GM and UAW ratify new 4-year agreement

The C8 Corvette production will restart

General Motors Co. (NYSE: GM) today announced that GM team members have ratified a new four-year labor agreement covering employees at 55 UAW-represented sites across the U.S. The new agreement provides GM hourly workers with a world-class wage, benefit and profit-sharing package.

“We delivered a contract that recognizes our employees for the important contributions they make to the overall success of the company, with a strong wage and benefit package and additional investment and job growth in our U.S. operations," said Mary Barra, GM Chairman and CEO. “GM is proud to provide good-paying jobs to tens of thousands of employees in America and to grow our substantial investment in the U.S. As one team, we can move forward and stay focused on our priorities of safety and building high-quality cars, trucks and crossovers for our customers."

The new, four-year agreement rewards the hard work of GM’s hourly employees, helping support families and communities across the U.S. Details include:

• 3% wage increases or 4% lump sum payments in each of the four years of the contract
• Retention of world-class health care coverage, preserving the current 3% cost to employees
• An $11,000 contract signing bonus for regular employees, and $4,500 for temporary employees
• Enhanced employee profit-sharing, including no cap on our employees’ ability to share in the company’s profits
• A clear path for temporary employees to transition to permanent employment after three years of service, beginning in January 2020 for eligible employees with accrued time.

GM’s planned investments of $7.7 billion in the U.S. include:

• The opportunity to bring an all-new electric pickup truck assigned to Detroit-Hamtramck Assembly – securing the future of the plant and creating the potential for future new products to be built in the city of Detroit
• More than $4 billion for additional vehicle programs and existing facility improvements across its U.S. plants.
• Additionally, GM is moving forward with opportunities for future investments and job growth in Mahoning Valley in Ohio. These investments are outside the national agreement:
• An opportunity to bring battery cell production to the area, which would create 1,000 manufacturing jobs
• The sale of the GM Lordstown complex to Lordstown Motors Corp., a new company that plans to build electric pickups for commercial fleet customers. Lordstown Motors Corp. plans to create 400 manufacturing jobs initially.