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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 Sierra Elevation Edition is a dark take on a tough truck

GMC proved that it knew how to make a mean-looking pickup with the 2015 Sierra Elevation Edition. For the 2016 model year, the company is applying that aggressiveness to the refreshed Sierra that already looks tougher than the predecessor. The result is a seriously brawny truck that hits the market in the first quarter of 2016. Still based on the Sierra Double Cab, this latest take on the Elevation Edition starts with all of the styling tweaks for the standard 2016 truck, including a reshaped grille and headlights. From there, the pickup gets monochromatic with body-color parts for the door handles, mirror caps, grille surround, and bumpers. Black, 20-inch wheels finish the aggressive aesthetic. Drivers get an interior packed with tech, complete with a six-speaker stereo and seven-inch infotainment system that supports Apple CarPlay and Android Auto. All the occupants can also stay connected anywhere with OnStar 4G LTE and a WiFi hotspot. Under the hood, the Elevation Edition comes standard with a 4.3-liter V6 making 285 horsepower and 305 pound-feet of torque. A 5.3-liter V8 with 355 horsepower is also optional. Regardless of the powerplant, both come with a locking rear differential and the choice of two- or four-wheel drive. Check out the video below for a closer look at last year's truck, then scroll just a little bit further for the complete press release from GMC. Related Video: GMC Updates Sierra Elevation Edition for 2016 Sport appearance wears new front-end design, latest connectivity technologies DETROIT – The popular GMC Sierra Elevation Edition returns for 2016 with the styling enhancements and other features new to the entire Sierra 1500 lineup – including revised front-end styling with new, high-intensity discharge projector-beam headlamps and GMC Signature LED lighting. The Elevation Edition – available on Sierra double cab – has a street-smart stance, thanks to body-color moldings, door handles, mirror caps and a body-color grille surround, as well as body-color bumpers. It also rolls on 20-inch black-painted aluminum wheels and is further enhanced with new Elevation Edition badging. "The Sierra Elevation Edition offers a boldly styled pickup for customers who want a truck that looks as good as it performs," said Duncan Aldred, U.S. vice president, Buick and GMC.

GM promises to add 20 EVs and fuel-cell cars to lineup, paid for by SUVs

DETROIT — General Motors outlined plans on Monday to add 20 new battery electric and fuel-cell vehicles to its global product lineup by 2023, financed by robust profits from sales of gasoline-fueled trucks and sport utility vehicles in the United States and China. "General Motors believes in an all-electric future," GM global product development chief Mark Reuss said on Monday during a briefing at the company's suburban Detroit technical center. Future generations of GM electric vehicles "will be profitable," Reuss said, but added it was not clear when GM could make all its new vehicle offerings zero-emission electric cars. Regulators in China and some European countries have floated proposals to ban internal combustion engines by 2030 or 2040. "We will continue to make sure our internal combustion engines will get more and more efficient," Reuss said. GM shares were up more than 4 percent in midday New York trading on positive comments from Rod Lache, auto analyst at Deutsche Bank. Automakers, including electric vehicle market leader Tesla, lose money on electric cars because battery costs are still higher than comparable internal combustion engines. The company offered sneak peeks of three EV prototypes: a Buick SUV, a sporty Cadillac wagon and a futuristic pod car wearing a Bolt badge. GM funds its forays into new technology using a river of cash generated by old-technology vehicles popular with its core customer base in the United States heartland. In comparison, Tesla has burned through an estimated $10 billion in cash and has yet to show a full year profit. GM earned more than 90 percent of its $12.5 billion in pretax profits last year in North America, amid robust demand for its lineup of large sport utility vehicles and pickup trucks. The company's profitable operations in China rely on consumer demand for an expanding lineup of gasoline powered SUVs. GM has previously announced plans to make some of its future electric vehicles capable of driving themselves in robot taxi fleets. The company offered sneak peeks of three electric vehicle prototypes: a Buick brand sport utility vehicle, a sporty Cadillac wagon and a futuristic pod car wearing a Bolt badge. GM collaborated with Korean battery maker LG Chem to build the Bolt battery system. Company officials did not say what companies would supply batteries for the larger fleet of vehicles promised by 2023. Fuel-cell vehicles will also play a role in GM's future, the company said.