 500 employees across four Midwestern plants.As reported by Reuters, this decision is attributed to the effects of the ongoing United Auto Workers strike, which has now entered its 18th day and has impacted operations at these facilities.Also Read: UAW Strike Hits Demand for SteelThe UAW confirmed that it submitted a fresh contract offer to GM on Monday. However, GM responded by stating that they had received the counterproposal, but there were still significant differences to be addressed. In addition to their negotiations with GM, the UAW also engaged in new bargaining discussions with Stellantis, the parent company of Chrysler.On another note, Ford announced on Monday that it would be temporarily laying off a total of 330 employees at its Chicago Stamping plant and its Lima, Ohio Engine plants. Meanwhile, GM also initiated layoffs, with 130 employees affected at its Parma, Ohio Metal Center and 34 employees at its Marion, Indiana Metal Center, Reuters reported.Also Read: UAW strikes expand as 7,000 more workers join picket line at two plantsOn Friday, UAW President Shawn Fain extended the historic simultaneous strike involving the Detroit Three to include a GM plant in Lansing, Michigan, and a Ford assembly plant in Chicago. However, Stellantis was exempted from the strike following last-minute negotiations.Furthermore, the UAW announced that it successfully negotiated a new labor agreement with Volvo Group's Mack Trucks, which covers 4,000 workers and was finalized just before the Sunday night deadline.“The tentative agreement that includes significantly increased wages must still be ratified”, the union said.Also Read: UAW threatens to expand strike against Ford, GM, and ChryslerJPMorgan in a research note on Monday estimated the strike has cost GM $191 million and Ford $145 million, but said there was some cause for optimism about a deal, citing reports that the two sides were“close on pay and benefits.”The GM and Ford CEOs on Friday blasted the UAW, hours after the union escalated the strike. The UAW responded on social media that neither had attended bargaining talks.The Anderson Economic Group has calculated that the combined losses incurred during the initial two weeks of the strike amount to $3.9 billion. This figure includes $325 million in wage losses, $1.12 billion in losses for the Detroit Three automakers, $1.29 billion for suppliers, and $1.2 billion in losses experienced by dealers and customers.Meanwhile, Ford revealed that an additional 300-plus employees have faced temporary layoffs as a result of the \"ripple effects\" stemming from the ongoing strike affecting the company, along with two other major US automakers, as reported by AFP.Also Read: 'No real intent to get...', GM and Ford CEOs blast UAW leaders as strike escalates against Detroit Three\"Approximately 330 employees have been asked not to report to work,\" the statement added, saying the total number of \"strike-related layoffs\" at Ford now totaled 930.Ford said its sites impacted by Monday's announcement were in Chicago, Illinois and Lima, Ohio, AFP reported.(With inputs from agencies)
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