GM strike enters second day, negotiations continue

Nearly 50,000 United Automobile Workers union members walked out of their jobs at General Motors for the second day on Tuesday as contract negotiations continue.

Members had voted Sunday morning to strike after contract negotiations broke down.

The workers have successfully shut down numerous plants, and the strike is costing GM up to $90 million a day according to an estimate by Bank of America.

{mosads}The strike is the first in the auto industry since 2007. That one, also against GM, lasted three days.

GM workers are demanding higher hourly wages, lump-sum payments and a better profit-sharing plan. They also want the company to overhaul its temporary worker system.

The company has said it offered more than $7 billion in investments, more than 5,400 jobs and improved wages and benefits in negotiations that began after the union contract expired midnight Saturday.

Talks restarted at 10 a.m. Monday and ended at 9 p.m., but it is unclear how those are progressing.

GM holds a large supply of cars which could last it well over a month without new production.