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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.

GMC Hummer EV prices are going up by over $6,000

The GMC Hummer EV is not a cheap vehicle, and that becomes even more true this year. Pricing for all trim levels is climbing by $6,250. According to GMC, this is "due to the increase in the price of commodity parts." The new pricing is listed below. The only trim not included and not affected by the price increase is the Edition 1, which is sold out. EV2: $86,245 EV2X: $96,245 EV3X: $106,245 Note that these prices are not model year price increases, since some of these trims are not in production yet, and won't be for another year or two. These price increases apply to people that put in reservations for any of these Hummers starting on June 18. The good news for existing reservation holders, (anyone who reserved before June 18) is that they will still be charged the price announced when GMC started accepting reservations. Speaking of existing reservation holders (of which GMC says there are 77,500 so far), those who reserved the EV3X pickup versions will soon be able to configure their trucks. The company will reach out this summer for holders to make their configurations and submit their official orders. And production targets for all Hummer EV trims are unchanged. The EV3X is set for this fall, EV2X will be coming next spring, and the EV2 will arrive in spring 2024. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2023 GMC Hummer EV Review | Back and better than ever

NHTSA investigates 1.7 million GM SUVs for windshield wiper failures

WASHINGTON - The U.S. National Highway Traffic Safety Administration (NHTSA) said on Tuesday it is investigating whether General Motors should recall an additional 1.7 million sport utility vehicles due to an issue with windshield wiper failures. GM in August 2016 recalled 367,800 2013 GMC Terrain and Chevrolet Equinox SUVs in the United States to address the problem. But after receiving 249 complaints about similar problems, the federal agency said it is probing whether the recall should be expanded to include an additional 1.7 million vehicles from the 2010-2016 model years. The automaker said it is cooperating with the NHTSA review. GM said it recalled the 2013 GMC Terrain and Chevrolet Equinox SUVs "because warranty data showed a higher-than-expected failure rate," adding it has continued to monitor field data on other model years of those vehicles. GM noted that no crashes or injuries related to the issue have been reported. The Detroit-based automaker said the recalls were prompted after a GM Canada brand quality manager reported a potential safety issue relating to reports of windshield wiper failures in Canada through GM's "Speak Up For Safety," program in late 2015. The data showed significantly higher field incidents in parts of Canada, which prompted a June 2016 recall there. Over the next two months, a higher number of U.S. reports prompted a U.S. recall, the company added. In the 2016 recall, GM said the front-wiper module would be replaced with a module that has a water deflector and, if needed, dealers would fill the water management hole and drill a new small hole in a different location.(Reporting by David Shepardson, editing by G Crosse)Related Video: Government/Legal Recalls Chevrolet GM GMC SUV