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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.

Chevrolet will preview electrified Silverado-like truck at CES 2021

After abandoning its fight against California's lawmakers, General Motors is shifting its electrification offensive into high gear. CEO Mary Barra will give the opening keynote address at the 2021 Consumer Electronics Show (CES), which will be held online, and Chevrolet will provide a peek at its electrified pickup during the event. Insiders familiar with the carmaker's plans told Bloomberg that Barra's address will highlight ways that electrification can improve the environment and society in general. General Motors president Mark Reuss will speak, too, and his remarks will be followed by a video that will highlight several future products, including what the sources referred to as "a plug-in Chevrolet pickup, some Cadillac models, and vehicles for other brands." These comments ask more questions than they answer, because plug-in means many things in this context. Chevrolet's electric Bolt is a plug-in vehicle, as is the upcoming GMC Hummer, but the plug-in hybrid Jeep Wrangler 4xe is one, too, and it's clearly not all-electric. It's often been assumed that Chevrolet's upcoming electrified truck will be electric, but it might arrive with a hybrid powertrain or a gasoline-powered range extender. Chevrolet could also follow Ford's lead and plant a stake in both the hybrid and the electric pickup segments. It's too early to tell if Chevrolet will unveil the same truck it previewed during a presentation earlier in 2020. Shown briefly, it wore a highly futuristic design that gave it a sleeker look than the current-generation Silverado. Cadillac's presentation promises to be interesting, because the company hinted it might abandon gasoline entirely by 2025, several years earlier than expected, even though its dealers aren't all on board with the shift. Going electric-only in about four years would force the brand to conduct a massive overhaul of its range. As of writing, there is not a single electric Cadillac in showrooms, but the Lyriq will arrive in late 2022 as a 2023 model. It's difficult to tell what's in store for other brands, but there are several cars that General Motors could show during CES. Buick doesn't sell an electric car in the United States yet, for example. Alternatively, GMC is working on an SUV variant of the Hummer, and it has started developing an electric truck. Going back to Chevrolet, our crystal ball tells us we'll see more of the 2022 Bolt EUV during the next edition of the tech show, too.

2019 GMC Sierra interior looks just like the Silverado's

The GMC Sierra has pretty much always been a Chevy Silverado in disguise. There was maybe some fancier trim plus the availability of the ritzier Denali trim, but the differences mostly amounted to different makeup on identical twins. As we can see from the spy photos above, the yet-to-be-shown 2019 GMC Sierra will actually have a more distinctive exterior, but the interior will continue the me-too tradition. Immediately apparent is the fact that the whole dashboard is carryover. It's the same chunky, plasticky place to be that, while likely highly functional, did little to impress when unveiled at the Detroit Auto Show. Really, only the volume, tuning and climate control knobs look different from those in the Silverado. They appear to have a different ridged pattern on the edges, and are possibly a shinier, glossier finish. The steering wheel also looks different, with a chunkier center and more svelte spokes. The Sierra exterior would seem to be better differentiated. The headlights are very different in that they wrap around the fenders more so than on the Chevy. The grille looks more vertical and aggressive than the Silverado's. The wheel arches also differ in that the forward corners are rounded and the rears are more squared off. The GMC Sierra will be revealed March 1 in Detroit. As per usual, it will probably share all of its powertrain bits with the Silverado. That means at least 5.3- and 6.2-liter gasoline V8s and the new turbocharged 3.0-liter inline-six diesel engine. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.