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GM's labor deal with UAW union on verge of ratification

Nov 15 (Reuters) - General Motors' tentative labor deal with the United Auto Workers (UAW) union closed in on ratification as the votes were counted on Wednesday. Following the approval earlier in the day by more than 60% of union members at the Detroit automaker's large Arlington, Texas, assembly plant, additional votes in favor have the deal close to clinching majority approval. The number of union locals, most of which are smaller, still to report vote totals is not large. After several large assembly plants voted against the deal earlier on Wednesday, some media had reported the deal was heading toward failure. But Arlington's support, followed by strong voting in favor by smaller warehouse and parts facilities, has put the deal on the brink of approval. This would mark the first ratification of a deal, which runs through April 2028, with one of the Detroit Three automakers. Ford and Stellantis voting is still under way, and workers at both companies were favoring ratification by comfortable margins. The UAW's GM vote tracking site currently shows approval of the contract leading by a 54% to 46% margin with almost 32,000 workers having cast votes out of about 46,000 UAW-represented GM workers. The Arlington plant, with about 5,000 UAW members, has the most of any GM plant. Voting officially ends on Thursday at 4 p.m. EST, although most votes will be cast on Wednesday. The UAW went on strike for more than six weeks against the Detroit Three, seeking better wages, working conditions and cost-of-living adjustments. All three companies agreed to tentative agreements about two weeks ago. Workers at other GM assembly plants voted against the deal, including 60% of workers at its Fort Wayne, Indiana, truck plant, 53% at its Wentzville, Missouri, plant, 58% of workers at GM's Lansing Grand River plant and 61% of workers at the Lansing Delta Township plant. Seven of GM's 11 assembly plants rejected the deal. In addition to Arlington, workers at plants in Detroit, Fairfax, Kansas; and Lake Orion, Michigan; approved the agreement. Only nine facilities are still listed without vote totals on the UAW vote tracker, including GM's Lockport, New York, components plant with about 1,200 members. Those voting in favor of the agreement have a lead of almost 2,500 and many of the facilities still to come include workers who stand to receive large pay increases upon ratification.

U.S. new-vehicle sales in 2018 rise slightly to 17.27 million [UPDATE]

DETROIT — Sales of new vehicles in the U.S. rose slightly in 2018, defying predictions and highlighting a strong economy. Automakers reported an increase of 0.3 percent over a year ago to 17.27 million vehicles. The increase came despite rising interest rates, a volatile stock market, and rising car and truck prices that pushed some buyers out of the new-vehicle market. Industry analysts and automakers said strong economic fundamentals pushed up sales and should keep them near historic highs in 2019. "Economic conditions in the U.S. are favorable and should continue to be supportive of vehicle sales at or around their current run rate," Ford Chief Economist Emily Kolinski Morris said after the company and other automakers announced their sales numbers Thursday. That auto sales remain near the 2016 record of 17.55 million is a testimonial to the strength of the economy, said Mark Zandi, chief economist at Moody's Analytics. The job market, he said, has created new employment, and wage growth has accelerated. "That's fundamental to selling anything," he said. "If there are lots of jobs and people are getting bigger paychecks, they will buy more." The unemployment rate is 3.7 percent, a 49-year low. The economy is thought to have grown close to 3 percent last year, its best performance in more than a decade. Consumers, the main driver of the economy, are spending freely. The Federal Reserve raised its key interest rate four times in 2018 but is only expected to raise it twice this year. Auto sales also were helped by low gasoline prices and rising home values, Zandi said. It all means that people are likely to keep buying new vehicles this year even as they grow more expensive. The Edmunds.com auto-pricing site estimates that the average new vehicle price hit a record $35,957 in December, about 2 percent higher than the previous year. It will be harder for automakers to keep the sales pace above 17 million because they have been enticing buyers for several years now with low-interest financing and other incentives, Zandi said. He predicts more deals in the coming year as job growth slows and credit tightens for higher-risk buyers. Edmunds, which provides content, including automotive tips and reviews, for distribution by The Associated Press, predicts that sales will drop this year to 16.9 million.

Diesel engine will be a no-cost option on 2021 Cadillac Escalade

Pricing for the redesigned 2021 Cadillac Escalade was revealed yesterday, with the various trim levels ranging from $77,490 to $101,290 including $1,295 destination. And while we also learned that all-wheel drive will be a $3,000 option, what's surprising is that the optional 3.0-liter inline-six diesel engine will cost $0, this according to official pricing info released by Cadillac. The diesel is one of two engine choices for the new 2021 Escalade, the other being a 6.2-liter V8. The engine also is coming to the 2021 Chevrolet and GMC full-size SUVs, but it's not yet known what the upcharge will be there, if any. Already, the 3.0-liter I6 diesel is offered in the Chevy Silverado and GMC Sierra 1500 pickups, where it is currently a $2,500 option over the 6.2-liter V8. The Duramax inline-six turbodiesel is an aluminum-block design with dual overhead camshafts and a single, variable-geometry turbocharger. Cadillac quotes preliminary outputs of 277 horsepower and 460 lb-ft of torque. The 6.2-liter V8, meanwhile, musters 420 horses and the same torque output. The primary draw for the diesel is expected to be fuel economy. EPA estimates for the diesel engine in the Escalade (and in the GMC and Chevrolet full-size utes) have not yet been released. But in the pickup trucks, the engine returns 23 city/33 highway miles per gallon with rear-wheel drive and 23/29 mpg with four-wheel drive. The 2021 Cadillac Escalade had been scheduled to reach dealerships this summer, but it's not known whether that date might slip due to the current shutdown at GM's assembly plants. Related Video: