Days after reaching a new labor deal with Stellantis, the United Auto Workers Union (UAW) has now reached a tentative agreement with General Motors (GM). The official announcement will be made by the UAW later today.
At the moment, there is no response from the UAW or GM regarding this development.
This tentative agreement with GM is a significant step towards resolving the strike that has impacted over 50,000 workers at GM, Ford Motor, and Stellantis. The strike began on September 15, with workers from each automaker's facility participating.
Now that all three automakers have reached agreements, it is up to the union members to vote and accept the deals. The UAW has already urged workers to return to work at Ford and Stellantis while the ratification process takes place.
In early trading, GM stock saw a 0.6% increase while the S&P 500 and Dow Jones Industrial Average rose by 1.1% and 1%, respectively.
Earlier today, the Canadian union Unifor representing Stellantis workers also announced a strike. However, shortly before 8 a.m. Eastern time, an agreement was reached. With deals now in place for Stellantis and GM, both U.S. and Canadian auto workers have secured new agreements with all three automakers.
The remaining deals are yet to be ratified, which is expected to occur over the next week or two. Once the members vote yes, the contentious 2023 labor negotiation season will come to an end for the Detroit Three automakers.