General Motors and the United Automobile Workers (UAW) union have reached a tentative agreement that would end the strike that has run for over four weeks.
“We just reached a Tentative Agreement with GM a short time ago, today, Wednesday, October 16, 2019,” UAW Director and Vice President Terry Dittes wrote in a statement posted on the UAW website Wednesday. “We will go over the details when the Council meets tomorrow morning in Detroit.
“On behalf of the entire staff here in Negotiations, we want to thank you for your support.
“In the meantime, continue the picket lines until after the UAW-GM National Council concludes business tomorrow, Thursday, October 17, 2019, and then you will receive further instructions.”
The nationwide strike — GM’s first since 2007 — included approximately 46,000 workers.
“We can confirm the UAW’s statement regarding a proposed tentative agreement,” the automaker said in a statement on its website. “Additional details will be provided at the appropriate time.”
From Sept. 13, the last trading day before the strike, GM’s shares had fallen nearly 13% by Oct. 8. Since then, GM shares have recovered, paring losses since Sept. 13 to 5.7%.
According to several analyst estimates, the strike has cost the Big 3 automaker more than $1 billion, CNBC reported.
Among the list of grievances brought by UAW were fair wages, health care costs and a pathway for temporary workers to become permanent.
“We stood up for General Motors when they needed us most,” Dittes said on Sept. 15. “Now we are standing together in unity and solidarity for our Members, their families and the communities where we work and live.”
Once a deal is ratified, the union will move to securing deals with the other Big 3 automakers, Ford and Fiat Chrysler.