Is the Auto Industry Speeding Ahead in Light of GM Moving Workers to Full-Time Positions?

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What should investors expect from the auto industry? How is the industry in general looking?

Kenny Polcari, senior market strategist at SlateStone Wealth, weighed in on the news out of General Motors and Tesla and what it means for the entire auto sector. 

In case you missed it, General Motors announced that it was rolling out plans to transition over 1,300 part-time workers to full-time positions

The workers, who will move into full-time jobs during the first quarter, are scattered across 14 auto plants in eight states: Indiana, Kansas, Kentucky, Michigan, Missouri, New York, Texas and Tennessee.

During the 40-day strike that occurred in the fall of 2019, GM faced demands by the UAW to rely less on temporary and part-time workers and to move those employees into full-time jobs. The issue was a major bone of contention during the labor battle.

The UAW, in a statement, called GM's announcement, a "good start" but also indicated it would be pushing for more full-time jobs.

And Tesla is on a tear, lately. The stock is trading over $530, and has even gotten a couple of $600 price target boosts by some analysts. 

Polcari warned that Tesla and GM are not two birds of a feather, calling Tesla more of a tech company, than an auto company. 

Watch the full video above for more. 

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