General Motors Narrowly Avoids Strike and Billion Dollar Losses

General Motors (GM) has reached a tentative agreement with the United Auto Workers union, avoiding a strike that would have cost the automaker an estimated $1.2 billion in lost revenue per week. GM executives and union members still have to vote on the proposed labor deal, which will determine worker pay and benefits over the coming four years. Details of the proposal have not been released but representatives have said that it allows for increased wage gains and job commitments. Low gas prices have boosted business and profits for GM, which has seen increased sales of trucks and SUVs. However, remaining competitive is still a challenge for the automaker as it navigates higher hourly costs than those of its Asian rivals.