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Home»Business»Stellantis nears UAW deal after intensive talks
Business

Stellantis nears UAW deal after intensive talks

October 28, 2023No Comments3 Mins Read
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Logo of GM atop the company headquarters

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing Rights

Oct 27 (Reuters) – Chrysler parent Stellantis (STLAM.MI) and the United Auto Workers were nearing a deal that could be finalized as soon a Saturday to end a six-week-old strike, sources told Reuters.

On Wednesday, Ford Motor (F.N) was the first of Detroit’s Big Three car manufacturers to negotiate an agreement to settle strikes joined by 45,000 Detroit Three auto workers since mid-September. The deal will likely set a pattern for new UAW contracts with GM and Stellantis.

Talks between Stellantis and the UAW were set to reconvene at 10 a.m. Detroit after lengthy talks on Friday. The meeting Saturday could finalize a tentative agreement, the sources said. Talks between the UAW and General Motors were continuing past 9 p.m. Friday.

Both GM and Stellantis have agreed to match Ford on key economic terms including the 25% wage hike, but some final crucial issues including the use of temporary workers has been one of the final issues of discussion, the sources said.

Stellantis has offered to build a new vehicle at a shuttered Belivdere, Ilinois factory as well as a new battery plant, a person briefed on the matter said, confirming a Bloomberg News report.

GM shares closed down 4.6% at $27.22. Stellantis shares closed down 2.4% at $18.04 in New York.

The Ford agreement, which still must be ratified by union members, includes a 25% wage hike over the life of the 4-1/2-year contract, a boost in retirement contributions, and the elimination of lower-pay tiers for workers in certain parts operations at Ford.

See also  Toyota to launch 10 new battery EV models by 2026

It also reduces the time to get to top pay to three years from eight, and the UAW won the right to strike over plant closures.

The deal amounts to total pay hikes of more than 33% when compounding and cost-of-living mechanisms are factored in, the UAW said.

Ford Chief Financial Officer John Lawler said on Thursday that the strike had cost the automaker $1.3 billion in earnings and 80,000 vehicles.

Reporting by David Shepardson in Washington and Joseph White in Detroit
Editing by Chizu Nomiyama, Peter Henderson, Matthew Lewis and Raju Gopalakrishnan

: .

Acquire Licensing Rights, opens new tab

Joe White is a global automotive correspondent for Reuters, based in Detroit. Joe covers a wide range of auto and transport industry subjects, writes The Auto File, a three-times weekly newsletter about the global auto industry. Joe joined Reuters in January 2015 as the transportation editor leading coverage of planes, trains and automobiles, and later became global automotive editor. Previously, he served as the global automotive editor of the Wall Street Journal, where he oversaw coverage of the auto industry and ran the Detroit bureau. Joe is co-author (with Paul Ingrassia) of Comeback: The Fall and Rise of the American Automobile Industry, and he and Paul shared the Pulitzer Prize for beat reporting in 1993.

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