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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.

This 450-hp electric Lotus Evora is powered by Tesla and Chevrolet

When someone mentions an electric Lotus, the first thing that comes to mind is the Tesla Roadster, the California-based automaker's first vehicle. That car started life as an Elise before being heavily massaged and adapted by Tesla's engineers. In a similar spirit, the people at Onpoint Dyno are close to finishing Blue Lightning, a track-ready all-electric Lotus Evora. Blue Lightning uses a Tesla drive unit and a Chevrolet Volt battery pack, both mounted in the middle in place of the Evora's 3.5-liter Toyota V6. It's putting down about 450 horsepower at the wheels. The car was built for time attack sessions, so power is fed through custom forged wheels and super sticky Pirelli PZero Trofeo R tires, the same ones found on the last Chevrolet Camaro Z/28. There is a custom digital instrument cluster in place of the Lotus gauges. There's also a regen paddle on the left side of the steering wheel. With a full charge, Blue Lighting should go about 120 miles. While the car runs under its own power, it's only about 90 percent complete. It has no power steering, no firewall in between the seats and the motor and battery pack, no A/C, and a large hole where the shift lever used to be. Other final touches include fine-tuning the brakes and suspension. There is also a custom rear bumper coming that should make it look more like the new Lotus Evora 400. Onpoint Dyno expects the car to hit the track in the next month or so. Related Video:

Chevy Camaro is a good sport, wishes Ford Mustang Happy 50th

It was 1966 when Chevrolet launched its challenger to the wildly successful Ford Mustang, the Camaro. While the competition between the two brands was already healthy, the arrival of the Camaro set off one of the most intense, model-to-model rivalries in the industry.
That competitive spirit hasn't stopped Chevy and the Camaro from wishing Ford's iconic muscle car a Happy 50th Birthday as the Ford's April 17 anniversary rolls around. These two cars have been linked over the years, and while the rivalry took a break for a few years in the 2000s, today's competition between the Camaro and Mustang is as fierce as it's ever been.
You might recall that this friendliness when it comes to major milestones isn't too rare. Ford put on quite a display for General Motors' hundredth anniversary back in 2008. As the Camaro's fiftieth birthday approaches in 2016, we wouldn't be surprised to see the Mustang sending its best wishes to its Bowtie rival.