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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.

Car Club USA: Corvette Homecoming

Car Club USA travels to Bowling Green, KY to document the annual Corvette Homecoming, where owners travel from around the country to reconnect with the manufacturing birthplace of their vehicles. We follow two contestants in the "Show and Shine" competition, for whom the human connection at the event is just as important as showing off their wheels. "That's probably the biggest thing about this weekend," says one attendee, "there's a connection with Corvette people." Of course, the grandeur seeing stunners like a 1959 Corvette convertible, 1966 Big Block and 2002 Z06 is worth the price of admission. Get a firsthand look at the Homecoming experience, and the folks that make it so special. Each Car Club USA episode features a different car club or event from across the US, where passionate owner communities gather to share automotive experiences and embark on incredible adventures. From Main Street cruises to off-road trails, catch all the latest car club activity on Autoblog. Aftermarket Chevrolet Ownership Convertible Coupe Performance Car Club USA Videos chevrolet corvette corvette

Chevy Volt outsells Nissan Leaf for first time since October 2013

It's been a rough summer so far for both the Chevy Volt and the Nissan Leaf, the first two plug-in vehicles from major automakers that ushered in the modern plug-in era. In June 2015, sales were down from their 2014 levels. The Leaf was down 11.6 percent and the Volt was down 31.1 percent. For July 2015, things didn't get much better. July 2015's Volt sales of 1,313 were down 35 percent from July 2014 and are down 34.8 percent for the year-to-date. Nissan, on the other hand moved only 1,174 Leafs last month, down 61.1 percent. So far this year, Leaf sales are down 30.2 percent. What's interesting with this steep decline in Leaf sales is that allowed the Volt to outsell the Leaf for the first time since October 2013. Back then, the Volt sold 2,022 compared to the Leaf's 2,002 units. So far, Nissan has sold 83,312 Leafs in the US since the EV went on sale in late 2010. Chevy has sold 80,292 Volts. Even though Tesla doesn't release monthly sales figures, there's a good chance that the pricey Model S was once again the best-selling EV in the US in July, as it was in the first three months of 2015. At that time, Tesla delivered an average of just under 2,000 Model S EVs a month. We might get some insight into more recent numbers during the quarterly investor call on Wednesday. As we've said before, the low sales for the aging plug-ins can be explained by the fact that both the Leaf and the Volt are due for upgrades. The second-gen Volt is coming in a few months. Nissan is being cagey about when the updated Leaf will arrive, but given these latest sales figures, we wouldn't be surprised if the undisclosed timetable gets move up somehow. Related Video: The video meant to be presented here is no longer available. Sorry for the inconvenience.