On Monday, Bill Ford, the Executive Chairman of Ford Motor Company (NYSE:F), appealed to the United Auto Workers union to cease their 32-day strike and come to terms on a fresh labor agreement.
Ford highlighted the escalating repercussions for both the automaker and the broader U.S. economy.
"We can stop this now," Ford said of the strike.
"I call on UAW colleagues...We need to come together to bring an end to this acrimonious round of talks."
Over 34,000 union members, employed by Ford, General Motors (NYSE:GM), and Stellantis (NYSE:STLA) are currently on strike. In response to the strike's effects, Ford has also placed 2,480 additional workers on furlough.
Chairman Ford said competitors Toyota (NYSE:TM), Honda (NYSE:HMC), Tesla (NASDAQ:TSLA) and other automakers "are loving this strike because they know the longer it goes on, the better it is for them."
According to Ford, the UAW's strike at Kentucky Truck "harms tens of thousands of American workers".
"If it continues, it will have a major impact on the American economy," said Ford.
UAW President Shawn Fain on Friday accused Ford of attempting to manipulate the negotiations with insufficient offers. Fain emphasized the need for Ford to significantly enhance compensation packages for the workers.
On Thursday, a senior Ford executive said the automaker was "at the limit" of what it can spend on higher wages and benefits for the UAW.
Shares of F are up 1.14% in mid-day trading on Monday.