{"id":77860,"date":"2023-10-28T14:04:46","date_gmt":"2023-10-28T18:04:46","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stellantis-nears-uaw-deal-after-intensive-talks\/"},"modified":"2023-10-28T14:04:49","modified_gmt":"2023-10-28T18:04:49","slug":"stellantis-nears-uaw-deal-after-intensive-talks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77860","title":{"rendered":"Stellantis nears UAW deal after intensive talks"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: 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<\/span>
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By David Shepardson and Joseph White<\/p>\n

(Reuters) -Chrysler parent Stellantis (NYSE:) 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.<\/p>\n

On Wednesday, Ford Motor (NYSE:) 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. <\/p>\n

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 (NYSE:) were continuing past 9 p.m. Friday. <\/p>\n

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.<\/p>\n

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.<\/p>\n

GM shares closed down 4.6% at $27.22. Stellantis shares closed down 2.4% at $18.04 in New York.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

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.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: 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 By David Shepardson and Joseph White (Reuters) -Chrysler parent Stellantis (NYSE:) and the United Auto Workers were nearing a deal that could be finalized as soon a Saturday […]<\/p>\n","protected":false},"author":1,"featured_media":4722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-77860","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nStellantis nears UAW deal after intensive talks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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