UAW Reaches Tentative Agreements with Detroit's Big Three Automakers, Ending Strikes

Union Wins Significant Wage Increases and Benefits; Critics Fear Higher Vehicle Prices.

The United Auto Workers Union (UAW) has reached tentative contracts with Ford, Stellantis, and General Motors, marking the potential end of a six-week strike.
The deals would provide an approximate 25% wage increase over four and a half years for autoworkers, plus significant concessions from the companies. However, these contracts are only considered 'tentative' until workers vote to ratify them.
The strikes have cost the Big Three automakers billions of dollars in lost production. For example, Ford has reported a cost of $1.3 billion and disclosed that labor expenses might increase by $850 to $900 per vehicle due to the union deal.
The negotiations are suspected to have created a setback in the electric vehicle revolution, with both Ford and General Motors delaying their electric vehicle investments and production plans in order to compensate for the wage increase costs.
Some economic analysts predict that the increased labor costs will be passed onto consumers, possibly increasing car prices by about $1,000 to $1,500 per vehicle.