The United Auto Workers (UAW) union reached a tentative labor deal on Wednesday with Ford Motor, the first of Detroit's Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September.
The proposed accord, which UAW's leadership must still approve, provides a 25% wage hike over the 4-1/2-year contract, starting with an initial increase of 11%.
The Ford deal, which could help create a template for settlements of parallel UAW strikes against General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), would amount to total pay hikes of more than 33% when compounding and cost-of-living mechanisms are factored in, the UAW said.
Here is a summary of the key news and events from the past 24 hours regarding the UAW strike:
UAW President Shawn Fain said that the union has received new offers from Stellantis and General Motors, but that there is still more work to be done. Fain did not announce any new strike expansions on Friday, but he said that the union is prepared to strike for as long as it takes to reach a fair agreement.
General Motors said that it is "disappointed" by the strike, but that it is committed to reaching an agreement with the union as quickly as possible. The company said that it has offered "an unprecedented economic package" to its workers, including a 23% wage increase and manufacturing commitments.
The strike is ongoing, and it is unclear when it will end. The union and automakers are scheduled to resume negotiations on Saturday, October 28.
In addition to the above, here are some other news and events from the past 24 hours regarding the UAW strike:
The strike is having a significant impact on the auto industry. General Motors, Ford, and Stellantis have all shut down some or all of their production facilities. The strike is also impacting suppliers and other businesses that rely on the auto industry.
The strike is also having a significant impact on workers. Many autoworkers are losing wages and benefits due to the strike.
The strike is also having a significant impact on the economy. The strike is costing the auto industry billions of dollars, and it is also impacting other businesses and industries.
The UAW strike is a major event in the United States. It is having a significant impact on the auto industry, workers, and the economy. It is unclear when the strike will end, but it is likely to have a lasting impact.