1 00:00:00,040 --> 00:00:02,880 Speaker 1: For our Bloomberg Television radio audiences worldwide. I'm David Western. 2 00:00:02,880 --> 00:00:05,880 Speaker 1: We're welcome now. Mary Barshi is the General Otors chair 3 00:00:05,920 --> 00:00:08,879 Speaker 1: and CEO. So, Mary, you are the woman of the hour. 4 00:00:08,920 --> 00:00:11,160 Speaker 1: I must say, whether you like it or not, let 5 00:00:11,160 --> 00:00:12,680 Speaker 1: me ask the question I think on everyone's mind, what 6 00:00:12,800 --> 00:00:15,560 Speaker 1: comes next? We know there's individual plans to instructed all 7 00:00:15,600 --> 00:00:18,680 Speaker 1: three of the big automakers in Detroit. How far away 8 00:00:18,720 --> 00:00:21,440 Speaker 1: are we from layoffs as other plants really run out 9 00:00:21,480 --> 00:00:21,960 Speaker 1: of the parts. 10 00:00:22,680 --> 00:00:24,760 Speaker 2: Well, you know, David, First, I want to say, I'm 11 00:00:24,800 --> 00:00:27,560 Speaker 2: extremely disappointed and frustrated that we're even on a strike. 12 00:00:27,600 --> 00:00:29,520 Speaker 2: We didn't need to get here. General Motors has an 13 00:00:29,520 --> 00:00:33,959 Speaker 2: exceptionally strong offer on the table. It's historic. It's the 14 00:00:34,080 --> 00:00:37,880 Speaker 2: largest increase from a wage's perspective in our one hundred 15 00:00:37,880 --> 00:00:41,520 Speaker 2: and fifteen year history, along with world class healthcare benefits 16 00:00:41,760 --> 00:00:45,840 Speaker 2: and many other provisions job security, etc. And a cola adjustment. 17 00:00:46,040 --> 00:00:47,600 Speaker 2: So when you look at the strength of the agreement 18 00:00:47,680 --> 00:00:50,680 Speaker 2: we have on the table, you know we really don't 19 00:00:50,720 --> 00:00:53,040 Speaker 2: need to be here. Yes, they have one plant down 20 00:00:53,120 --> 00:00:56,880 Speaker 2: right now, and you know it'll impact two three very 21 00:00:56,920 --> 00:01:01,160 Speaker 2: important products. Two brand new our show RelA Colorado and 22 00:01:01,200 --> 00:01:03,800 Speaker 2: our GMC Canyon, both mid size pickups that are in 23 00:01:03,880 --> 00:01:07,280 Speaker 2: strong demand, as well as our Chevrolet cargo van that 24 00:01:07,360 --> 00:01:10,640 Speaker 2: does exceptionally well in the market. So this is having 25 00:01:10,680 --> 00:01:13,160 Speaker 2: an impact and we'll have to see where they go next. 26 00:01:13,319 --> 00:01:15,200 Speaker 2: I will say we're ready for this, you know, as 27 00:01:15,240 --> 00:01:18,560 Speaker 2: we've dealt with COVID and dealt with the semiconductor shortage 28 00:01:18,680 --> 00:01:21,720 Speaker 2: as well as other supply chain challenges that have you know, 29 00:01:21,800 --> 00:01:24,800 Speaker 2: continued to persist from COVID. Our team knows how to 30 00:01:24,840 --> 00:01:27,520 Speaker 2: manage these situations. They're staying agile and we're going to 31 00:01:27,560 --> 00:01:29,040 Speaker 2: do what's right for the company. We're going to make 32 00:01:29,040 --> 00:01:31,319 Speaker 2: sure everyone stays safe. But this is a strike that 33 00:01:31,360 --> 00:01:32,200 Speaker 2: didn't need to happen. 34 00:01:32,400 --> 00:01:34,400 Speaker 1: Mary, As you say, you've made an offer already for 35 00:01:34,680 --> 00:01:38,520 Speaker 1: rather substantial increase in wages. It's not what the OW wants. Implicitly, 36 00:01:38,560 --> 00:01:41,240 Speaker 1: you've agreed that they do need and deserve some increase 37 00:01:41,280 --> 00:01:43,720 Speaker 1: in wages. But is this about more than that? Is 38 00:01:43,760 --> 00:01:46,520 Speaker 1: this existential sense for the auto companies in terms of 39 00:01:46,600 --> 00:01:48,760 Speaker 1: your need to move into electric vehicles and from the 40 00:01:48,760 --> 00:01:50,720 Speaker 1: you a w's point of view that they believe in 41 00:01:50,760 --> 00:01:53,720 Speaker 1: effect moving to evs will actually cut the workforce but 42 00:01:53,800 --> 00:01:56,000 Speaker 1: as much as forty percent, well. 43 00:01:55,800 --> 00:01:58,000 Speaker 2: You know, you're absolutely right. This is a you know, 44 00:01:58,480 --> 00:02:01,280 Speaker 2: a once in a century transformation. We're in the middle 