Some UAW members turn to loans created for workers on strike

About 5,000 factory workers for General Motors walked off the job in Texas on Tuesday to join the United Auto Workers strike, impacting a factory that produces some of GM's most profitable vehicles, including the Chevrolet Tahoe and Chevrolet Suburban. 

The employees at Arlington Assembly left their posts just hours after GM reported third-quarter earnings of more than $3 billion in profit. Revenue during the most recent quarter, which ran from July through September, rose 5.4% to $44.1 billion. 

The Arlington Assembly plant also produces the GMC Yukon and Cadillac Escalade.

"Despite having made $10 billion in profits in the past nine months, breaking revenue records for another consecutive quarter, and beating Wall Street expectations, GM's latest offer fails to reward UAW members for the profits they've generated," the union said in a statement. 

GM on Tuesday said it was disappointed that Arlington workers decided to leave, labeling the UAW's action an "unnecessary and irresponsible strike."

"It is harming our team members who are sacrificing their livelihoods and having negative ripple effects on our dealers, suppliers, and the communities that rely on us," the company said. 

This is a developing story.

In:
• General Motors
• Labor Union
• United Auto Workers
• Strike

Khristopher J. Brooks

Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports.

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