United Auto Workers (UAW) union and Ford Motor are on the brink of reaching a tentative agreement that could put an end to a nearly six-week strike at the automaker, according to sources familiar with the matter. The announcement of the agreement is expected as early as Wednesday night, pending approval from UAW leaders. The deal would still need to be ratified by a majority of Ford’s 57,000 union-represented workers.
The negotiations between Ford and UAW have been intense, with the automaker consistently offering the best proposals among its Detroit rivals. Details of the agreement include wage increases of at least 25% over the term of the deal, as well as improved benefits, as outlined by the union and company.
The talks between UAW and Ford, General Motors, and Stellantis (formerly Fiat Chrysler) have revolved around the economic aspects of the contracts. This comes after the failure to reach new contracts by the September 14 deadline, triggering negotiations with all three automakers simultaneously instead of individually. A successful agreement with Ford could set the precedent for negotiations with Stellantis and GM, as the union expanded strikes against these companies at major plants this week.
Ford is set to report its third-quarter results after the market closes on Thursday.
The strike has caused significant disruptions in Ford’s production, leading to supply chain issues and financial losses. The resolution of the strike would be a relief for the company and its workers alike.
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