While details of the tentative agreement were not disclosed pending ratification by union members, it appears to follow the outlines of deals at General Motors and Chrysler.

One difference, however, is that Ford has said the deal includes an independent retiree healthcare trust. The company can transfer its healthcare liabilities to this trust, an amount estimated at about $23bn (£11bn).

“We face enormous challenges – and we also have enormous potential,” said UAW vice- resident Bob King, who directs the union's National Ford Department. “Our goals for this contract were to win new product and investment, to enhance job security and protect seniority – and we made progress in all these areas.”