UAW is now on strike – Jeep 4xe is the only EV currently affected
The United Auto Workers union has begun a strike against all three major American automakers, with about 12,700 workers currently on strike, and the potential for up to 146,000 total to go on strike in the future if automakers do not offer the union a satisfactory agreement.
While this strike is not specifically EV-focused, this story is nevertheless related to our coverage since it affects the auto industry as a whole, and many EVs are built by union labor by the “Big Three” US automakers (GM, Ford and Chrysler, which is now a part of Stellantis).
However, currently the strike doesn’t include all unionized US auto workers. Of the ~146,000 UAW workers in the US, only 12,700 of them have walked off the job for the time being, at one plant for each of the three automakers.
The plants targeted for shutdown are GM’s Wentzville Assembly in Missouri, Ford’s Michigan Assembly in Wayne, MI, and Stellantis’ Toledo Assembly Complex in Ohio.
Of those three plants, the only one that currently produces an electrified vehicle is the Stellantis plant in Ohio, which builds Jeep Wranglers. This includes the Wrangler 4xe, a plug-in hybrid Jeep with a 17.3kWh battery pack and 21 miles of all-electric range.
There are no pure BEVs built at the three plants in question, so EVs have mostly escaped for the time being. In fact, with fewer gas vehicles being built, this could even benefit EVs in the short-term – but that could change at any moment.
New leadership, new tactics
As of this year, the union is under new leadership. In March, it held the first direct election in its 88-year history, electing its current president Shawn Fain after previous appointed presidents were subject to scandal.
Fain has called this new tactic of closing a few plants at a time a “stand-up strike.” This allows the union to show that it is serious about striking, but to gradually increase pressure on the Big Three with the threat of expanding the strike to more plants if automakers do not offer enough to the union. It also means that strike funds will last longer – the UAW current has around $825 million in strike funds earmarked to pay workers while they’re off the line.
This new “stand up” nomenclature is meant to contrast with the “sit-down strikes” of the past, where workers would arrive to work at their stations and then simply sit down in place – thus preventing the potential for companies to hire scabs to replace striking workers.
Previously, the UAW would normally strike against a single automaker at a time, typically with one or a few plants. This is the first time it has held a strike against all three automakers at once, though it is still only walking out of some facilities for the time being. But that could change, and the strike could expand to cover more vehicles – and potentially some BEVs – if automakers don’t improve their offers.
In the runup to this strike, automakers have already offered significant pay increases, but these fall short of what the union considers acceptable. At first, automakers were offering around a ~10% increase, and more recent proposals have risen to around ~20%, though there are other provisions that are being negotiated for as well.
But the union says that these numbers are not high enough. Fain points to executive pay, which he says has gone up 65% over the last four years, in comparison to autoworker pay which has risen only 6%.
The Big Three counter this by stating that if their labor costs increase, this could put them at a disadvantage against non-unionized automakers like Tesla, Toyota and other foreign automakers in the US. Many of these automakers are building factories in the US already.
And with the economy in somewhat of a rocky place recently, a swift end to this strike is in the interest of many. It is estimated that just a ten-day strike could cost the US economy $5 billion, so negotiations will surely be frantic.
Unions have been having a bit of a moment this year, with many strikes happening around the country. Public approval of unions is around its highest point since 1965, which has given labor the momentum to push for better protections as several industries are in times of disruption. Americans tend to favor striking auto workers and film & TV workers over their employers at a margin of three or four to one.
Electric cars and unions
In the auto industry specifically, electric cars have been in focus because electric cars typically have fewer parts than gas-powered vehicles, and thus require fewer human assembly hours. This is a benefit as the cars are less complex, but it also means that fewer auto workers may be needed to build the same number of cars.
Also, as automakers are building battery plants in the US, some are trying to start battery assembly jobs at lower hourly rates than traditional auto assembly jobs have paid. GM’s Ultium battery workers, who unionized earlier this year, just earned a 25% pay raise last month, noting this discrepancy in starting pay.
This was the first big union win in US EV production, as US battery production has heretofore mostly been non-unionized. In particular, the largest US EV maker, Tesla, has seen some unionization efforts, but those efforts have mostly met with retaliation from Tesla CEO Elon Musk.
Unions have at times been somewhat skeptical of the transition to electric vehicles, largely due to this reduction in total hours of labor needed for assembly. Though this doesn’t apply to all unions – in Germany, Audi’s worker union demanded that EVs be built at the main plant, thinking that if they did not embrace the EV transition, they might lose their jobs entirely anyway as the industry moves towards EV.
