May 5, 2008: 10:49 AM EDT
United Auto Workers 2,500-strong Local 31 hits 'Car of the Year' facility; GM lost $3.3B in first quarter.
During talks over the weekend, UAW Local 31 set a Monday morning strike deadline because union negotiators believed the two sides remained far from an agreement. The Fairfax plant employs more than
2,500 UAW members.
The plant makes the Chevrolet Malibu, a medium-sized sedan that was named "Car of the Year" at this year's North American International Auto Show in Detroit.
The strike hits a key GM (GM, Fortune 500) product at a time when the company can ill afford it.
Last week GM announced that it lost $3.3 billion in the first quarter, due largely to one-time charges and North American losses that offset gains in the rest of the world.