Autos

Workers at large GM plant in Michigan approve contract

United Auto Workers members with General Motors picket outside of one of the automaker's truck plants in Flint, Mich. on Sept. 16. The union called a strike against the automaker after a deal was not reached by a Saturday night deadline.
Michael Wayland / CNBC

Workers at one of the largest General Motors factories have voted to ratify a new contract with the company, an indication that a five-week strike could be coming to an end.

United Auto Workers Local 598 at a pickup truck plant in Flint, Michigan, approved the contract Wednesday. The local's Facebook page says 60.9% voted in favor, while 39.1% were against. The local did not post the number of votes, but about 5,000 union members work at the plant.

Workers across the nation are voting on the new four-year deal. Voting ends Friday.

The Flint local is the second-largest in the nation, so its approval is a strong sign of passage.

Workers went on strike Sept. 16, crippling GM's U.S. factories and costing the company an estimated $2 billion.

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Key Points
  • The third-quarter was expected to be Ford's weakest of the year.
  • The quarterly earnings are the first since Moody's Investors Service downgraded Ford's credit rating to junk status in September.
  • Ford is in the midst of an $11 billion restructuring plan under CEO Jim Hackett through 2022.