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GM Stock Up as UAW Turns Its Attention to Detroit Carmaker

NEW YORK (TheStreet) -- General Motors Co. (GM - Get Report) stock is gaining 1.52% to $35.96 in afternoon trading on Friday after the United Auto Workers union chose the Detroit automaker for the next round of bargaining after workers ratified the new contract with Fiat Chrysler Automobiles (FCAU) yesterday.

The previous four-year contract between GM and UAW was extended on September 14.

Additionally, GM announced it will eliminate a shift and about 500 jobs at the Lake Orion plant near Detroit, Reuters reports.

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The plant produces the Buick Verano and the Chevrolet Sonic, two small vehicles whose sales have had double-digit drops this year as lower gasoline prices increase demand for larger cars.

The Lake Orion plant will add the electric vehicle Bolt to its production, while production of the Verano is expected to move to China late next year, a source told Reuters.

Lake Orion workers will have the opportunity to transfer to the Detroit-Hamtramck plant, where...