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.