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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.

2016 Chevrolet Silverado 1500 Quick Spin [w/video]

The Silverado 1500 gets what most would consider an early update for 2016. Just two years into this generation, the half-ton Chevy truck has been given a visual overhaul and a handful of feature upgrades. Chevy reps say they didn't wait the usual three years for a refresh because they knew the domestic competitors were planning updates of their own for 2015. We're told the fast refresh was always in the plans, and that it wasn't a response to critics (like us) saying "meh" to the new truck's design, which some felt hewed too close to the GMT900s that came before. If a Ford grille that reaches halfway into the headlights is good, a Chevy grille that cuts the units clean in two must be better. That's at least how we imagine the designers' thought process went. Those new split lights use HID projectors on lower models and full-LED tech on the upper trims, with all versions getting LED daytime running lights. LED taillights are also included on the fancier models. <p>Your browser does not support iframes.</p> Each of the eight trim levels has its own look, and the differentiation goes beyond the placement of chrome and the color of cladding. Look closely and you'll see that elements of the various grille treatments are repeated within the headlights. It's a neat touch, and proof that attention to detail is still a thing. Chevy also reshaped the hood, with sharp lines and pockets that look like they'll do a great job of collecting snow come winter. We get why a Corvette has troughs in its hood (you know where the wheels are and see through the valley to the road) but the surfacing on the Silverado's engine hat has only aesthetic benefits. On the feature front, almost all 2016 Silverado models get standard Apple CarPlay and Android Auto support; the 7.0-inch screen includes both, while the available 8.0-inch screen will add Android Auto through an update in March of 2016. The top High Country trim gets new power-articulating side steps as an option. In addition to swinging down to help you hoist yourself in through the door, the steps have a button at the rear that, when pressed, motors them down and rearward to give you a foothold at the front of the bed. Chevy also catches up to the competition with an available remote-locking tailgate. Chevy also gets further into the competitive numbers game for 2016 with expanded use of its eight-speed truck transmission.

GM profits threatened by glut of pickups

Automotive News reports that General Motors may slash production or ramp up discounts in order to deal with an oversupply of pickup trucks. GM currently has more than double the standard supply of pickups, and the vehicles are threatening to dampen the automaker's profits for 2013. Typically, automakers try to sustain a 60- to 75-day supply of vehicles, but GM is currently loaded with a 139-day supply, as of last month. At the end of November, the automaker was sitting on 245,853 units.
The manufacturer says that it will adjust production accordingly before laying any incentives on the profitable pickups. Even so, there's some concern that the inventory swell could hurt the roll-out of the next-generation Chevrolet Silverado and GMC Sierra. GM actually began slowly stepping back production in August, but it's clear the company will take further action as it heads toward the end of the year and into the next. Analysts predict the automaker could reduce pickup manufacturing by nearly half in the first quarter of 2013.
That still may not be enough to keep GM from laying extra cash on the Silverado and GMC Sierra. While the company's incentive spending was down in November compared to the same month in 2011, both the Ram 1500 and Ford F-150 saw double-digit percentage increases in sales last month while the Silverado and Sierra numbers slid compared to a year prior. Incentive spending could help move more trucks and add some balance to the GM inventory surge.