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UAW reveals more details for tentative FCA deal

Around 40,000 union workers employed by Fiat Chrysler Automobiles have a new proposed contract to vote for or against just about a week after soundly rejecting a previous proposal. Like the contract that was rejected, this new proposal was negotiated between union leadership and management at FCA. If workers vote this time to accept the contract, negotiations are likely to begin in earnest with the other two big American automakers, Ford and General Motors. The biggest sticking points that kept the previous contract proposal from being ratified revolved around so-called second-tier UAW workers. Under the rejected contract, there wasn't a clear path in place that would bring these newer hires into wage parity with first-tier workers. The newly proposed contract, however, would have second-tier employees earning around $29 per hour – the same as first-tier workers – after eight years of employment. A slightly revised profit-sharing plan is also included, as is a larger signing bonus for first-tier workers. Gone from the new contract proposal is a health-care cooperative that would combine workers from all three Detroit-based automakers into one pool. While this action had the potential to lower health-care costs for UAW members, it wasn't universally understood by rank-and-file workers, said UAW President Dennis Williams. "I was a little naive," he said. "I really thought everyone understood it. It is my fault. I should have educated people more on it. And so we did take it out of the agreement." If ratified, this new contract will go into effect immediately and will cover a four-year period. Over that course of time, the UAW expects FCA to increase its employment figures by a little more than 100 workers, according to reports. Additional details on the contract can be seen on the UAW's website here. News Source: The Detroit News, The Detroit Free Press, United Auto Workers (PDF)Image Credit: Jeff Kowalsky/Bloomberg via Getty Earnings/Financials Hirings/Firings/Layoffs UAW/Unions Chrysler Fiat FCA

Canada bailed out GM, Chrysler without really knowing what they were getting into

The Auditor General of Canada recently issued a report that makes at least one thing clear: it doesn't know how effective Canadian government loans given to General Motors and Chrysler in 2009 were in ensuring the viability of both companies. That year, the Canadian and Ontario governments dished out $10.8 billion CAD ($9.6B US) to GM and $2.9 billion CAD ($2.6B US) to Chrysler, but hadn't yet sorted out precisely how the funds were to be used before disbursing them. This happened in spite of the fact that, according to a piece in Bloomberg, the loans weren't meant to be handed out until authorities were clear on the manufacturers' plans for reorganization. In fact, federal officials hadn't finished establishing the concessions made by all the involved parties, the pension liabilities, nor the long-term soundness of the automakers' financial positions. On top of that, apparently it didn't keep close tabs on the money after loaning it: the report says that $1B CAD should have been applied to GM Canada pension plans but was instead given to GM to use. Chrysler repaid $1.7 billion, while GM handed back $3.8 billion and Bloomberg believes the feds in Ottawa still own 110 million shares of The General, which, at the stock price as of writing, would be good for another $3.9 billion. Those were mad, bad days, though, and we're not sure what point the report serves, other than to say, "Oh, by the way...." News Source: BloombergImage Credit: Bill Pugliano / Getty Images Government/Legal Chrysler GM bailout

Fiat Chrysler to get $105M fine from NHTSA for recall woes

The National Highway Traffic Safety Administration is about to send a powerful message to automakers doing business in the United States, assuming reports of an upcoming $105 million fine against Fiat Chrysler Automobiles comes to fruition. In addition to the record-setting monetary fine, according to The Wall Street Journal, FCA will have to accept an independent auditor that will monitor the company's recall and safety processes and will be forced to buy back certain recalled vehicles. In other cases, such as with Jeep Grand Cherokee and Liberty models with gas tanks that could potentially catch fire in certain types of accidents, FCA will offer financial encouragement for owners to get their recall work done or to trade those older vehicles in on new cars, according to the report. FCA could reportedly reduce its fines if it meets certain conditions, though those remain unclear at this time. These actions against FCA are being taken after NHTSA began a probe into the automaker over almost two dozen separate instances where the government claims FCA failed to follow proper procedures for recalls and safety defects. Included in those safety lapses are more than 11 million vehicles currently in customer hands. These penalties and fines are separate from the investigation over security problems with Chrysler's Uconnect system that allowed hackers to obtain remote access into key vehicle systems in 1.4 million vehicles. Related Video: Image Credit: Marco Bertorello/AFP/Getty Earnings/Financials Government/Legal Recalls Chrysler Dodge Fiat Jeep RAM Safety fiat chrysler automobiles fine