Instant view: Ford reaches tentative deal with striking UAW workers

(Reuters) – Ford Motor (NYSE:) and United Auto Workers (UAW) union negotiators reached a tentative labor deal after a six-week strike, UAW President Shawn Fain said on Wednesday, agreeing on a 4-1/2-year contract that would provide a record pay boost.

The union is still in striking GM and Stellantis (NYSE:).

Following are reactions to the tentative deal:

SAM FIORANI, VP OF GLOBAL VEHICLE FORECASTING, AUTOFORECAST SOLUTIONS

“This lays the groundwork for the next two contracts and they should fall in line fairly quickly because all three were within a narrow gap of each other.”

“The strike so far has been painful for everybody and knowing what it takes to get a signed contract should bring them to the table much quicker.”

JOE BIDEN, U.S. PRESIDENT

“I applaud the UAW and Ford for coming together after a hard fought, good faith negotiation and reaching a historic tentative agreement tonight. This tentative agreement provides a record raise to auto workers who have sacrificed so much to ensure our iconic Big Three companies can still lead the world in quality and innovation…

“Critical to building an economy from the middle out and bottom up, instead of from the top down, is worker power. It’s showing how collective bargaining works by providing workers a seat at the table and the opportunity to improve their lives while contributing fully to their employer’s success. This tentative agreement is a testament to the power of employers and employees coming together to work out their differences at the bargaining table in a manner that helps businesses succeed while helping workers secure pay and benefits they can raise a family on and retire with dignity and respect.”

JEFFREY SCHARF, CHAIRMAN, ACT TWO INVESTORS, FORMER GM HOLDER, ON UAW AND CHIEF SHAWN FAIN

“If they can use this as a lever to organize Tesla (NASDAQ:) and companies like that, he’s brilliant. If they fail to organize the other companies and the differential causes jobs to go out of Detroit and to the other companies, then he’s a failure. He won the battle, but whether he wins the war or not, which is to have more union workers getting paid more, is unclear. That’s what I would be more worried about if I was a young auto worker. I would worry about whether this is going to cost me my job in the long-term.”

GENERAL MOTORS STATEMENT

“We are working constructively with the UAW to reach a tentative agreement as soon as possible.”

STELLANTIS STATEMENT

“We remain committed to working toward a tentative agreement that gets everyone back to work as soon as possible.”