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GM slashes prices in China as sales falter

Buying a vehicle from General Motors' stable of brands might be a lot cheaper in the near future – at least for customers in China. The effort comes as GM hopes to keep sales there growing, and the decision alludes to yet another sign that the Asian country no longer has the booming auto market of past years. GM and its Chinese joint venture partner SAIC are slashing prices by as much as the equivalent to $8,700 on 40 models from Buick, Chevrolet, and Cadillac, according to The Detroit News. Across all of automaker's nameplates, the overall sales dipped in China in April by 0.4 percent to 258,484 vehicles. Among the drops, Buick was down 8.5 percent, and Chevy shrunk 5.6 percent. Caddy's numbers increased 4.6 percent for the month, though. Buick remains a popular brand in the minds of Chinese consumers, but according to The Detroit News domestic automakers there are starting to eat into the dominance of foreign companies in the market. The country remains important for GM, though. Late last year, it outlined a future strategy that included China as a major pillar, including a $14 billion investment to build five new factories and boost sales. News Source: The Detroit NewsImage Credit: Alexander F. Yuan / AP Photo Buick Cadillac Chevrolet GM Car Buying Car Dealers saic

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.

24 Hours of Le Mans live update part three

We tasked surfing journalist Rory Parker to watch this year's live stream of the 2016 24 Hours of Le Mans. What follows is an experiment to experience the world's greatest endurance race from the perspective of a motorsports novice. Parker lives in Hawaii and has an associates degree in dropping f-bombs. For Part One, click here. Part Two is here. Really hoped I'd be able to grab an hour or two of sleep before the sun rose over Le Mans. Dark dark dark, couldn't figure out what was going on. Commentators struggled at times as well. But I couldn't do it. Endurance racing is just too exciting. Grabs my attention with both fists. Screams, "watch these men DRIVE!" A neighbor invited me over for drinks. Told him, "Can't do it, gotta watch Le Mans!" Maybe not exactly. I'll admit, at times my attention wandered. I did a load of laundry. Ate some snacks. Half listened to the commentary. Threw a hump at my wife. I learned that Patrick Long, driving #88, is big brother to Kevin "Spanky" Long. Spanky's a bit of a legend in the skate world. Always weird how top notch talent can run in families like that. Kind of surprised I've never heard that before. Worked for a skate mag for a years, met Spanky a handful of times. Someone must've told me that he has an older brother who drives race cars. Dash cams at night are scary. High powered headlights in the P1s reach almost 300 meters. Cars outrun that distance easy. Seems like they're just steering into the black and hoping for the best. But that can't be the case. People'd be dropping dead let and right. Very amused by how the guys in GT are like, "Dude, stop flashing your fucking lights before you pass." But the LMP's are all, "Suck a dick! I do what I want." Top three stayed neck and neck nearly all night long. As the sun gets ready to creep back over the horizon the top three are separated by only eleven and a half seconds. Toyota 5 and 6, Porsche 2. Audi 8 is two laps behind Porsche, beleaguered 7 is dealing with constant trouble eleven laps from the front. GTE Pro sees Ferrari 82 in first, Ford 68 and 69 right behind. To win you've gotta drive perfect, build perfect. Fours cars retired so far. I'm beginning to appreciate the endurance aspect a little more fully. Only really considered the drivers at first. The mental and physical stress driving these cars at these speeds at length would inflict. But keeping the damn things running is the real deal. To win you've gotta drive perfect, build perfect.