Ford and Stellantis have reached tentative labor agreements with the United Autoworkers' Union, leaving GM as the final Big 3 automaker still to cut a deal.
shares moved higher in pre-market trading after the carmaker reached a tentative labor agreement with the United Autoworkers Union that includes $8 billion in new manufacturing investment and a 30% pay increase for full-time employees.
Ford will also include new battery and EV plants into the agreement, with investment commitments of around $8 billion.President Joe Biden called the Stellantis deal"a testament to the power of unions and collective bargaining to build strong middle-class jobs"The UAW added a plant in Spring Hill, Tennessee to the list of three facilities already hit by walkouts, after failing to reach an agreement in the wake of the Ford breakthrough.
Both Ford and GM pulled their full-year profit forecasts last week, citing the impact of the UAW strikes and the corresponding hit to labor costs an agreement is likely to incur.
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