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The UAW's 'record contract' hinges on pensions, battery plants

DETROIT - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers. General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path to full-time, full-wage status. All three have proposed slashing the time it takes a new hire to get to the top UAW pay rate. The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker. But coming close to a deal is not the same thing as reaching a deal. Big obstacles remain on at least two major UAW demands: restoring the retirement security provided by pre-2007 defined benefit pension plans, and covering present and future joint- venture electric vehicle battery plants under the union's master contracts with the automakers. On retirement, none of the automakers has agreed to restore pre-2007 defined-benefit pension plans for workers hired after 2007. Doing so could force the automakers to again burden their balance sheets with multibillion-dollar liabilities. GM and the former Chrysler unloaded most of those liabilities in their 2009 bankruptcies. The union and automakers have explored an approach to providing more income security by offering annuities as an investment option in their company-sponsored 401(k) savings plans, people familiar with the discussions said. Stellantis referred to an annuity option as part of a more generous 401(k) proposal on Sept. 22. Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. Recent changes in federal law have removed obstacles to including annuities as a feature of corporate 401(k) plans, said Olivia Mitchell, a professor at the University of Pennsylvania Wharton School and an expert on pensions and retirement. "Retirees want a way to be assured they won't run out of money," Mitchell said.

GM announces $7 billion Michigan factory investment, most going to EVs

GM announced a $7 billion investment in Michigan manufacturing, much of which is earmarked for EV production. Four sites are included, but the key elements are a new battery cell plant in Lansing and the conversion of GM's existing Orion Township facility to expand production of the forthcoming Chevrolet Silverado EV and its GMC Sierra sibling.  GM says it is the largest investment announcement in company history and that it will create 4,000 new jobs. It also says 1,000 jobs will be retained. "We are building on the positive consumer response and reservations for our recent EV launches and debuts, including the GMC Hummer EV, Cadillac Lyriq, Chevrolet Equinox EV and Chevrolet Silverado EV," said GM CEO Mary Barra.  GM says the Orion expansion and new battery plant will support an increase in full-size electric truck production capacity to 600,000 units. This is in addition to the Factory ZERO facility in Detroit that will also be constructing the electric Silverado and Sierra.  The Orion Township factory current builds the Chevrolet Bolt EV and EUV, and will continue to do so during the plant's conversion. GM did not indicate what will happen with the Bolts once that conversion is complete or whether all will continue to be built at Orion. They do not use the Ultium vehicle architecture. GM will build other EV models at three other factories that are under construction or being converted. They are located in Spring Hill, Tennessee, Ingersoll, Ontario, and Ramos Arizpe, Mexico. GM says that it will have the ability to produce 1 million electric vehicles by 2025. The Ultium Cells Lansing facility is a $2.6 billion joint investment by GM and LG Energy Solution. GM says it alone will create 1,700 jobs once fully operational by late 2024. It will join two other GM Ultium Cells battery factories currently under construction in the United States, one in Ohio and the other in Tennessee.  Not all of the $7 billion investment will be for EVs. It also announced $510 million of the total will go toward upgrading the Lansing Delta Township Assembly to produce the next-generation Chevrolet Traverse and Buick Enclave. Money will also go to upgrading Lansing Grand River Assembly.

2024 Buick Envista First Drive Review: Budget belle

ANN ARBOR, Mich. — Want an affordable small crossover that looks and feels good, might even impress your passengers, and wonÂ’t make your eyes go cross while configuring one online? BuickÂ’s got a new one for you, and itÂ’s pretty slick. The 2024 Buick Envista starts below $25,000, and in a world of rampant inflation, it actually lives up to what you thought that much money could get you a few years ago. You should be pleasantly surprised with what you get — just donÂ’t ask for all-wheel drive or an engine upgrade. To these eyes, the Envista looks good from all angles. While the refresh of the Buick Encore GX for the 2024 model year was the first production vehicle to use design elements inspired by the Buick Wildcat EV concept, the Envista marks the “first complete expression” of that new design language, as Buick design boss Bob Boniface put it. No, itÂ’s not a two-door coupe like the Wildcat, and it still doesnÂ’t have the WildcatÂ’s electric powertrain, but those looks translate even better to a new vehicle designed from the ground up. It has the pointy nose, the high, wing-like headlights and the new tri-shield Buick logo that also made its way onto the Encore. But the Envista has a swept-back profile, with the roofline giving way to a toned-down example of rear shoulders flaring out over the wheels. The nicely tucked rear end is home to lighting that better matches the units up front. ItÂ’s lower and sleeker than the Encore, putting itself more visually at the car end of the crossover spectrum, while the GX leans more toward SUV. And youÂ’ll get a more carlike drive from the Envista, too. ThereÂ’s only one powertrain: a turbocharged 1.2-liter three-cylinder powering the front wheels. ThereÂ’s no AWD option here, and no four-cylinder. Not even a 1.3-liter upgrade like in the Encore GX. There is a traditional automatic transmission with only six forward gears, and no dreaded CVT in sight. ThereÂ’s very little you could do on the order sheet to change the way the Envista drives — pick a version with the upgraded rear suspension that Buick claims provides a more superior ride (a Watts link for those who care) or change up the wheel size, maybe — but certainly not in terms of what drives the wheels. You get 137 horsepower and 162 pound-feet of torque in the Envista, figures that are awfully low these days, but that we also found perfectly suited to this mission.