By Joseph White and David Shepardson
(Reuters) -Ford Motor and the negotiators of the United Auto Workers (UAW) union have reached a tentative labor deal, pending union leadership approval, three sources familiar with the matter said on Wednesday.
A deal would be the first settlement of strikes against Ford, General Motors and Chrysler-parent Stellantis.
The deal is expected to provide a 25% wage hike through the life of the contract, including 11% to start, one of the sources said. Including compounding and cost of living, workers will get more than 30% under the tentative deal.
UAW President Shawn Fain has not issued a statement confirming an agreement.
More than 45,000 union members working at the Detroit Three automakers have joined walkouts that began on Sept. 15.
The UAW's most recent move was to strike against each company's most profitable plants - GM's Arlington, Texas assembly plant, Ford's Kentucky Truck heavy-duty pickup factory and Stellantis' Ram pickup plant in Sterling Heights, Michigan.
Total economic losses from the UAW strike have reached $9.3 billon, the Anderson Economic Group said earlier this week.
If the contract is ratified by Ford-UAW workers, it would set the standard for bargaining at General Motors and Stellantis and expire on April 30, 2028. The three automakers were close on most terms of the contract headed into Wednesday.
The three companies had no immediate comment.
The union has waged an unusual campaign of simultaneous strikes against the Detroit Three automakers, demanding a 40% wage hike, including a 20% immediate increase, improvements in benefits, as well as covering EV battery plant workers under union agreements.
CNBC earlier reported the tentative deal.
(Reporting by Mrinmay Dey in Bengaluru; Editing by Shailesh Kuber)
