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SaltWire's Atlantic regional weather forecast for October 26, 2023 | SaltWire - Ford shares rose 3% before the bell on Thursday as the company's unionized workers were set to return to work following a tentative agreement between the automaker and the United Auto Workers union guaranteeing a record wage hike.
Rival General Motors' shares also rose 1% as analysts expected the automaker to follow Ford in reaching a deal that would end a strike at some of its most profitable plants. The total economic loss from the autoworkers' strike has reached $9.3 billon, consultancy Anderson Economic Group said earlier this week.
The proposed deal between Ford and the UAW provides a 25% wage hike over the 4-1/2-year contract, starting with an initial increase of 11%.Stellantis' U.S.-listed shares were down 1.5% in premarket trading on Thursday as the automaker announced a $1.6 billion deal to buy a 21% stake in electric-vehicle maker Leapmotor.The focus will now be on ratification by Ford's 57,000 UAW workers.
"We estimate the ratification will take 1-2 weeks. The process starts on Oct. 29 when the UAW Council votes to send the tentative agreement to members," said Wells Fargo analyst Colin Langan, adding that the deal will be a template for GM and Stellantis.
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