45 00:02:01,320 --> 00:02:05,280 Speaker 2: of moving from internal combustion engine vehicles to electric vehicles, 46 00:02:05,640 --> 00:02:08,120 Speaker 2: and at GM we're at a very pivotal point because 47 00:02:08,120 --> 00:02:10,760 Speaker 2: we have so many electric vehicles ready to launch in 48 00:02:10,800 --> 00:02:13,760 Speaker 2: the process of launching, and this is important to securing 49 00:02:13,840 --> 00:02:16,160 Speaker 2: all of our futures. We need to get these vehicles out. 50 00:02:16,360 --> 00:02:19,840 Speaker 2: We need to. They're wonderful vehicles. We've got waiting lists 51 00:02:19,840 --> 00:02:22,120 Speaker 2: for most of them or orders already in place, so 52 00:02:22,160 --> 00:02:24,920 Speaker 2: it's important that we meet that demand. And one thing 53 00:02:24,960 --> 00:02:28,280 Speaker 2: from a General Motors perspective, from job security, we have 54 00:02:28,520 --> 00:02:31,320 Speaker 2: jobs for all of our people as we make this transformation. 55 00:02:31,720 --> 00:02:33,920 Speaker 2: More than two years ago we started planning for this 56 00:02:34,160 --> 00:02:36,400 Speaker 2: and one of the reasons General Motors invested in doing 57 00:02:36,440 --> 00:02:39,080 Speaker 2: our own power units, which is a component that's very 58 00:02:39,120 --> 00:02:42,680 Speaker 2: important on electric vehicle. We design them internally and we 59 00:02:42,680 --> 00:02:45,639 Speaker 2: are now allocating that production to the plants that build 60 00:02:45,720 --> 00:02:49,880 Speaker 2: internal combustion vehicle engines right now. So we have worked 61 00:02:50,000 --> 00:02:52,560 Speaker 2: very carefully to have a job for everyone so we 62 00:02:52,560 --> 00:02:55,799 Speaker 2: can make this transformation together. And frankly, when you put 63 00:02:55,800 --> 00:02:58,800 Speaker 2: it up, have a strike and we're not making vehicles. 64 00:02:58,800 --> 00:03:01,240 Speaker 2: You start to put that at risk. So it's a 65 00:03:01,360 --> 00:03:04,160 Speaker 2: historic transformation. We need to make sure we can compete, 66 00:03:04,400 --> 00:03:06,680 Speaker 2: and we need the company to be profitable because those 67 00:03:06,720 --> 00:03:10,680 Speaker 2: profits get invested in new products. That again, it's a 68 00:03:10,720 --> 00:03:13,320 Speaker 2: circle of when we invest in a new product, there's 69 00:03:13,400 --> 00:03:17,000 Speaker 2: demand for that product from consumers that provides the jobs 70 00:03:17,040 --> 00:03:19,680 Speaker 2: because we're building those vehicles in our plants. We need 71 00:03:19,720 --> 00:03:22,120 Speaker 2: to invest in our future, and we have a plan 72 00:03:22,200 --> 00:03:24,080 Speaker 2: to take all of our employees along. I think this 73 00:03:24,200 --> 00:03:26,640 Speaker 2: is very important. So that concern there's not a place 74 00:03:26,680 --> 00:03:28,440 Speaker 2: for them is not true at General Motors. 75 00:03:29,160 --> 00:03:31,640 Speaker 1: If Mary, you were to find it in your heart 76 00:03:31,720 --> 00:03:34,080 Speaker 1: to come close to what they demand to accept, what 77 00:03:34,080 --> 00:03:36,720 Speaker 1: would it mean for the future of General Motors. You've 78 00:03:36,880 --> 00:03:38,600 Speaker 1: just come out of bankruptcy fifteen years ago. 79 00:03:38,440 --> 00:03:41,320 Speaker 2: As I recall you know, I think that's a very 80 00:03:41,360 --> 00:03:44,240 Speaker 2: important point because if we can't invest in new vehicles, 81 00:03:44,880 --> 00:03:47,160 Speaker 2: which we need, we need to be profitable to do that, 82 00:03:47,800 --> 00:03:51,320 Speaker 2: then we're not going to have a strong future. And David, 83 00:03:51,320 --> 00:03:54,200 Speaker 2: do you know extremely well this is a very competitive industry. 84 00:03:54,240 --> 00:03:57,120 Speaker 2: There's new entrants that are not represented by the UAW 85 00:03:57,440 --> 00:04:01,400 Speaker 2: that already had a lower wage structure, so we need 86 00:04:01,440 --> 00:04:04,760 Speaker 2: to compete. I'm really proud of our manufacturing team, the 87 00:04:04,800 --> 00:04:07,320 Speaker 2: way they manage through COVID, the way that they have 88 00:04:07,640 --> 00:04:09,960 Speaker 2: worked and been very agile as we've dealt with all 89 00:04:09,960 --> 00:04:12,880 Speaker 2: the supply chain shortages, and the fact that for the 90 00:04:12,920 --> 00:04:16,719 Speaker 2: last two years, between our engineering and our manufacturing teams, 91 00:04:16,720 --> 00:04:21,080 Speaker 2: they've delivered world class quality as recognized by JD Powers. 