General Motors' tentative labor deal with the United Auto Workers (UAW) union has clinched ratification, making its workers the first of those at the Detroit Three automakers to approve the agreement.
Attention now shifts to ongoing voting at Ford (F.N) and Chrysler parent Stellantis (STLAM.MI), where current margins in favor of the deal suggest the agreement will be approved comfortably.
The vote locks in the UAW’s tentative agreement with GM after an unprecedented six-week campaign of coordinated strikes at all three automakers that focused attention on boosting workers’ wages.
Ultimately, the union was able to clinch record pay hikes for auto workers after years of stagnant wages and painful concessions following the 2008 financial crisis.
While the UAW has not formally announced the ratification, it would mark the first approval of a deal, which runs through April 2028, with one of the Detroit Three.
Automakers were previously slashing costs and navigating a bumpy road to manufacture EVs and catch up with market leader Tesla (TSLA.O), but lower margins on those vehicles have deterred them from accelerating the move.
GM in October also pulled its full-year profit forecast due to the strike and postponed a $4 billion electric truck plant in Michigan.
The original article contains 415 words, the summary contains 170 words. Saved 59%. I’m a bot and I’m open source!
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Attention now shifts to ongoing voting at Ford (F.N) and Chrysler parent Stellantis (STLAM.MI), where current margins in favor of the deal suggest the agreement will be approved comfortably.
The vote locks in the UAW’s tentative agreement with GM after an unprecedented six-week campaign of coordinated strikes at all three automakers that focused attention on boosting workers’ wages.
Ultimately, the union was able to clinch record pay hikes for auto workers after years of stagnant wages and painful concessions following the 2008 financial crisis.
While the UAW has not formally announced the ratification, it would mark the first approval of a deal, which runs through April 2028, with one of the Detroit Three.
Automakers were previously slashing costs and navigating a bumpy road to manufacture EVs and catch up with market leader Tesla (TSLA.O), but lower margins on those vehicles have deterred them from accelerating the move.
GM in October also pulled its full-year profit forecast due to the strike and postponed a $4 billion electric truck plant in Michigan.
The original article contains 415 words, the summary contains 170 words. Saved 59%. I’m a bot and I’m open source!