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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.

Buick Velite 6 MAV is the brand's first all-electric vehicle

Buick is making a big splash at the 2019 Shanghai Motor Show. It just debuted the brand's first all-electric vehicle, dubbed the Velite 6 MAV, which is a production version of the concept we saw a year ago. The vehicle is reportedly built on a new platform GM developed with China's SAIC and will be sold in China. This platform uses a "new-generation pure electric drive system," but it's not based on the new electric vehicle platform GM said is going to underpin new electric cars in the U.S. starting in 2021. Consumers may not want it here anyways. The electric motor makes 114 horsepower and 188 pound-feet of torque. It has a "city" electric driving range of 187 miles, but Buick doesn't quote any numbers as they would pertain to our EPA rating system. That's plenty of range for most folks, but the lack of power would be a tough sell here. Buick calls this thing an MAV, which stands for multi-activity vehicle. It's tough to put a car type on it, because it borrows elements from several different styles. We'll just distill it to a mash-up between a wagon and a crossover, sort of like the Subaru Outback. At least it appears utilitarian. Buick says that it costs about $25,000 after all the Chinese government subsidies for an electric vehicle have been applied. The goal here is to give the Buick-hungry Chinese market an electric option, and this doesn't look half bad. GM is even entering into a car-sharing venture to deploy 5,000 Velite 6s with EVCARD (car sharing company) into strategic areas. Those will reportedly be put into operation on April 28 this year.

Buick Envista, Mercedes C 43 and GLS, and Goodwood Revival | Autoblog Podcast #801

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor James Riswick. They begin the episode with the cars they've been driving, including the surprisingly compelling 2024 Buick Envista. They also review the 2024 Mercedes-AMG C 43 and Mercedes-Benz GLS 580. James recounts his experience at the 2023 Goodwood Revival, before they discuss the news, including rumored electric successors to the Audi R8 and Alfa Romeo 4C. Finally, they reach into the mailbag for an unexpected outcome to a listener's previous Spend My Money question. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #801 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2024 Buick Envista 2024 Mercedes-AMG C 43 2024 Mercedes-Benz GLS 580 2023 Goodwood Revival 249 reasons you want to go to Goodwood Revival Goodwood Revival Parking Lot Mega Gallery (yes, the parking lot!) Work on an electric Audi R8 successor said to be 'well under way' Alfa's upcoming EV sports car poised as a 4C Spider successor — the 4E? Spend My Money update Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts Alfa Romeo Audi Buick Mercedes-Benz Convertible Coupe Crossover SUV Economy Cars Electric Luxury Performance Sedan