1962 Chevrolet Corvette on 2040-cars

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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.

Chevy Malibu rolls over 10 million on the odo

On the cusp on the introduction of the latest model, the Chevrolet Malibu is celebrating a major milestone with 10 million of them now on the road since the car's introduction 51 years ago. While not quite enough to rank among the best-selling vehicles of all time, the feat is impressive considering the name took over a decade off from the Chevy lineup in the '80s and '90s. The Malibu started life in 1964 as the top trim on Chevy's new, midsize model, which also included the 300 and Chevelle. Offered in a plethora of body styles, including a wagon and convertible, the Bowtie brand moved over 370,000 of them in the first year. By 1969, sales reached more than 503,000. However, the market for rear-wheel drive sedans eventually softened in the US, and the Malibu name was dropped in 1983. The moniker returned in front-wheel-drive form in 1997 and has been a part of the lineup again ever since. These days, the Malibu is obviously only available as a four-door, but the model is more efficient than ever. The larger, lighter 2016 example can get up to 37 miles per gallon highway with its 1.5-liter turbocharged four-cylinder or 47 mpg combined when the hybrid goes on sale next year. You can get a great look at the Malibu's changes from the original until now in the gallery above. Related Video: MALIBU MILESTONE: 10 MILLION CUSTOMERS SERVED 31/08/15 Venerable sedan's 51-year legacy strongest in U.S., China and Korea DETROIT – Fifty-one years after it was introduced as Chevrolet's first midsize car, production of the venerable Malibu sedan has crossed the 10-million mark. Chevrolet celebrated the sales achievement today for the global sedan in the United States, China and Korea, which collectively account for more than 90 percent of sales. The Malibu is sold in more than 25 markets around the world. "The Chevy Malibu joins an exclusive club of vehicles that have achieved this extraordinary milestone and we acknowledge it today by honoring the common thread linking every one produced: The customer," said Alan Batey, president, global Chevrolet. "Some people are buying their very first Malibu today and others may have driven a Malibu from a different generation as their first car. It is a car that has resonated with customers for more than half a century." Chevrolet's interaction with customers has evolved since the Malibu was introduced in 1964. Back then, an owner's manual and a personal relationship with the dealer defined conventional customer service.

2016 Chevy Camaro teased as current-gen car prepares to hit 500k sales

Just as Chevrolet prepares to launch the sixth-generation Camaro, the current, fifth-generation car is about to hit a major milestone: 500,000 units sold in the United States. That's impressive, and to celebrate, Chevy has released this video, showing the Camaro Z/28 doing what it does best around a race track. But that's not all there is to see in this video. At the end, Chevy gives us a glimpse at the sixth-generation Camaro, expected to debut in the not-too-distant future. Have a look, and check out Chevy's press blast, below, for more details about the 500k sales mark. Related Video: Fifth-gen Camaro Approaches 500,000 U.S. Sales Production milestone caps five years as America's best-selling performance car DETROIT – Talk about a big family: Chevrolet expects to deliver the 500,000th fifth-generation Camaro in the United States this month. The fifth-generation Camaro has been a runaway success for Chevrolet since it went on sale in August 2009. Camaro sales passed Mustang in 2010, to become America's best-selling performance car – a title Camaro has retained for five consecutive years. In the process, the Camaro has helped bring new buyers to Chevrolet – with 63 percent of retail buyers new to GM. "The fifth-generation Camaro has clearly resonated with both long-time Camaro fans, and first time performance-car buyers," said Todd Christensen, Camaro marketing manager. "That sets the bar high for the next chapter of the car's history." Remarkably, the Camaro continues to gain momentum, even as the fifth-generation Camaro nears the end of production this year. In 2014, Camaro total sales increased 7.1 percent for its second-best year of sales since its introduction.