Ford, General Motors (GM) and Stellantis face continued negotiations with the United Auto Workers (UAW) union after around 13,000 workers shut down three manufacturing plants when previous contracts expired on Thursday.
The shutdowns could be costly for the so-called “Big 3” automakers if union demands are not met. Some say electric vehicle (EV) market leader Tesla could be set to win big from the damage amidst the Big 3’s attempts to transition to EVs.
UAW workers shut down the Ford Michigan Assembly Plant’s Final Assembly and Paint facilities, as detailed in a Detroit Free Press report on Sunday morning. The strikes also shut down the Stellantis Toledo Assembly Complex in Ohio and GM’s Assembly plant in Wentzville, Missouri.
Following the walkouts, Ford CEO Jim Farley warned that the UAW’s demands could force bankruptcy, and the automaker also laid off 600 employees at its Michigan plant. GM says it plans to lay off around 2,000 workers at its Fairfax Assembly facility in Kansas City, Kansas this week due to an inability to get parts from the Wentzville plant, inevitably causing a production halt.
While the UAW initially proposed a 40-percent wage increase over four years, based on compensation increases the automakers’ CEOs have received, the union lowered its demands to a 36-percent increase last week.
Still, negotiations remain far off. Ford and GM most recently offered 20-percent wage increases over the period, while Stellantis offered 21 percent.
In addition to wage increases over the four-year period, the UAW is demanding the automakers restore cost-of-living allowances (COLA) lost in a 2007 union contract, which are expected to help stave off the effects of inflation.
Demands also include moving to a 32-hour work week while retaining the pay for a 40-hour work week, the restoration of defined benefit pensions, increased paid time off, limited use of temporary workers, and reducing the time it takes for employees to make top wages.
UAW President Shawn Fain has used the wage demands as a comparison between worker and CEO pay increases. The UAW initially created the 40-percent wage increase figure based on compensation increases for the automakers’ CEOs since 2019. According to Fain, workers have only gained 6-percent wage increases during that time.
According to a breakdown from AP News in a Sunday morning report, median worker pay in 2022 was highest at GM at $80,034. In the same year, median worker pay at Ford and Stellantis landed at $74,691 and 64,328 euros (~$68,660), respectively.
AP News also reports that GM CEO Mary Barra is the highest-paid of the three executives, with her 2022 compensation package paying out $28.98 million. Her pay has increased by roughly 34 percent since 2019, according to an analysis by Equilar from public data filings.
Following her was Farley, who was paid almost $21 million by Ford through his compensation package in 2022, marking a 25 percent jump from former CEO William Clay Ford’s pay in 2019.
Stellantis is a European company, so the way its executive pay is made public differs slightly from GM or Ford’s. CEO Carlos Tavares was paid roughly 23.46 million euros ($25.04 million) in 2022, according to the automaker’s annual remuneration report. However, this figure includes “realized pay,” detailing previously granted equity values that vested the same year as reports are made.
Instead of using this figure, Equilar utilized a similar “grant date” method to make the comparisons more accurate. By this method, Equilar found Tavares’ compensation to be roughly 21.95 million euros ($23.43 million) last year, marking a 24-percent drop from former CEO Mike Manley’s 2019 compensation package of 29.04 million euros ($31 million).
Many CEOs get most of their compensation from stock options or other non-salary payment methods.
In 2022, the biggest payout in Barra’s compensation package was $14.62 million in stock grants, vested over three years. During the same year, Farley received $15.14 million in stock awards, which have a similar three-year vesting period with the final value being tied to performance.
Negotiations between the automakers and the UAW are expected to continue this week.
Amidst the strikes, EV manufacturer Tesla is set to launch deliveries of its Cybertruck and Model 3 Highland, and the automaker is also initiating a $1.8 billion lease securitization to gain additional funding.
Tesla prepares for $1.8 billion lease securitization: report
What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send your tips to us at tips@teslarati.com.
Elon Musk
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
SpaceX priced its historic IPO at $135 per share today, raising a record $75 billion.
SpaceX officially priced its initial public offering at $135 per share, offering 555,555,555 shares of Class A common stock and raising $75 billion in what is the largest IPO in stock market history. Shares are set to begin trading on the Nasdaq Global Select Market on Friday, June 12, under the ticker symbol SPCX. The previous record holder was Saudi Aramco’s 2019 offering at $29 billion, followed by Alibaba’s $22 billion offering in 2014.
At $135 per share and roughly 555.6 million shares, the implied valuation sits near $1.75 trillion, which would make SpaceX roughly the seventh largest company in the United States, just above Tesla’s current market cap. Regular investors can request shares at the IPO price through Robinhood, Fidelity, Charles Schwab, SoFi, and E*TRADE, though the deal is heavily oversubscribed and most retail allocations will be partial or unfilled. Once trading opens June 12, anyone with a brokerage account can buy SPCX on the open market.
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
The valuation is anchored primarily by Starlink. Starlink crossed 10 million subscribers as of February 2026 and is adding 750,000 to 1.5 million new users per month, with the connectivity segment already posting a $1.19 billion profit last quarter. The offering also bundles in xAI following SpaceX’s all-stock merger earlier this year, adding Grok and the Colossus supercomputer to the investment thesis. As Teslarati reported, Starlink ended 2025 with $10 billion in revenue, a figure analysts project could reach $24 billion by end of 2026.
Wedbush analyst Dan Ives has been vocal in his support. “I think the time is right,” Ives said, adding that the offering expands the Elon Musk ecosystem rather than competing with Tesla. An average 12-month price target of $165 per share represents roughly 22% upside from the IPO price. Not everyone agrees – Motley Fool noted xAI is spending $1 billion per month playing catch-up to OpenAI and Anthropic.
