Shares in General Motors (NYSE:GM) were on the minus side Thursday as the deadline neared on a possible strike by the United Auto Workers.
UAW President Shawn Fain said Wednesday night that a strike was “likely” against the companies if a contract agreement can’t be reached before the 11:59 p.m. ET Thursday deadline.
Meantime, the company is pointing to exciting news on another front. Its GM Defense arm, and NP Aerospace signed a collaborative Memorandum of Understanding (MOU) to develop cooperative research and development, post-production support, and global logistics and sustainment for integrated vehicles, power and propulsion, autonomy and connectivity, fuel cell, power generation, system integration and platform integration. Company leaders signed the MOU during the Defense and Security Equipment International (DSEI) 2023.
The MOU enables GM Defense to deliver military solutions more effectively, like the light and agile ISV, to global defense and government customers. Based on the Chevrolet Colorado ZR2 midsize truck architecture, the ISV features 90 percent commercial-off-the-shelf parts, including Chevrolet Performance components, adapted to meet U.S. Army requirements.
GM Defense expanded on the ISV program of record to develop the ISV Family of Vehicles, which includes variants designed to support diverse mission use cases and meet future customer demand. The business is also developing a purpose-built Heavy-Duty armored Sport Utility Vehicle (HD SUV) solution, an armored HD architecture that is gaining interest among international defense and government customers to meet global protection missions.
GM shares slid 20 cents to $33.47.