UAW President Shawn Fain, in announcing the tentative deal Wednesday night, said it has more than four times the gains obtained in the 2019 contracts. Since the strike started Sept. 15, Ford increased the value of its offer by 50%, he said.
"This agreement sets us on a new path to make things right at Ford, at the Big 3, and across the auto industry," Fain said. "Together, we are turning the tide for the working class in this country."
Fain said the union would call local leaders to Detroit this weekend to approve the deal, which will then go to members for ratification. He said the union would distribute detailed information to members Sunday night.
The strike, which has lasted longer than the UAW's 2019 work stoppage against General Motors, had hit Ford the hardest of the Detroit 3.
Roughly 16,600 UAW members were on strike at Ford, more than at GM and Stellantis. And Ford was forced to lay off more workers than the other automakers.
The union is continuing its strike against GM and Stellantis, with about 14,400 workers picketing at each company.
GM on Tuesday said the strike had cost it $800 million so far.
Ford on Oct. 3 offered the UAW raises totaling 23%, with workers getting a double-digit increase upon ratification and annual increases through 2027.
About a week later, the union ordered 8,700 workers at Ford's Kentucky Truck Plant, the company's most profitable assembly operation, to walk off the job. Ford COO Kumar Galhotra told reporters in subsequent days that the company had "reached our limit" on what it could offer the union without compromising its ability to remain competitive.
Bargaining between Ford and the union intensified Tuesday. Ford agreed to match the union's demand for a 25% raise, so negotiators spent much of Wednesday hammering out final details before announcing the news that evening.