Toyota Motor North America CEO: GM-UAW deal is great news for the economy

The United Auto Workers announced a tentative agreement with General Motors on Wednesday to end the GM autoworkers strike that has lasted longer than a month.

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"We can confirm the UAW’s statement regarding a proposed tentative agreement. Additional details will be provided at the appropriate time," GM told FOX Business in a statement.

Toyota Motor North America CEO Jim Lentz spoke to FOX Business' Neil Cavuto after the news broke.

"I think it's great news."

- Jim Lentz, Toyota Motor North America CEO

"I'm sure the team members at General Motors are anxious to get back to work and earn a paycheck," Lentz said on "Cavuto: Coast To Coast." "I'm sure the General Motors customers are anxious to be able to come back into the dealerships and get their cars repaired as the parts continue to flow."

TickerSecurityLastChangeChange %
GMGENERAL MOTORS COMPANY36.62-0.01-0.01%
TMTOYOTA MOTOR143.12-0.48-0.33%

Lentz said it's also great news for suppliers, many of whom Toyota also utilizes.

"I think overall the big winner in this is the U.S. economy."

- Jim Lentz, Toyota Motor North America CEO

Lentz said since the auto industry is such a large part of the American economy, and General Motors is a major player in that industry, it's a "win-win all around."

Lentz said General Motors had a good supply of vehicles before the strike began, so he's not sure how the strike affected GM's current sales volumes, and that answer probably won't be known until supplies can start moving out again. He hopes the continued discussion goes "very smoothly."

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Local union leaders will vote on the deal Thursday and determine whether to end the strike. Then nearly 50,000 rank-and-file members will vote on the agreement. Usually, once a tentative agreement is reached, workers head back to the job since the ratification vote takes a couple of weeks. The strike is not technically over, but this is a positive sign.

FOX Business' Evie Fordham contributed to this report.