Labor was also central to President Biden’s original Build Back Better proposal, which would have added an additional $4,500 tax credit for union-made EVs, but that provision didn’t make it to the final bill due to opposition from all Senate republicans and Joe Manchin. That proposal ended up going into law as the Inflation Reduction Act, which gives a $7,500 tax credit to EVs that are built in the US, though without a union requirement attached.
Electrek’s Take
Personally, I’m pro-union. And I think that everyone should be – it only makes sense that people should have their interests collectively represented, and that people should be able to join together to support each other and exercise their power collectively, instead of individually.
This is precisely what companies do with industry organizations, lobby organizations, chambers of commerce, and so on. And it’s what countries and regions do with local, state or national governments. So naturally, workers should do the same. It only makes sense.
But at times, unions can have conservative views on manufacturing. In particular, they are interested in maintaining jobs for all of their members, which makes sense from their perspective.
But if the climate crisis requires that we produce fewer and/or smaller personal vehicles, as it does, and if those vehicles must be electric, as they must, then this means we simply have to have fewer auto manufacturing jobs in the future. It’s just going to happen. There is simply no way to get around it while also working to reduce emissions.
This could put unions in a tough spot, because they want to protect their workers, but hopefully still recognize the necessity of a rapid transition to cleaner transportation options.
There’s no reason we can’t have both things, and currently the unions don’t seem to be working against the transition at all, nor do I expect them to. I hope we can continue on this same path, and unions and the auto industry can both embrace electrification in the most rapid way possible (that is, even more rapidly than anyone currently is), while still maintaining worker protections and high levels of manufacturing quality.
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Hester Peirce, commissioner of the US Securities and Exchange Commission (SEC), speaks during the DC Blockchain Summit in Washington, D.C., on Tuesday, May 24, 2022.
Valerie Plesch | Bloomberg | Getty Images
LAS VEGAS — Now that the SEC is out of the business of regulating meme coins, investors shouldn’t expect any guidance on $TRUMP, according to Hester Peirce, one of the agency’s veteran commissioners.
The SEC said in February that it does not deem most meme coins securities under U.S. federal law. That took the crypto tokens out of its purview just weeks after President Donald Trump launched his own meme coin and saw it immediately soar in value, lifting his paper net worth by billions of dollars.
Peirce told CNBC that it’s a similar situation to when nonfungible tokens (NFTs) gained popularity in 2021. They weren’t securities but they did rise and fall in value based on investor activity in the market. Peirce said the SEC missed an opportunity to announce publicly that the agency wasn’t getting involved.
“Here was something where I saw a lot of interest in this out in the world — in meme coins — and it made sense for us to say, ‘People, if you are expecting that there’s SEC protection around these, you should not expect that,'” Peirce said in an interview at Bitcoin 2025 in Las Vegas. “You can package almost anything into a securities transaction. But generally, it’s good for people to know, I should not be looking to the SEC for protection in this area.”
In other words, buy at your own risk.
Since President Trump took office in January, the SEC has been rolling back its enforcement in crypto, taking a more industry-friendly approach to the asset class. It’s a controversial strategy, as the president and his family deepen their involvement in crypto, profiting in a way that’s led many Democratic lawmakers to declare a clear conflict of interest.
The $TRUMP token, 80% of which is controlled by the Trump Organization and affiliated entities, has become the centerpiece of Trump’s expanding crypto empire.
Like most meme coins, the token has no underlying value. But after debuting in January, just ahead of the inauguration, $TRUMP soared to a $15 billion market cap, fueled by President Trump’s social media posts declaring, “It’s time to celebrate everything we stand for: WINNING!”
Within days, the token lost most of its value. Still, the project creators get a fee for every trade.
The White House previously told CNBC that Trump’s assets are held in a trust managed by his children, and there are “no conflicts of interest.”
But Sen. Richard Blumenthal, D-Conn., the ranking member of the Senate Subcommittee on Investigations, is among a growing list of Democratic lawmakers warning that the Trump family’s crypto holdings may serve as a backdoor for foreign and corporate interests seeking access to the president.
Meanwhile, crypto billionaires once targeted by regulators like the SEC are regaining political and financial influence.
On Thursday, the SEC dropped its long-running lawsuit against Binance and founder Changpeng Zhao, bringing to an end one of the most aggressive crypto enforcement actions brought by former SEC Chair Gary Gensler.
