UAW labor strikes set to end after tentative agreement with Stellantis: report

Sources familiar with the private negotiations told CNBC that the deal is similar to a four-and-a-half-year deal the union made with Ford Motor Company on Wednesday, which included a 25 percent pay total pay increase with 11 percent of it right off the bat.

The Stellantis deal still has to be approved by UAW leadership and briefed to local unions before they can publicly announce the details.

The UAW "Stand-up Strike" officially began on Sept. 15, when employees from General Motors, Ford, and Setellantis walked off the job and refused to work until a new labor agreement was in place. On Sept. 22, UAW President Shawn Fain announced an expansion of the strike with over 5,500 workers joining in, which was targeted towards Stellantis and GM. Ford was not affected, because negotiations were going well.

Stellantis questioned at the time if UAW leadership ever had "an interest in reaching an agreement in a timely manner." It added, "They seem more concerned about pursuing their own political agendas than negotiating in the best interests of our employees and the sustainability of our U.S. operations given the market's fierce competition."

CNBC reports that the strike has collectively cost the auto manufacturers billions in lost revenue, with Ford reporting a $1.3 billion cost and GM $800 million.

Former President Donald Trump blamed the Biden administration's "all-all-electric car SCAM" and its "CHINA FIRST POLICY" for the union strikes in a post on Truth Social last month. "I’LL MAKE YOU VICTORIOUS AND RICH. IF YOUR “LEADERS” WON’T ENDORSE ME, VOTE THEM OUT OF OFFICE, NOW. WITH THE DEMOCRATS & CROOKED JOE CALLING THE SHOTS, YOU’LL BE JOBLESS & PENNILESS WITHIN 4 YEARS. REMEMBER, BIDEN IS A CROOK WHO HAS BEEN PAID MILLIONS OF DOLLARS BY CHINA, & OTHERS. He is a Manchurian Candidate!!!" Trump said before hosting a rally with striking workers at the same time as the second GOP debate.

President Biden also joined the picket line with UAW workers, and called for a "win-win agreement that keeps American auto manufacturing thriving with well-paid UAW jobs."

The report notes that Deutsche Bank estimated that the increased cost from the deal will cost Ford $6.2 billion, GM $7.2 billion, and Stellantis $6.4 billion more in labor costs over the course of the agreement.

The UAW was expected to hold talks with GM starting on Saturday in an effort to reach a deal.