The United Auto Workers (UAW) and Ford Motor Co. have agreed in principle to the terms of a preliminary deal that could end the union's nearly six-week strike against the automaker, sources familiar with the negotiations confirmed to the media on Wednesday. Sources said Ford and the union engaged in intense negotiations on Tuesday and Wednesday to try to hammer out a record deal.A preliminary agreement could be announced as early as Wednesday night, pending approval by UAW leaders.

The agreement still needs to be approved by a simple majority of Ford's 57,000 union-represented workers.

For weeks, Ford's offer has been the most generous of Detroit's three auto giants. Sources confirmed to the media thatThis week's talks involve a proposal to raise wages by at least 25% over the life of the deal, as well as other benefits improvements previously outlined by the union and Ford.

The union's strike against the three auto giants began on September 15 and has lasted for 41 days, longer than the 40-day strike against General Motors in 2019. More than 45,000 union members are currently involved. Negotiations between the UAW and the Big Three over the past few weeks have focused on the economics of the agreement.

Ford Executive Chairman Bill Ford urged an end to the strike on October 16. He warned that if the strike expands further, it will threaten the entire U.S. auto manufacturing industry.

Anderson Economic Group said earlier this week that the total economic losses caused by the UAW strike have reached $9.3 billion.

The preliminary agreement with Ford could be used by the union as a template for negotiations with Stellantis and General Motors. This week, unions expanded strikes against the two automakers.

General Motors and Stellantis NV are scheduled to meet with the United Auto Workers union on Thursday, according to people familiar with the matter.

Ford will report third-quarter results on Thursday.