This Aug. 31, 2011 photo, shows raindrops on the grill of a Lime Squeeze Metallic 2012 Ford Fiesta SE at the Maroone Ford of Miami dealership. Ford Motor Co. and the United Auto Workers have come to terms on a new four-year contract Tuesday, Oct. 4, 2011, that trades annual pay raises for profit sharing and a signing bonus and promises thousands of new jobs building cars and trucks. (AP Photo/Wilfredo Lee)
DEARBORN, Mich -- Ford Motor Co. says it will add 5,750 jobs and invest $4.8 billion in its factories as part of a new contract deal with the United Auto Workers union.
Company Vice President of Manufacturing John Fleming tells reporters that most of the new hires will be at an entry-level wage, which will cut the company's labor costs.
The four-year deal was reached early Tuesday after eight straight days of bargaining. Union leaders are expected to release further details of the contract later Tuesday. Union workers are likely to vote on it next week.