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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.

GM program sees dealers taking on way more loaner cars

Given the volume of vehicles we're talking about, this is a significant development for GM's bottom line. Bring your car into the dealership for service, and you may need a loaner car in exchange. And with so many recalls being carried out, that means a lot of loaners – especially at General Motors dealerships. That could be one of the reasons why GM is massively expanding its loaner fleet program. While many Chevrolet and Buick-GMC dealerships have an on-site rental car location operated by a third party like Enterprise (which may or may not provide a GM vehicle), others manage their own loaner fleets. But while the range of dealerships operating such fleets was once small, reports Automotive News, the number has been growing rapidly: from the locations responsible for only 20 percent of those brands' sales two years ago to about 90 percent today. The impetus for that growth comes down to a massive expansion of GM's Courtesy Transportation Program. The initiative encourages dealers to ramp up their loaner fleet to a maximum size determined by GM, with a mix determined by the dealer itself, so that a showroom in Texas can be bolstered with a fleet of pickup trucks and a dealer in California can employ more Volt and Camaro Convertible loaners. The dealership gets a $500 credit for each vehicle its puts in its fleet, and can use those vehicles as loaners for service customers, as multi-day test drivers or to rent out separately. The vehicles remain in the dealer's fleet for 90 days or 7,500 miles, then they can be sold as used, but with new-car incentives. The dealer gets a fleet of loaners, customers get to use the loaners, try out a new car overnight or buy a barely used car with attractive incentives, and GM gets to clock more sales. But therein lies the kicker: the automaker counts the dispatch of the loaner new vehicle to the dealership as a new-car sale, which could end up distorting its sales figures. Counting loaner vehicles as sold vehicles is something of an industry-standard practice, but given the volume of vehicles we're talking about, this is a significant development for GM's bottom line. One dealership - Paddock Chevrolet in Kenmore, NY, for example - had no loaner fleet two years ago, but now runs a fleet of 50 vehicles. Multiply that by the 4,000 or so dealers GM has across America and you're talking about the potential for hundreds of thousands of these sorts of sales.

Buick resurrects the Electra nameplate on a science fiction-like electric concept

Buick plans to broaden its range of electric cars in the coming years, and it still owns the rights to the heritage-laced Electra nameplate, so it was only a matter of time before the past and the future met head-on. Buick resurrected the name it used between the 1959 and 1990 model years on a futuristic, battery-powered concept car. Created by a Shanghai-based design studio, the Electra concept takes the form of either a tall sedan or a low crossover, depending on your perspective. While it's not officially a preview of an upcoming production model, it ushers in a design language named Potential Energy that will permeate most of the electric cars the firm will release during the 2020s. It's inspired by a space capsule, according to Buick, so its greenhouse was drawn to resemble a glass pod. Its surfaces are sculpted but not chiseled, and its front fascia wears LED lights with a three-dimensional effect. Fear not: Stylists didn't forget the seemingly obligatory back-lit emblem. Butterfly doors provide access to the cabin, where the space capsule theme continues. Buick packed the Electra with cutting-edge technology features, but it concealed them rather well to avoid a tech overload. The driver faces a rectangular steering wheel that retracts when it's not needed, behind which is a wide, curved screen that replaces all of the buttons, knobs, and switches normally found in a car's interior. An electric motor is far more compact than a comparable four- or six-cylinder engine, so designers were able to carve out a generously sized interior. Engineers embedded technology into the Electra from the project's earliest stage. It's equipped with software named eConnect that supports over-the-air updates, provides on-demand information about a specific trip, and gives details about the various electronic driving aids. An artificial intelligence-powered assistant lets users perform various tasks, such as setting the air conditioning or controlling home devices, with voice commands. Buick noted the Electra offers about 410 miles of driving range thanks in part to the Ultium battery technology developed by General Motors to power a wide selection of electric models, including the Cadillac Lyriq, the GMC Hummer, and a pair of Honda-badged models scheduled to go on sale for the 2024 model year.