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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.

Recharge Wrap-up: Free chargers for Canadian ELR buyers, Renovo gets funding for EV supercar

Chevrolet offers versions of its Express passenger van with B20 biodiesel and E85 capability. Customers can buy the van with the Duramax turbodiesel V8, which is compatible with the 20-percent biodiesel blend. There is also a FlexFuel V8, which can use the 85-percent ethanol gasoline blend. It's a great option for shuttling the whole soccer team to practice using renewable fuels. Read more at Domestic Fuels. Early buyers of the Cadillac ELR in Canada will get a 240-volt charger installed at their home for free. It should help convince some buyers to adopt the range extended luxury EV. Cadillac's Chief Marketing Officer Uwe Ellinghaus says, "Professional installation of the fastest home-charging unit is a natural way to mark the introduction of ELR to the luxury market." Read more in the press release below. Renovo has received venture capital funding from California-based True Ventures to build its Coupe electric supercar. The impressive EV, with its 500 horsepower and 1,000 pound-feet of torque, is an inspiring vehicle built by a promising company, according to its financial backers. Toni Schneider of True Ventures says that Renovo has "created incredibly advanced technology and a beautiful machine that is well positioned to disrupt the automotive market." Read more in the press release below. Renault says it will build its Fluence ZE electric car in China for an unnamed brand, pending government approval. Chief Executive Carlos Ghosn announced the plan at a test drive event in France on Monday. Renault has a partnership with Dongfeng Motors to build and sell its cars in China. Read more at Reuters. Germany has lifted its ban on Uber. While the German court believes the ride-hailing service is operating illegally without proper licensing for drivers, it says Taxi Deutschland waited too long to file the case against Uber. The taxi association plans to appeal the decision soon. See more in the video below, and read more at The New York Times. A new report from UC Davis claims that a global expansion of public transit could save 1,700 megatons of carbon dioxide yearly and over $100 trillion by 2050. A "high-shift scenario" would be necessary, wherein governments invest in rail and clean buses, expand biking and walking infrastructure and shift focus away from projects that encourage car use. This shift to public transit would especially be important in the US, China and India. Read more in the press release below.

Timely hole-in-one wins high schooler a Cadillac or $50,000

If it happens at all, many golfers knock in hole-in-ones in the quiet of a mediocre local course while three friends sit in their carts drinking Coors Lights. After dreaming of the moment for years, lucky golfers barely have time to process the tremendous achievement before it's followed up with a double bogey on the next hole. That wasn't the case for high schooler Jack Kyger, who drilled an ace during a golf outing, and in turn, won a Cadillac or $50,000. Kyger, a junior at Harper Creek High School in Battle Creek, Mich., says he wasn't even considering a hole-in-one when he stepped up to the tee on the fourth hole at the Battle Creek Country Club. A secondary prize, a TV, would be awarded to the golfer who came closest to the pin, so Kyger was simply trying to get it close to the cup. In front of his dad and Harper Creek Superintendent Rob Ridgeway, he stuck the shot just past the hole, and with some backspin, it rolled into the pin. It's the first time somebody has hit the bullseye at the Gene Lewis Hughes, Sr. Memorial Golf Outing, which has raised more than $150,000 for the Bronson Battle Creek Cancer Care Center throughout the years. By hitting a hole-in-one, Kyger won a $50,000 decision: take home a Cadillac or a big bag of $50,000 in cash. As a student preparing to go to college, it's not an easy choice. "I haven't made up my mind," Kyger said in a USA Today article. "But the way I think about it, no 17-year-old needs a brand new Cadillac to drive around in. I have a truck that gets me places. So, if I take the cash, I would probably put most of it away for college, but keep a little back to have a bit of fun, you know." Smart kid. We did notice a peculiarity about the prize. In the attached photo, the Cadillac at the event appears to be a Cadillac ATS-V. Those familiar with Cadillac's performance vehicles know that an ATS-V starts at significantly more than $50,000 - $68,790 to be exact. So we're not sure why they're calling it a $50,000 Cadillac, unless it's a lightly used vehicle or the Cadillac in question is in fact a different car entirely. No matter the price, it sounds like Kyger is going to take the cash. If he sticks to practicing his golf game, maybe he can earn some more money for college, too. News Source: USA Today Auto News Cadillac Performance