(NewsNation) — The second-largest work stoppage in 25 years could potentially start at the end of this week.

Nearly 150,000 auto workers could take to the picket lines Friday if a new contract is not reached by midnight Thursday.

So far, the union workers and the three automakers — Ford, General Motors and Stellantis — are not close to a deal.

The existing contract between United Auto Workers and the three automakers expires at 11:59 p.m. ET Thursday.

The union said an average of 97% of combined members voted to authorize a strike.

Some of the union’s demands include more than 40% pay raises for workers, reinstating cost of living adjustments, ending tiered wage systems and a 32-hour work week.

The union also wants to be able to represent workers at 10 electric vehicle battery facilities as well, which the UAW contends is fair for the current market.

“We know firsthand what its like to not be able to afford the cars we produce. We know what it’s like to live paycheck to paycheck while the companies we work for make out like bandits,” UAW president Shawn Fain said.

If companies are not able to reach an agreement with the UAW before the current contract expires, it could cause more than $5 billion in economic losses.

But not everyone agrees. Some see these demands as over the top.

Jason Greer, an employee and labor relations consultant, said as long as both sides focus on what’s important, a deal can be cut.

“Negotiations are the theater of the absurd,” Greer said. “They’re the theater of the absurd because so much of it comes down to ego.”