The United Auto Workers and other unions have launched a massive bid to buy the American auto industry from the United Auto workers union.
The bid was announced on Tuesday, the day before the auction in Detroit closes.
The union, which represents some of the largest automakers in the country, says it wants a $20.4 billion buyout of a company that’s been operating under an 18-year contract.
The UAW also wants to save as much as $20 billion in costs and has been trying to win support from automakers, but a number of automakers have pushed back on the union’s bid.
In fact, Ford and General Motors both said they would not participate in the auction.
A handful of automakers, including Ford, Chrysler, GM and Nissan, have said they are opposed to the UAW’s bid and would oppose it in court if it’s approved.
Here are the key dates to watch as the bidding begins on this $1.2 trillion auto auction.
Sept. 1: The U.S. District Court in Detroit decides whether the bid will proceed.
Sept 3: The National Labor Relations Board rules that the bid should proceed.
The NLRB will issue a ruling later this month.
The final bidding deadline is Oct. 18.
Nov. 6: The bidding begins.
The bids are due by the end of the month.
Nov 10: The first offer is announced, which is a record for a UAW bid.
Nov 13: Nissan and General Motor both say they won’t participate.
Nov 14: UAW President Dave Thomas calls the U.K.’s announcement that he will not participate a “disgrace.”
Nov 16: The bid goes up again to $20,000 per share.
Nov 18: Ford says it won’t join the bid.
The automaker says it’s waiting to see the outcome of the labor dispute.
Nov 20: The bids go up again.
Nov 25: Nissan announces that it will join the bidding.
Ford says the automaker will be “the first to respond.”
Ford says, “We’ve made our position clear that we will not join any bid that is not in the best interest of American workers.”
Nov 27: The companies announce their bids.
Nov 28: The final bid goes for $20 million.
The automakers have said that if a majority of the companies don’t make a bid by Dec. 10, the bidding will move forward.
Nov 29: U.N. Secretary-General Antonio Guterres announces that the United States will not make the bid, despite the UMWB’s earlier promise.
Nov 30: UMWb President John Nichols says the Uaw’s bid is “not credible.”
Nov 30-Dec. 6, 2016: More than 1,100 bids are submitted.
The biggest automakers, General Motors, Ford, Volkswagen and Fiat, each have a bid of at least $1 billion.
Ford has raised $1,071 million for the bid so far.
Volkswagen and GM are each in the ballpark of $1 trillion.
General Motors says it is “fully prepared” to contribute up to $1 million.
Chrysler says it has no plans to participate in this year’s auction.
General Electric and Fiat Chrysler are each offering $1 to $2 billion each.
Ford is offering $200 million to $300 million each.
Volkswagen has raised as much money as the U-DPA, but it has not announced any plans to take part in the bidding process.
The bidding process has been a big headache for the Uaws bid, as it has dragged on for nearly two years.
UAW members have been organizing for the last two years to pressure companies to participate.
They have won some concessions from companies that would make it easier for the unions to strike.
Ford, GM, Chrysler and Nissan have all agreed to take the UW’s offer and have given their approval to the bid before the labor disputes started in May.
But some of those concessions have come at the cost of other concessions.
Ford and GM have agreed to keep part of their current contracts and pay union members the same wage for work done during the lockout.
Volkswagen agreed to pay union workers a higher minimum wage and take away some benefits, such as paid sick days and paid vacation time.
Fiat Chrysler has agreed to make some concessions and pay more to union workers.
U-T San Francisco and Automotive News have been trying for months to get Ford, Ford Motor Co., GM and Volkswagen to make concessions.
The groups say they have a number that they plan to announce on Tuesday.
Ford will say that it would make a $15.7 billion bid.
GM will say it would raise wages for workers.
Ford said it would cut costs by $4 billion and invest $100 billion in plants.
GM has said it will save $20 to $30 billion in labor costs.
Volkswagen will say its plan to spend $1 on every UAW member, and Ford says that