General Motors, the largest U.S. automaker, has according to insiders reached a provisional agreement with the UAW, the auto workers union, potentially following the example of Ford and Stellantis. After the official announcement of the wage settlement, GM workers will resume their work according to two insiders familiar with the matter to Reuters news agency.

This could put an end to the six-week long strike, which the UAW conducted simultaneously against the three major car manufacturers for the first time. The union negotiated record wage increases and improved conditions due to high inflation. A GM spokesperson declined to comment.

Stellantis, the parent company of Chrysler, agreed to a 25 percent wage increase over a period of four and a half years. In addition, the company committed to investments amounting to 19 billion euros in the USA and an addition of 5000 jobs. Stellantis also managed to avert a strike in Canada through a wage agreement.

The achieved agreement is an important success for the union. Following the 2008 financial crisis, experts claimed the UAW had to make major concessions and wages remained stagnant for a long period of time. The agreement still needs approval from the UAW base. Work at assembly plants and spare part distribution centers halted during the strike, affecting almost 50,000 of the nearly 150,000 union members at the three car companies. Other factories or suppliers also had to stop work due to lack of supply or customers.

The strike had significant consequences for the "Detroit Three" and their suppliers, costing them billions. Due to rising labor costs, the companies fear being disadvantaged in the competition with Tesla or Toyota, who do not negotiate tariffs with the UAW.

At the NYSE, the General Motors' stock was temporarily only marginally higher at 0.04 percent, at 27.23 US dollars.