United Auto Workers members at Chrysler parent Stellantis NV (NYSE:STLA, EPA:STLA) have voted to ratify a historic labor agreement with the automaker, following their counterparts at General Motors, according to results posted by the union.
The deal won more than 68% of support from the 26,000 Stellantis workers who voted. The one notable exception is a Jeep plant in Toledo, Ohio which saw 55% of its workers vote against the deal.
Like the deal with GM, the new contract would increase base wages by 25% through April 2028 and includes COLA (cost-of-living adjustments). It also included the reopening of a plant in Illinois that had been idled.
UAW members at Ford are on track to ratify their deal as well, with voting continuing Friday.
The question now is how the new deals will affect costs. Last month, Ford CFO John Lawyer estimated that the agreement would increase costs by $850 to $950 per vehicle.
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