UAW Reaches GM Deal
The United Auto Workers union and General Motors Corp. have reportedly reached a tentative contract deal, potentially bringing an end to more than six weeks of strikes that have disrupted the auto industry. The agreement follows similar deals reached between the UAW and Ford and Stellantis (formerly Fiat Chrysler) last week.
The four-and-a-half year agreements, which still need to be ratified by union members, are said to be similar terms to the Ford and Stellantis deals, which include a general 25% hourly wage increase plus the return of cost-of-living adjustments. Experts estimate the overall cost increase of the deal to be $6.2B over four-and-a-half years at Ford, $7.2B at GM, and $6.4B at Stellantis.
The news comes after the UAW expanded its walkout at GM Saturday at the automaker’s Spring Hill, Tennessee, plant. If ratified, the deals put an end to the first time all three of the Detroit automakers were on strike at the same time, costing billions of dollars in lost production.