General Motors (GM) - Get General Motors Company (GM) Report and the United Auto Workers moved closer to a deal that would end the strike that's divided them for almost three weeks, Bloomberg News reported on Saturday.
Citing people familiar with the negotiations, Bloomberg said the automaker and union have agreed on most of the key issues that has effectively shut down production of at least one of GM's best-selling U.S. cars, the Chevrolet Silverado.
Two main sticking points remain: employee pension plans and shortening the length of time required for entry-level workers to earn top hourly pay of $28, people familiar with the matter told Bloomberg.
- U.S. Automakers Skid Following Sales Reports, CFRA Reiteration of GM at Sell
- Trump Scolds GM Foreign Plants as Strike Continues
GM last week said third-quarter sales climbed 6.3%, led by the GMC and Buick brands. The Chevy Silverado LD pickup, the biggest seller in GM's Lineup, rose 18% to nearly 120,000 units.
GM has lost more than $1.5 billion since the strike, according to analysts' estimates.
Shares of GM ended the trading day Friday down 0.2% at $34.91 on the New York Stock Exchange. They gained 2 cents to $34.93 in after-hours trading on Friday.