The agency had accused Binance of misleading investors, commingling customer funds, and allowing wealthy U.S. users to evade restrictions. After pleading guilty to federal money-laundering violations in November 2023, Zhao served just four months in prison and emerged with most of his crypto empire intact. Forbes now estimates his net worth at over $67 billion.
Leading up to the dismissal, Zhao had deepened ties to Trump-affiliated networks. As Binance prepared to list USD1, a new stablecoin that funnels profits to Trump-aligned entities, Zhao disclosed that he had applied for a presidential pardon from Trump’s Justice Department. Weeks later, Binance received a $2 billion capital injection into USD1 from an Emirati state fund.
Peirce rejected the idea the SEC’s actions are politically motivated.
“We didn’t have a clear set of rules,” Peirce said, regarding the Binance case. “There were a lot of questions about how this particular activity in the crypto space intersected with our existing securities laws. So we’re trying to take a step back, use our regulatory tools to write those rules, and then enforce those rules.”
That same philosophy guided the SEC’s January decision to rescind Staff Accounting Bulletin 121, a controversial directive that had effectively blocked traditional financial institutions from offering crypto custody.
“It wasn’t even a rule,” Peirce said. “It didn’t go through the normal process. it was just a pronouncement.”
She said the policy had the effect of excluding banks and other experienced custodians from participating in the crypto space.
“It said that lots of traditional entities that would have done custody for crypto, practically speaking, could not participate,” she said.
WATCH: Trump hosts exclusive gala for meme coin holders as lawmakers raise ethics concerns
Bitcoin 2025 brought together thousands of investors, builders, and believers for a showcase of crypto’s next chapter.
MacKenzie Sigalos
LAS VEGAS — At the world’s largest bitcoin conference this week on the Vegas Strip, the most consequential story wasn’t about bitcoin.
Stablecoins, the dollar-pegged digital tokens now driving a full-scale financial and political shift in Washington, stole the show.
The momentum behind stablecoin legislation and crypto market reform is accelerating — and it’s attracting a new kind of donor, investor, and voter. That shift took center stage at Bitcoin 2025 in Las Vegas.
Vice President JD Vance became the first sitting U.S. vice president to address the bitcoin community on Wednesday, delivering a full-throated endorsement of crypto.
“I think it’s wrong, actually, to call this just a conference,” Vance told a crowd of 35,000. “This is a movement. And I’m proud to stand with you.”
“In this administration, we do not think that stablecoins threaten the integrity of the U.S. dollar. Quite the opposite,” said Vance. “We view them as a force multiplier of our economic might.”
Stablecoins are designed to have a stable value against a non-crypto asset, usually the U.S. dollar.
“We’re streamlining payment rails for ensuring U.S. dollar global dominance for decades to come,” Bo Hines, a White House official heading up the president’s Digital Assets Council, told CNBC on the sidelines of Bitcoin 2025.
He added that stablecoin integration into the U.S. financial system could unlock trillions of dollars in global demand for American debt.
Those ambitions hinge on the passage of the GENIUS Act, a Senate bill that would establish the first comprehensive regulatory framework for stablecoin issuers.
Sen. Cynthia Lummis, R-Wyo., told the Bitcoin 2025 crowd that the bill would move to a cloture vote on Monday after weeks of negotiations with Democrats.
“We think we have a final deal,” Lummis said. “If we can get this passed, this will be the first piece of digital asset legislation to pass the U.S. Senate.”
On the House side, Republicans are racing to match that pace.
House Majority Whip Tom Emmer, R-Minn., praised Sen. Bill Hagerty, R-Tenn., for pushing a “calcified” Senate to act at record speed and said the House is determined to get both the stablecoin and broader market structure bills on President Donald Trump‘s desk before the August recess.
“The president promised this,” Emmer said. “We want it done now.”
Rep. Bryan Steil, R-Wisc., who chairs the House Subcommittee on Digital Assets, is leading efforts to advance companion legislation and expects the bill to reach the Financial Services Committee by July.
“Stablecoin issuers will be purchasing U.S. Treasuries at a period of time where that is incredibly essential,” Steil told CNBC in Vegas. “It enshrines the U.S. dollar in our dominant role as the world’s reserve currency.”
Tether — the largest stablecoin issuer in the world — now ranks among the top buyers of U.S. Treasuries globally.
Steil dismissed Democratic efforts to propose an amendment banning government officials from profiting off stablecoin ventures. The Trump family has ties to World Liberty Financial and its newly-launched stablecoin USD1.
Kraken CEO Dave Ripley, who has been advising lawmakers behind the scenes, called the legislation essential to bringing financial institutions — including consumer brokers and major banks — into the digital asset ecosystem.
