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) union and Ford announced a tentative new labor deal with Ford aimed at bringing to an end the union’s strike which is currently in its sixth week.
The UAW initially sought pay raises for union autoworkers amounting to 40% over the course of a four-year contract, as well as a 32-hour work week and enhancements to benefits – while the automakers initially offered raises closer to 20% over a new contract with about 10% provided upon ratification of the new contract.
Ford and the UAW agreed to raise wages by 25% with an immediate 11% raise. The agreement between Ford and the UAW would be tentative until it’s ratified by the union’s membership through a majority vote.
UNITED AUTO WORKERS STRIKE: COST TO US ECONOMY TOPS $9 BILLION
The United Auto Workers union and Ford have reportedly reached an agreement on a tentative labor contract amid an ongoing strike. (Emily Elconin/Bloomberg via Getty Images / Getty Images)
About 57,000 Ford workers are represented by the union, and about 16,600 of whom are currently on strike while 3,167 were temporarily laid off due to the strike.
The UAW strike began on Sept. 15 with a simultaneous strike against Detroit’s Big Three automakers – Ford, General Motors and Stellantis, which is the parent company of Chrysler, Dodge, Jeep and Ram.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.56 | +0.17 | +1.46% |
It launched what it called a “stand up strike” in which specific locals are asked to go on strike at their facilities. Over 45,000 union autoworkers are currently on strike – about one-third of the roughly 150,000 total workers across the three companies.
About 45,000 union autoworkers are on strike across the Big Three of Ford, General Motors and Stellantis. (Ford / Fox News)
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The union will need to reach separate agreements with each automaker on new labor contracts covering their respective employees.
This is a developing story. Please check back for updates.
