The United Auto Workers will not expand its strike against Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM) and Stellantis NV (NYSE:STLA, EPA:STLA), as it has each of the past two weeks, according to a live stream announcement from union president Shawn Fain Friday.
The decision to hold back on additional strikes comes after a significant breakthrough in talks with GM on one of the union’s top issues: job security as automakers move from traditional cars to electric vehicles.
GM agreed that the workers at its future EV battery plans will be covered by the same national labor agreement governing other UAW members at GM. The company has argued in the past that those workers are not GM employees because the plants are operated by joint ventures the company has with Asian battery producers.
The agreement came after Fain threatened to expand the strike to a GM plant in Arlington, Texas that builds full-sized SUVs.
“We are making significant progress. In just three weeks we are moving these companies further than anyone thought was possible,” Fain said on a live stream. “Our strike is working. But we’re not there yet.”
UAW members remain on strike at five assembly plants between the three automakers, as well as parts distribution centers around the country.
Shares of GM rose 3.5% Thursday afternoon to $31.04. Stellantis stock gained 3.3%, and Ford shares improved 1%.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel