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A top union negotiator with General Motors Company (NYSE:GM) said the Detroit automaker and the United Auto Workers union are moving toward a tentative agreement that would put an end to a major strike that has impacted production in the U.S.
“All the pieces are there, we just have to glue it together,” stated said GM executive Mike Booth. He said the two sides are getting closer, but have yet to finalize an agreement on wages and pensions. General Motors (GM) has reportedly offered 20% raises over four years, while rival Ford (F) has offered 23%.
The United Auto Workers has not confirmed forward progress with negotiations, but has not announced any new strike actions against General Motors (GM).
Earlier in the week, General Motors (GM) canceled its Investor Day event scheduled for November and said it try to hold it in the early part of 2024. Analysts took that decision to mean that a labor deal was not imminent.