Musk founded SpaceX in 2002 with a single stated purpose. “Elon founded SpaceX with a goal to change humanity, to make us a multi-planet species,” CFO Bret Johnsen said in the company’s retail roadshow video this week. Musk himself has been more direct: “We are building the systems and technologies necessary to provide global connectivity on Earth and beyond, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”
Investor's Corner
Tesla unfolded its first European “folding Supercharger”
Tesla’s folding Supercharger just arrived in Europe and it changes how fast charging expands.
Tesla’s Folding Unit Supercharger has officially landed in Europe, with the company teasing a new installation in its effort for a broader rollout targeting major motorway rest stops across the European continent in Q3 2026. The arrival marks a notable shift in how Tesla is thinking about network expansion, moving from hardware performance alone to engineering the logistics chain itself.
While Tesla did not reveal the exact location for the new folding Supercharger in Europe, the photo shared on X heavily suggests that this maybe somewhere in Norway. Historically, whenever Tesla rolls out an entirely new infrastructure architecture in Europe, whether it was the original Supercharger stalls years ago or these brand-new modular V4 “Folding Units”, Norway is almost always the designated launch pad because of its unmatched EV adoption rate and supportive infrastructure
The Folding Unit, introduced in March 2026, is a factory pre-assembled V4 charging station built on an industrial hinge system mounted to a heavy-duty concrete base. The entire assembly arrives on site ready to unfold and connect. Tesla confirmed the units feature telescopic light poles specifically designed for easy transportation and fast on-site deployment, a detail that signals how carefully the logistics chain has been engineered alongside the hardware itself. The design allows 33% more stalls per delivery truck, cuts installation time roughly in half, and reduces overall deployment costs by more than 20% compared to traditional installations.
Tesla’s newest “Folding V4 Superchargers” are key to its most aggressive expansion yet
Tesla also noted telescopic light poles which provide benefits over traditional Supercharger installations that require fixed-height poles that are awkward to ship, slow to position on site, and often require separate crews and equipment to erect before charging hardware can even be staged. By engineering poles that compress for transit and extend on arrival, Tesla has removed one of the quieter bottlenecks in the physical deployment process. Every hour saved on a light pole installation is an hour redirected toward getting stalls energized. At scale, across dozens of new sites per quarter, those hours add up to a meaningful acceleration in how quickly a location goes from approved permit to serving its first customer.
Each Folding Unit pairs a single V4 power cabinet with eight charging posts. The V4 cabinet delivers up to 500 kW per stall for passenger vehicles and up to 1.2 MW for the Tesla Semi, supporting twice the stalls per cabinet at three times the power density of its predecessor. Longer cables make every new station immediately usable by non-Tesla vehicles, a priority as Tesla continues opening its network to Ford, GM, Rivian, Hyundai, Stellantis, and others.
As Teslarati reported when the Folding Unit was first unveiled, Tesla’s Gigafactory New York produced its final V3 Supercharger cabinet in March 2026 after more than seven years and 15,000 units, completing a full pivot to V4 production. The European arrival of the folding design is the next chapter in that transition.
Faster and cheaper deployment means Tesla can justify building in markets and corridors that were previously too expensive to serve, filling the coverage gaps that have slowed EV adoption outside major urban centers.
First Folding Unit Superchargers in Europe 🇪🇺 https://t.co/KNfYWJukkL pic.twitter.com/YR1udIpH1i
— Tesla Charging (@TeslaCharging) June 10, 2026
Tesla has stunned by gaining yet another approval for its Full Self-Driving suite in Europe, its second in two days and its fifth overall.
Belgium will be the latest country to allow Tesla owners to utilize FSD on public roads in Europe, joining a quickly growing list that started with the Netherlands, Lithuania, and Estonia.
On Tuesday, Denmark announced its approval of the FSD suite, which has now been followed by Belgium just one day later.
The country’s Minister of Mobility, Annick De Ridder, announced the approval on her X account, stating that she had just signed the approval of Tesla FSD. It now goes to the country’s homologation department for the last step of the approval process.
De @Tesla community houdt hier al geruime tijd de vinger aan de pols over de toelating voor de FSD-technologie op onze Vlaamse en Belgische wegen.
Uit waardering voor jullie niet-aflatende interesse (en aanmoediging 😉), krijgen jullie hierbij de primeur: ik heb net de toelating… pic.twitter.com/Yrps4OHTj8— Annick De Ridder (@AnnickDeRidder) June 10, 2026
The Belgian approval is one of mighty importance because it truly shows how quickly countries in Europe could greenlight the FSD suite consecutively. Approvals are already coming in relatively quickly, which is a great sign.
Perhaps the next big development that could come from FSD approvals in Europe is an approval from a country like England, Italy, France, Spain, or Germany. It would be something to see how FSD would perform in a major European metro, such as London, Barcelona, Madrid, Paris, Rome, or Berlin.
Getting Full Self-Driving in Spain and England will be such huge milestones for Tesla. I am so excited to see how FSD performs in Madrid, Barcelona, and London, specifically.
The ultimate test will always be Mumbai or New Delhi. Excited for India’s eventual approval! https://t.co/paw9Ch1qmL pic.twitter.com/9RdDERVSSJ
— TESLARATI (@Teslarati) June 9, 2026
Full Self-Driving does an excellent job of roaming around major U.S. cities like New York and Los Angeles, but other high-profile international cities of significance would truly mark a line in the sand for Tesla, which can simply enable any vehicle in its customer-owned fleet to run FSD with the correct approvals.
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
Tesla unfolded its first European “folding Supercharger”
