The United Auto Workers (UAW) union strikes have entered their fifth day as workers continue to push for higher wages. Stellantis N.V. (NYSE:STLA) COO Mark Stewart says the automakers are doing all they can to reach a deal quickly.

What To Know: The UAW is going head to head with the big three Detroit-based automakers: Stellantis, Ford Motor Co (NYSE:F) and General Motors Co (NYSE:GM). 

Workers are demanding pay increases similar to the 40% increase auto executives have seen over the past four years and the automakers have responded with temporary layoffs. 

UAW president Shawn Fain has threatened to expand the breadth of the strikes this Friday if workers aren't given their "fair share."

Tuesday morning on CNBC's "Squawk Box," Stewart said Stellantis has put forth a "very compelling" offer that included 20% wage increases, provisions for cost of living adjustments and enhancements to 401Ks, but the offer was rejected. 

"Where are we today? We're back at the table, we are working ... and we are looking forward to getting this resolved," the Stellantis COO said. 

"In the coming days, we'll continue to sit at the table, work through things, try to find the common ground ... and I hope we are able to do that by Friday."

See Also: Elon Musk Takes A Swipe At UAW Strike: 'Is Anyone Gonna Be Around To Make The Actual Cars!?'

The UAW president has set the next deadline for noon on Friday. If "substantial progress" isn't made toward a fair agreement for all, the strikes will intensify, according to a UAW news release. 

When asked about how long the strikes could last, Stewart told CNBC that he's hoping they get resolved "super quickly." But if not, Stellantis has its customers covered with inventory for whatever they may need, he added.

STLA Price Action: Stellantis shares were up 2.35% at $19.39 at the time of publication on Tuesday, per Benzinga Pro.

Photo: Courtesy of Stellantis.