United Auto Workers members at Ford Motor Company (NYSE:F) have ratified their proposed labor agreement, according to results published by the union, bringing the contract negotiations with the big three Detroit automakers to an end.
Workers at Ford were the final group to ratify their deal, following their counterparts at General Motors Company (NYSE:GM) and Chrysler owner Stellantis NV (NYSE:STLA, EPA:STLA).
Roughly 68% of the nearly 35,000 Ford workers who voted did so in favor of the deal. UAW local chapters representing every Ford plant approved the deal, save for the Kentucky Truck Plant and a small parts facility in Florida.
At Stellantis, about 68% of workers voted in favor, while roughly 55% approved the deal at GM.
The ratifications conclude a tumultuous negotiation period, which included a targeted strike of all three automakers that lasted roughly six weeks.
The record-setting contracts increase base wages by 25% through April 2028 and includes COLA (cost-of-living adjustments).
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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