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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 reportedly developing 2.5-liter turbo four-cylinder

General Motors is allocating a massive amount of resources to developing electric technology, but it's not forgetting about the gasoline-powered cars that make up the bulk of its sales. It's reportedly designing a new 2.5-liter turbocharged four-cylinder engine based on its 2.7. Citing "sources familiar with the matter," enthusiast website GM Authority wrote that the 2.5-liter four is "in [the] final stages of development," meaning it should be announced sooner rather than later (assuming the report is accurate). Technical details are few and far between as of writing. The publication learned that the 2.5 will be part of the Cylinder Set Strategy (CSS) family of engines and that it will be mechanically related to the 2.7-liter currently found in the Chevrolet Silverado 1500, among several other models. It will feature dual overhead camshafts. It's too early to tell which models the 2.5-liter four-cylinder will end up in, or how much power it will generate. The output will likely depend on the application. For context, the 2.7 delivers 310 horsepower at 5,600 rpm and 348 pound-feet of torque between 1,500 and 4,000 rpm in the Silverado. In the smaller Colorado, it provides anywhere between 237 and 310 horsepower depending on the trim level selected. While this is pure speculation, our crystal ball tells us the engine will end up powering crossovers. It's an easy deduction to make. We can't imagine it will be offered in the Silverado, and seeing it in the Colorado is unlikely because its entry-level engine develops 237 horsepower; there's likely not much of a market for a midsize truck with 200 or so horsepower. Putting it in the Corvette wouldn't make sense and the Camaro has nearly reached the end of its life cycle without a successor planned. This leaves us with Chevrolet's range of crossovers, like the Equinox, as well as their GMC-, Buick-, and Cadillac-branded counterparts. We're not discounting the possibility that the cars set to receive the 2.5 haven't been unveiled, but those are likely crossovers, too; the odds of seeing another big Chevy sedan are very, very low. General Motors hasn't commented on the report, and it hasn't publicly announced plans to expand its CSS family of engines. If the report is accurate, we should learn more about the new turbocharged, 2.5-liter four-cylinder engine in the not-too-distant future. Featured Gallery 2022 Chevrolet Equinox RS View 56 Photos Buick Chevrolet GM GMC

Diesel-powered 2020 Chevrolet Silverado, GMC Sierra get big price cuts

General Motors is reducing the price difference between its diesel-powered light-duty pickups and their gasoline-burning counterparts, according to a recent report. As of September 3, 2020, the Chevrolet Silverado 1500 and the GMC Sierra 1500 benefit from a $1,500 price cut when they're ordered with a turbodiesel under the hood. Enthusiast website GM Authority first reported the news after looking at internal documents sent to dealers across the nation. It wrote the discount applies to in-stock and in-transit units of the Silverado and the Sierra (pictured), and it added dealers will begin receiving amended window stickers on September 8. And, it's not just a quick, easy way for General Motors stores to clear out 2020 inventory. Incoming 2021 models will benefit from it, too. Chevrolet's cheapest diesel-slurping 2020 Silverado, a double-cab LT with two-wheel drive, now starts at $44,000 once a mandatory $1,595 destination charge enters the equation. For context, the same configuration costs $38,795 including destination when it's ordered with the 2.7-liter turbocharged four-cylinder, which is the smallest and cheapest engine on the roster. Selecting the more efficient engine option costs buyers $5,205. At the other end of the spectrum, the crew-cab High Country with a standard cargo box and four-wheel drive is now priced at $59,690. Walk a block to the GMC store, and you'll need to spend between $44,470 (double-cab SLE with two-wheel drive) and $61,685 (crew-cab Denali with a regular cargo box and four-wheel drive) for a diesel-powered Sierra. It doesn't sound like either company is making major mechanical changes to the trucks for 2021. Both are powered by a 3.0-liter straight-six Duramax engine, which makes 277 horsepower and 460 pound-feet of torque. Rear-wheel drive and a 10-speed automatic transmission come standard, and four-wheel drive is offered at an extra cost. In its most efficient configuration, the Silverado returns 23 mpg in the city, 33 mpg on the highway, and 27 mpg in a mixed cycle, impressive numbers for a body-on-frmae pickup that's as heavy as it is capable. Ram's diesel-powered 1500 posts EPA estimates of 22, 32, and 26, respectively. Ford pledged the recently-unveiled 14th-generation F-150 will offer a turbodiesel engine, too, but its fuel economy figures are not available yet.