Auto workers union and Fiat Chrysler reach tentative deal
United Auto Workers on week six of a national strike against General Motors on Oct. 23 in Flint, Michigan. Photo: Bill Pugliano/Getty Images
The United Auto Workers reached a tentative four-year labor agreement with Fiat Chrysler on Saturday, CNBC reports.
The big picture: UAW reached tentative deals with Ford and General Motors in October after weeks of labor strikes, reducing GM's 2019 earnings by nearly $3 billion. The auto workers' deal at Ford came quickly, without any labor disruption.
Catch up quick: Workers secured raises plus $11,000 in bonuses in its ratified deal with GM in exchange for not blocking GMs' plans to close four facilities across the U.S. UAW's strike against GM was the first U.S. auto strike in 12 years.
What's next: The tentative agreement with Fiat Chrysler awaits approval or rejection from local union leaders in the coming weeks. Fiat Chrysler's UAW employees would vote on the deal after that approval.
- Fiat Chrysler is in talks to merge with France's PSA Group, the parent company of Peugeot. It's not known how the uncertainty of that global deal could affect U.S. labor talks, Axios' Joann Muller writes.