Comodo Motors General Manager Jordan Baker joins the Big Money Show to discuss the impact of the ongoing UAW strike on auto dealers and car buyers.
The United Auto Workers (UAW) is expected to begin ratifying its tentative collective bargaining agreement with Ford on Sunday as the union’s negotiations with General Motors continue.
UAW President Shawn Fain will meet with local union leaders at Ford plants near Detroit, Michigan, on Sunday afternoon to discuss the tentative agreement. After the meeting, union leaders are expected to head to regional meetings to explain the details of the tentative contract to union members as they prepare to vote on ratification of the agreement, which requires a majority vote.
As the ratification process for the union’s deal with Ford moves forward, the UAW and GM continue to negotiate, while the union escalated its “insurrectionary strike” by calling for a strike at the company’s Spring Hill plant in Tennessee – the largest GM plant in North America.
UAW and Ford reach tentative agreement on new labor contract
The UAW is beginning the internal ratification process for its interim labor agreement with Ford, with Stellantis expected to follow this week, while negotiations with GM continue. (Scott Olson/Getty Images)
The Spring Hill strike increased the number of striking GM union workers to over 18,200, while approximately 2,460 GM workers were temporarily laid off due to the work stoppages.
“We are disappointed by GM’s unnecessary and irresponsible refusal to reach a fair settlement,” Fain said in a statement as the UAW intensified its strike against the automaker.
“We are disappointed by the UAW’s action given the progress we have made. “We have continued to negotiate in good faith with the UAW and our goal remains to reach an agreement as quickly as possible,” GM said in a statement on Saturday.
UNITED AUTO WORKERS and STELLANTIS reach preliminary agreement on the employment contract
The UAW’s tentative agreements with Ford and Stellantis provide for a 25% salary increase over the life of the 4.5-year contracts. (Jim Vondruska/Getty Images)
The UAW reached a tentative agreement with Ford on Wednesday that calls for a 25% salary increase over the life of the 4.5-year contract and an 11% increase immediately after ratification. The deal would also provide for annual cost-of-living adjustments and shorten the time frame in which employees are eligible for the top wages in their position.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 9.96 | -1.41 | -12.37% |
| STLA | STELLANTIS NV | 18.05 | -0.42 | -2.30% |
| GM | GENERAL MOTORS CO. | 27.22 | -1.34 | -4.69% |
Stellantis and the UAW announced a similar tentative deal Saturday with 25% wage increases over the life of the contract and a $5,000 ratification bonus.
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Portal reported that UAW leaders will meet with local Stellantis union officials on November 2 to begin the ratification process.
FOX Business’s Philip Bodinet and Portal contributed to this report.