But he cautioned that key provisions, including whether yield on stablecoins can be shared with users and how government officials may participate in the market, are still being debated.
“Crypto is all about individuals,” he said. “Let’s bring the value to them.”
Tether CEO Paolo Ardoino said commodity trading firms will be “the biggest driver” of stablecoin adoption in the next five years. He is already preparing for the next wave of competition as mainstream financial players begin launching their own digital dollars on the blockchain.
Ardoino, whose company controls more than 60% of the stablecoin market, emphasized that traditional financial firms entering the stablecoin space will be constrained by their reliance on high-fee customers.
“All the traditional financial firms will create stablecoins that will be offered to their existing customers,” he told CNBC.
According to The Wall Street Journal, major banks including JPMorgan, Bank of America and Citi are in early talks to issue a unified digital dollar to compete with Tether.
Tether, by contrast, is targeting the global majority excluded from banking.
“Many of our competitors say, ‘Oh, Tether is serving this niche of the unbanked,'” he said. “Half of the population of the world should not be called a niche.”
That global reach is one reason policymakers in Washington are moving fast.
Under Trump’s newly appointed regulatory team, momentum has shifted decisively.
The Securities and Exchange Commission, which has been long viewed as the industry’s top adversary, has begun dismantling its enforcement-first framework, clearing the way for greater institutional participation in crypto.
SEC Commissioner Hester Peirce said the change was long overdue.
“For many years now, I’ve been complaining about the fact that the commission has not taken proactive steps to provide clarity, and now finally, we’re at a place where we can do that,” she said.
Robinhood CEO Vlad Tenev, who has been meeting privately with the SEC, says tokenization — not just of dollars, but of public and private markets — is now within reach, even without new legislation.
“We’ve actually been engaging with the SEC crypto task force as well as the administration,” he told CNBC. “And it’s our belief, actually, that we don’t even need congressional action to make tokenization real. The SEC can just do it.”
WATCH: Vice President Vance pitches stablecoins as new pillar of U.S. economic diplomacy
Environment
Toyota is offering $19,000 off the bZ4X right now with its new electric SUV arriving soon
With its new electric SUV arriving at dealerships later this year, Toyota is offering clearance pricing on older models. Until June 2, you can score $19,000 off the Toyota bZ4X, but is it worth it?
Toyota bZ4X is available with $19,000 off in lease cash
Earlier this month, Toyota introduced the 2026 bZ, an upgraded version of the outgoing bZ4X. Toyota appears to be in a hurry to unload the outgoing electric SUV.
Toyota is currently offering $19,000 in lease cash for the 2024 bZ4X. The offer is available on all four trims. However, the promo is only good until June 2, 2025. Alternatively, you can opt for 0% APR plus an additional $2,500 cash incentive.
The 2025 Toyota bZ4X is available with $10,000 in lease cash. Like the 2024 model, it’s also available with 0% APR and a $2,500 cash incentive.
Although the 2025 bZ4X is listed for lease as low as $269 per month (for 36 months), is it worth buying? Toyota did cut prices on the 2025MY by up to $6,000, so it could equal out for what you get, but there are a few things to consider.
Toyota’s new “bZ” electric SUV, arriving at dealerships later this year, boasts 25% more range, with up to 314 miles. The outgoing bZ4X is rated with up to 252 miles of range.
It also features more power, faster charging, an improved interior and exterior design, and a built-in NACS port, allowing you to access Tesla Superchargers. According to Toyota, the new name is simpler for buyers to recognize.
| 2025 Toyota bZ4X trim | Starting Price (excluding $1,395 DPH fee) |
Price reduction (vs 2024MY) |
Range (mi) |
| XLE FWD | $37,070 | -$6,000 | 252 |
| XLE AWD | $39,150 | -$6,000 | 228 |
| Limited FWD | $41,800 | -$5,380 | 236 |
| Limited AWD | $43,880 | -$5,380 | 222 |
| Nightshade | $40,420 | N/A | 222 |
For those looking for a comparable electric SUV, the 2025 Hyundai IONIQ 5, Honda Prologue, and Chevy Equinox EV are currently on sale.
Hyundai is offering 2025 IONIQ 5 (which also comes with a built-in Tesla NACS port) leases as low as $209 per month. The 2025 Honda Prologue is available to lease starting at $259 per month, while the 2025 Chevy Equinox EV can be leased for as little as $289 per month.
Looking for your next electric SUV? We’ll help you find the best offers in your area. You can use our links below to see what’s available.
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