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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.

Genesis cars win accolades, offer value — so why are sales so bad?

My high-school buddy Brent Cormier was so smitten with the Genesis G80 when he saw it at an event I hosted at SXSW in 2016 he bought a used 2013 Hyundai Genesis a short time later and fell in love with the car. "It surpasses my every expectation," said Cormier, a self-described "renaissance man" who owns and runs a real estate agency with his wife Laura, is a food service executive chef and part owner of Austin-based Thin the Herd Guitars. "I was locked into Mercedes and Audi for 10 years," he added. "And felt trapped in an endless pit of maintenance costs." After owning the Genesis over the past two years — including using it as an Uber and Lyft driver to earn extra cash — Cormier learned what some frugal luxury sedan buyers and a handful of car reviewers have discovered: Genesis offers great bang for the buck compared to other premium brands and can compete with the best in terms of performance, features and comfort. Hyundai's luxury brand also earned a prominent third-party endorsement last week when for the first time Genesis topped J.D. Power's 2018 APEAL study, surpassing German luxury-performance icon Porsche. The APEAL study (which stands for Automotive Performance, Execution and Layout) "measures owners' emotional attachment and level of excitement across 77 attributes," ranging from performance to comfort, and asks nearly 68,000 owners of new 2018 models to score vehicles on a 1,000-point scale. In its second year ranked as a stand-alone brand, Genesis earned an APEAL score that bumped it up 15 points to 884 and helped push it past Porsche — and past BMW, Lincoln, Mercedes-Benz, Audi, Volvo, Cadillac, Land Rover and Lexus, in order of ranking. Last month, Genesis also topped J.D. Power's Initial Quality Survey (IQS) for the first time this year. And both its models were awarded Top Safety Pick Plus ratings by the Insurance Institute for Highway Safety, among 11 Plus ratings in all for Korean vehicles. Despite high J.D. Power rankings and great reviews, Genesis U.S. sales were off 50 percent for the first six months of 2018 compared to 2017, and in June Genesis sold only 796 vehicles — the first time U.S. numbers dropped below 1,000 in a month. Part of Genesis's APEAL and IQS success can be attributed to its small product lineup: just two models, the G80 and G90 sedans, with a third, the 2019 G70, launching later this year. And while those numbers may help in J.D.

Junkyard Gem: 1995 Lincoln Mark VIII

Except for a pause during the 1960s, the Lincoln Mark Series of personal luxury cars stayed in production from the 1956 through 1998 model years. These were big, swanky machines loaded with the latest in gadgetry and — other than the handful of 1984-1985 Mark VIIs with BMW diesel linline-sixes — they cruised with great opulence on American highways courtesy of powerful V8 engines. The very last generation of the series, the Mark VIII, boasted a spaceship-style interior, slick body lines, and a sophisticated dual-overhead-cam version of Ford's Modular V8 engine. Here's a 1995 in Deep Jewel Green Metallic paint, photographed in a Colorado self-service yard. I've documented examples of the Lincoln Mark II through Mark VI while performing my car-graveyard studies, and the Mark VIII's distinctive wraparound cockpit makes most of its predecessors look cheap and stodgy by comparison.  The four-valves-per-cylinder version of Ford's rugged 4.6-liter Modular V8 made 280 horsepower in the Mark VIII, just two fewer horses than the V8 in BMW's 840Ci coupe that year. The Mercedes-Benz S500 coupe had a 315-hp V8 that year, while the Lexus SC 400's V8 made a mere 250 horsepower. The BMW cost $69,900, the Mercedes-Benz had a $91,900 price tag, and the SC 400 went for $47,500 — the Mark VIII could be purchased for just $38,800 that year. That's about $66,300 in 2019 dollars. Of course, the Cadillac Eldorado coupe was the real competition for the Mark VIII in 1995, and the unfortunately-named ETC (Eldorado Touring Coupe) came with a 300-horse DOHC Northstar V8 (admittedly, driving the front wheels) and a dignified wood-trimmed interior. At $41,535, though, the Cadillac had a higher base price than the Lincoln. I think this one was pretty clean, prior to getting banged up in the junkyard, and 140,905 miles seems low for a flagship Ford of the era. Perhaps it got too many unpaid parking tickets, or maybe that complex DOHC engine developed some expensive problem. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Tempted? Featured Gallery Junked 1995 Lincoln Mark VIII View 17 Photos Auto News Lincoln Automotive History