The United Auto Workers union and Ford have agreed in principle to the terms of a tentative agreement, which might signal the beginning of the end of the strike against Detroit’s Big Three automakers, sources with knowledge of the discussions confirmed Wednesday to CNBC. A tentative agreement could be announced as early as Wednesday night, pending approval of UAW leaders, according to two sources, who agreed to speak on the condition of anonymity because of the sensitive nature of the talks.
The talks this week involved a proposal for wage increases of at least 25% over the term of the deal as well as other improved benefits previously outlined by the union and company, two sources confirmed to CNBC. Around 13,000 UAW members went on strike on Sept. 15 in an action that hit Ford, General Motors, and Stellantis at the same time. The union had never engaged in a simultaneous strike against all three companies.
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