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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.

Want to buy a brand-new 1964 Ford Mustang? [w/video]

Even in its current iteration, the Ford Mustang is not without its share of heritage design cues. But if it's a more classic look of the first-gen pony car you're after, combined with modern levels of equipment, Revology just might have the answer. The Orlando-based company makes what you might call "continuation" Mustangs, using replica steel bodies made by Dynacorn and licensed by Ford to give it that classic look, but with modern technology. Under the skin you'll find a 5.0-liter fuel-injected V8 with 265 horsepower and either a five-speed manual or four-speed automatic transmission, but the powertrain is just the start. It's also got a MacPherson strut suspension, disc brakes, power steering and a cabin equipped with such modern accoutrements as power door locks and seats, keyless entry, intermittent wipers, even Bluetooth connectivity. And it's all covered by a one-year, unlimited-milage warranty, plus five-year corrosion protection and three-year powertrain warranty. Of course none of that comes cheap, as a turnkey Revology Mustang will set you back at least $119,500, in the buyer's choice of fastback or convertible body-styles. The first example was unveiled at the Amelia Island Concours d'Elegance this past weekend, with the first customer examples set for delivery next year. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery Revology Mustang View 17 Photos News Source: Revology Cars via Carscoops Ford Convertible Coupe Classics replica continuation revology

NACTOY winners, and driving the Genesis GV60, Polestar 2, Mercedes-AMG GLS 63 | Autoblog Podcast #813

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Electric, John Beltz Snyder. This week, we discuss the North American Car, Truck and Utility of the year winners: The Toyota Prius, Kia EV6 and Ford Super Duty (and Greg explains his votes). In other news, we talk about GM offering $7,500 incentives for EVs that lost their tax credits, another possible calendar change for the Detroit Auto Show and Stellantis potentially scaling back its auto show presence. Greg spent his winter break with the Genesis GV60 and Polestar 2, while John has been driving the Toyota Prius Prime and Mercedes-AMG GLS 63. Finally, they take to Reddit for this week's Spend My Money question, and pick a sedan under $6,000. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #813 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Toyota Prius, Ford Super Duty, Kia EV9 are 2024 North American Car, Truck, Utility of the Year winners GM offers $7,500 incentive for EVs losing tax credit Detroit Auto Show going back to January? Stellantis done with auto shows, or is it? Cars We're Driving: 2024 Genesis GV60 Performance AWD 2024 Polestar 2 RWD 2023 Toyota Prius Prime XSE Premium 2024 Mercedes-AMG GLS 63 Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Podcasts Ford Genesis GM Kia Mercedes-Benz Toyota Truck Crossover SUV Electric Hybrid Luxury Performance Sedan Polestar