The United Auto Workers reached a tentative labor agreement with Ford Motor Co., putting pressure on the carmaker’s two chief rivals to end a protracted strike that has cost the industry billions of dollars.

Ford agreed to a record 25% hourly wage hike over the life of the contract, which exceeds four years. The top pay will be around $42 an hour, people familiar with the negotiations said.

--With assistance from Jennifer Jacobs and Josh Eidelson.

Author: Keith Naughton, David Welch and Gabrielle Coppola