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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.

Weekly Recap: Lincoln Continental serves up the style, Cadillac CT6 delivers the substance in New York

Lincoln and Cadillac grabbed the spotlight this week at the New York Auto Show in a dramatic fashion that evoked the brands' glory days. America's two luxury carmakers went toe-to-toe with their glittering reveals and plans for ambitious expansion. Both were selling their technology, style and the promise of a better future. Cadillac vs. Lincoln. At the Javits Center, 2015 seemed a lot like 1956. Neither company was interested in drawing comparisons with the other, which is fair, and accurate. They're in vastly different places in terms of sales and the pace of their turnarounds, but they hope to reach the same eventual destination at the pinnacle of the luxury-car world. Lincoln used the element of surprise to great effect with the Continental concept. A production version is still at least a year away, and the company was vague on details. Officially, we don't even know if it is front- or rear-wheel drive, though speculation abounds. Who cares? The seats can be adjusted 30 ways! The Continental also showed off a bold chrome grille that will be the new face of Lincoln. The blue bomber also rolled on blinged-out 21-inch polished aluminum wheels, used a 3.0-liter EcoBoost engine and had huge LED head lights with "laser-assisted" high beams. All of this resulted in almost blinding attention. The concept drew rave reviews, stirred controversy with Bentley designers who argued Lincoln ripped them off, and most importantly, pointed a way forward for the newly determined brand that hopes to compete with Mercedes, BMW, Audi, Cadillac and Lexus. View 32 Photos Meanwhile, Cadillac showed the CT6, a finished product that will top its range and is loaded with the best and latest technologies General Motors has at its disposal. With production starting late this year, Cadillac had more specifics at the ready. Engines? Cadillac has a couple V6s and a turbo four for sure. It's working on a hybrid, and has considered a V-Series variant. It's based on a new rear-wheel-drive, aluminum-intensive chassis called Omega, features an advanced collision-mitigation system with automatic braking and has a cabin that's laden with "leathers, exotic woods and carbon fiber." It will be assembled at GM's Detroit-Hamtramck factory and goes on sale next year. At this point, Cadillac is more than willing to talk about every except for the price. The devil was not in the details for Cadillac, as evidenced by the CT6. But it wasn't for Lincoln either.

Lincoln cancels plan to build electric vehicle on Rivian's platform

Just three months ago, Lincoln announced a project to build a vehicle atop Rivian’s skateboard platform. Today, itÂ’s canceling those plans. Automotive News originally reported the news, and a Lincoln spokesperson confirmed it to us. Lincoln reportedly informed dealers of its decision to cancel the electric project earlier today, citing the “current environment.” Language like that these days in the automotive industry refers to the coronavirus pandemic and flailing vehicle sales. Originally, Lincoln announced that this model would launch in 2022. It was to be built using the same platform underpinning the Rivian R1S and R1T. The partnership with Rivian was so close that this Lincoln was going to be built at RivianÂ’s Normal, IL assembly plant. Production of the plant itself was halted recently in the face of the coronavirus, which is bad news for any products meant to be built there in the near future. Lincoln never announced that this vehicle was going to be an SUV, but that was the likely result of it using RivianÂ’s platform designed for rugged and large utility vehicles. However, Lincoln says it still has plans to build an electric vehicle. The companyÂ’s statement follows: “Given the current environment, Lincoln and Rivian have decided not to pursue the development of a fully electric vehicle based on RivianÂ’s skateboard platform. Our strategic commitment to Lincoln, Rivian and electrification remains unchanged and LincolnÂ’s future plans will include an all-electric vehicle consistent with its Quiet Flight DNA.” Lincoln hasnÂ’t specified any product details or timing for when this mystery electric vehicle will launch. It could be based off the Mustang Mach-E platform, or it could be a larger vehicle based off the future electric F-150 platform. The former could launch sooner, while the latter is likely a little ways out still. Lincoln doesnÂ’t want this news to be read as a loosening of ties between itself and Rivian either. “Our partnership with Rivian is strong,” LincolnÂ’s statement reads. “While the Lincoln electric vehicle did not turn out to be the right opportunity, we continue to work closely together with Rivian. Our strategic commitment remains unchanged and we will continue to work with Rivian on an alternative vehicle based on RivianÂ’s skateboard platform.” As of now, Lincoln hasnÂ’t revealed exactly what didnÂ’t line up to make the planned collaboration work.