UAW to start ratification process for Ford contract as GM talks continue
UAW's tentative deals with Ford and Stellantis feature 25% pay raises over the course of the 4.5-year contracts
Comodo Motors general manager Jordan Baker joins The Big Money Show to discuss the impact on auto dealers and car buyers from the ongoing UAW strike.
The United Auto Workers (UAW) is expected to start the process of ratifying its tentative contract with Ford on Sunday as the union’s negotiations with General Motors continue.
UAW President Shawn Fain is scheduled to meet Sunday afternoon with leaders of local unions at Ford facilities near Detroit, Michigan, as they consider the tentative agreement. After the meeting, union leaders are expected to fan out to regional meetings to explain the details of the tentative contract to union members as they prepare to vote on the deal’s ratification, which will require a majority vote.
As the ratification process moves ahead for the union’s deal with Ford, the UAW and GM continue to negotiate as the union escalated its "stand up strike" by calling for a strike at the company’s Spring Hill plant in Tennessee – which is the largest GM facility in North America.
UAW AND FORD REACH TENTATIVE DEAL ON NEW LABOR CONTRACT
The UAW is starting its internal ratification process for its tentative labor agreement with Ford, with Stellantis to follow this week, while negotiations with GM continue. (Scott Olson / Getty Images)
The Spring Hill strike raised the number of GM union workers on strike to more than 18,200 while about 2,460 GM workers have been temporarily laid off due to the labor disruptions.
"We are disappointed by GM’s unnecessary and irresponsible refusal to come to a fair agreement," Fain said in a statement as the UAW stepped up its strike against the automaker.
"We are disappointed by the UAW’s action in light of the progress we have made. We have continued to bargain 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, STELLANTIS REACH TENTATIVE AGREEMENT ON LABOR CONTRACT
The UAW's tentative agreements with Ford and Stellantis feature 25% pay raises over the course of the 4.5-year contracts. (Jim Vondruska / Getty Images)
The UAW reached a tentative deal with Ford on Wednesday that involves pay raises of 25% over the course of the 4.5-year contract with an 11% raise immediately upon ratification. The deal would also provide annual cost-of-living adjustments and speed up the timeline for employees to become eligible for the top wages in their roles.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.01 | -0.06 | -0.54% |
| STLA | STELLANTIS NV | 13.34 | -0.03 | -0.22% |
| GM | GENERAL MOTORS CO. | 57.01 | -0.62 | -1.08% |
Stellantis and the UAW announced a similar tentative deal on Saturday with 25% wage hikes over the course of the contract and a $5,000 ratification bonus.
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Reuters reported that UAW leaders will meet with local union officials from Stellantis on Nov. 2 to start the ratification process.
FOX Business’s Philip Bodinet and Reuters contributed to this report.