92 00:04:21,360 --> 00:04:23,719 Speaker 2: We have a strong team. We want to do everything 93 00:04:23,760 --> 00:04:26,600 Speaker 2: in our power to win the future, secure their future, 94 00:04:26,880 --> 00:04:29,160 Speaker 2: and lead for the next one hundred and fifteen years. 95 00:04:29,600 --> 00:04:30,680 Speaker 2: We need to be able to do that. 96 00:04:31,480 --> 00:04:34,680 Speaker 1: Mary, are the negotiating teams meeting today, to the best 97 00:04:34,680 --> 00:04:36,480 Speaker 1: of your knowledge, and by the way, are you participating 98 00:04:36,480 --> 00:04:37,400 Speaker 1: directly in any way? 99 00:04:38,520 --> 00:04:43,839 Speaker 2: I have been participating. I've been involved since before July eighteenth, 100 00:04:44,120 --> 00:04:47,800 Speaker 2: when the talks kicked off. I've been on call more 101 00:04:47,839 --> 00:04:51,880 Speaker 2: than once a day, calls, text, meetings, and I have 102 00:04:52,080 --> 00:04:54,640 Speaker 2: been at the main table myself over the last few days. 103 00:04:54,680 --> 00:04:58,520 Speaker 2: I'll continue to be extremely involved. Our team's ready, they're 104 00:04:58,560 --> 00:05:02,200 Speaker 2: there waiting to negotiate. So you know, my request is 105 00:05:02,360 --> 00:05:04,480 Speaker 2: the UAW leadership needs to get back to the table 106 00:05:04,520 --> 00:05:06,719 Speaker 2: so we can get these problems solved, get our people 107 00:05:06,720 --> 00:05:09,520 Speaker 2: back to work. I think another important point is for 108 00:05:09,640 --> 00:05:13,080 Speaker 2: every job that General Motors has, there's six more jobs 109 00:05:13,080 --> 00:05:15,560 Speaker 2: in the economy that depend on us running. So this 110 00:05:15,680 --> 00:05:18,400 Speaker 2: is broader than just General Motors. This is important for 111 00:05:18,440 --> 00:05:21,880 Speaker 2: the plant cities especially, but really for the nation. 112 00:05:22,520 --> 00:05:25,160 Speaker 1: Yeah, we talk about one hundred and fifty thousand petitions, 113 00:05:25,160 --> 00:05:28,320 Speaker 1: a lot more than that to your point there. Lastly, Mary, 114 00:05:28,760 --> 00:05:30,760 Speaker 1: I'm mindful of the fact that your father was a tool 115 00:05:30,760 --> 00:05:33,560 Speaker 1: and die maker at Pontiac when my father was a 116 00:05:33,560 --> 00:05:35,920 Speaker 1: tool and die maker at ac Sparkplog just some thirty 117 00:05:35,960 --> 00:05:38,800 Speaker 1: miles apart. We you and I and as young people 118 00:05:38,839 --> 00:05:41,279 Speaker 1: have gone through UAW strikes different from this one, but 119 00:05:41,320 --> 00:05:43,400 Speaker 1: we've gone through them. What do you think our fathers, 120 00:05:43,400 --> 00:05:45,040 Speaker 1: if they were with us today, what do you think 121 00:05:45,040 --> 00:05:47,279 Speaker 1: they'd say to each other about what we're seeing right now? 122 00:05:48,680 --> 00:05:52,240 Speaker 2: Well, you know, I think my father would say, as 123 00:05:52,279 --> 00:05:55,680 Speaker 2: he looked at the historic deal that we put on 124 00:05:55,680 --> 00:05:58,560 Speaker 2: the table, that the company is committed and wants to 125 00:05:58,600 --> 00:06:01,520 Speaker 2: recognize our employees for their hard work and wants to 126 00:06:01,560 --> 00:06:03,720 Speaker 2: make sure they have a secure future. So I think 127 00:06:03,760 --> 00:06:05,919 Speaker 2: he would look at this offer and if it was 128 00:06:06,040 --> 00:06:07,960 Speaker 2: on the table for him to vote. He'd vote yes. 129 00:06:08,440 --> 00:06:10,120 Speaker 1: Okay, Mary, thank you so much for your time. As 130 00:06:10,160 --> 00:06:11,800 Speaker 1: I say, I'm very very busy day for I really 131 00:06:11,800 --> 00:06:14,640 Speaker 1: appreciate it. That's Mary Barrs. She's General MOTUS chair and 132 00:06:14,920 --> 00:06:15,320 Speaker 1: CEO