Ford Motor Company (NYSE:F) shares rose 2.3% Friday afternoon on reports that the automaker is making progress toward a new contract with the United Auto Workers.
On Friday morning, the UAW announced plans to walk off 38 additional General Motors Company (NYSE:GM) and Stellantis NV (NYSE:STLA, EPA:STLA) facilities as part of the union’s ongoing strike against the big three.
Ford, however, has shown the company is “serious about reaching a deal,” UAW President Shawn Fain said on Facebook Live.
“We still have serious issues to work through, but we do want to recognize that Ford is showing that they’re serious about reaching a deal,” Fain said. “At GM and Stellantis, it’s a different story.”
Earlier this week, Ford reached a tentative labor deal with Unifor, the union representing Canadian autoworkers, effectively averting a potential strike that would have impacted around 5,600 workers in Canada.
Shares of GM, meanwhile, fell 0.1% to $32.67 while Stellantis climbed 0.4%.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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