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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.

Cadillac imagines the future of luxury transportation with a drone and a pod

Besides more screens and electric cars, GM and Cadillac made sure to pay tribute to the other darlings of the tech industry: autonomous cars and drones. Both concepts take familiar ideas but add a touch of Cadillac flavor. And don't expect either of them to show up in reality anytime soon. The most fanciful of the two is the Cadillac VTOL concept, which stands for vertical takeoff and landing. It's a fully autonomous drone meant for shuttling people, likely wealthy executives, from rooftop to rooftop in busy cities. It's a single-occupant aircraft with a 90-kWh battery pack and is fully autonomous. It has four sets of two rotors that propel the drone to a top speed of 56 mph. The exterior is unique in having the front and rear sets of rotors at different heights, whereas most seem to have the cabin hanging from the rotors. You can spot some Cadillac cues in the beveled, angled edges. The other concept is the Personal Autonomous Vehicle or PAV. It's a fairly generic-looking autonomous pod with a pastiche of Cadillac design cues such as slim lights and angular trimmings. Cadillac says it's meant to be a social space, hence the wraparound bench seats in the cabin. Cadillac doesn't seem to have forgotten personal comfort, though, as you can spot a single-person recliner. Comfort is key, and Cadillac says the PAV would have biometric sensors to read the passengers and adjust the climate control, humidity, lighting and scents to make the the environment as pleasant as possible. Passengers will have control of vehicle functions via voice and gestures. At the end of theses vehicles' reveals, Cadillac teased more far-flung concepts coming soon. One of them will be a two-seat vehicle and mentioned that it would be for "you and someone very special" for more "intimate" trips. Related Video:

10 best new car deals of November 2021

Sales of new cars, trucks and SUVs were drastically affected in 2020 due to the (still) ongoing coronavirus pandemic. The market started to show signs of recovery toward the end of last year before really coming on strong in the early months of 2021. Of course, then pandemic-related parts and worker shortages along with global shipping constraints started running amok and causing a great deal of pricing fluctuation and a limited supply of certain vehicles. Those problems (among other things) have led to record-high new-car transaction prices in the United States. The good news is that there are still plenty of great deals on new cars. Using data provided by TrueCar, we’ve compiled a list of some of the best automotive deals for November 2021. WeÂ’ve noted the original MSRP, the average transaction price, and the total savings in both dollars and as a percentage of the original sticker price. Basically, weÂ’ve done all the hard work for you! So now, all you need to do is compare deals, go on a few test drives, and maybe drive away in a great car (and an even better bargain).