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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.

Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

Junkyard Gem: 1994 Dodge Caravan with manual transmission

The K Platform saved Chrysler from certain doom after the company's 1979 bailout by the federal government, and one of the most successful K-based vehicles was the one that spawned the American minivan craze in 1984: the original Dodge Caravan/Plymouth Voyager. Built all the way through the 1995 model year, these K-Caravans or K-Voyagers could be purchased with a four- or five-speed manual transmission, but just a handful were sold that way. Here's an extraordinarily rare late 5-speed example, spotted in a San Francisco Bay Area wrecking yard. The shifter location is a little awkward, requiring the driver to reach back a bit more than would be the case in, say, a Dodge Shadow (which shared the same powertrain). It's too bad that Chrysler never offered these vans with five-on-the-tree manuals. Even though plenty of Mitsubishi-V6-powered front-wheel-drive Chryslers of the late 1980s and early 1990s were available with manual transmissions (e.g., the Chrysler Laser/Dodge Daytona or the Plymouth Sundance/Dodge Shadow), Chrysler minivan shoppers who wanted a stickshift had to take the four-cylinder engine (either a Chrysler 2.2/2.5 or, in the early years, a Mitsubishi 2.6 Astron). This one has the naturally-aspirated 2.5-liter engine that went into so many Plymouth Acclaims and Chrysler LeBarons. In 1995, it was rated at 100 horsepower, which made for stately acceleration with a full load of passengers. For the 1989 and 1990 model years, a 150-horse turbocharged Chrysler 2.5 with 5-speed was the high-performance minivan setup... and you should let us know if you find a factory-built one. This is only the second example of a manual-trans-equipped 1990s Chrysler minivan I have found in the junkyard (the first was this '93 Voyager), and both vans were lightly-optioned El Cheapo models with cloth seats and hand-crank windows; the manual transmission was a bit cheaper than the automatic in those days. At least this one has air conditioning. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Advertising for these minivans tended to focus on price, price, price. Featured Gallery Junked 1994 Dodge Caravan with 5-speed View 18 Photos Auto News Dodge Minivan/Van dodge caravan