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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 and Isuzu to partner for medium-duty commercial truck

General Motors is returning to the medium-duty truck business in the US for the first time since 2009 thanks to a new deal with longtime-partner Isuzu. The arrangement brings the Isuzu N-series models to Chevrolet dealers with the Bowtie's branding on them in 2016. There are six medium-duty Chevy models arriving at dealers in regular cab and crew cab bodies: the 3500, 3500HD, 4500, 4500HD, 5500, and 5500HD. The trucks will be sold as a bare chassis for buyers to outfit to their needs. Depending on model, customers will have the choice of an Isuzu-sourced 3.0-liter and 5.2-liter diesel engines or a 6.0-liter V8 gasoline-fueled engine from GM and six-speed gearbox. According to company spokesperson Bob Wheeler to Autoblog, the diesel models will be built in Japan and the rest assembled from knockdown kits in Charlotte, MI. This kind of vehicle sharing isn't uncommon for GM in the commercial segment, and it already partners with Nissan to use the Japanese brand's NV200 as the City Express van. The General also once owned a significant stake in Isuzu, and the two have remained collaborators even since then. Isuzu and GM Enter Commercial Vehicle Collaboration Agreement in the U.S. 2015-06-15 DETROIT and FUJISAWA, Japan – General Motors Co. (NYSE: GM) and Isuzu Motors (TSE 7202) have reached an agreement on a U.S. commercial vehicle collaboration, allowing Isuzu to strengthen its product lineup and GM to expand its commercial vehicle portfolio. Isuzu will produce low cab forward models for GM, based off of the Isuzu N-Series. The vehicles will be distributed by participating Chevrolet dealers in the U.S. market starting in 2016. To strengthen the product lineup, GM and Isuzu will explore the use of GM commercial vehicle components for Isuzu low cab forward trucks and GM will continue to produce and supply the 6.0L V-8 gas engine and six-speed transmission for Isuzu gasoline-powered low cab forward trucks. Isuzu and GM have maintained a strategic partnership for more than 40 years, producing collaborative business opportunities throughout the world. This agreement continues that tradition and reinforces a long-term relationship that helps to explore future collaborations in the U.S. commercial vehicle business. About General Motors General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets.

Stolen '57 Chevy Returned To Owner After 30 Years

Three decades after it was stolen, a 1957 Chevrolet Bel Air has been returned to a Northern California man - in better shape than when he originally owned it. The Santa Rosa Press Democrat reports Ian "Skip" Wilson was shocked to get a call from the California Highway Patrol informing him that his long-lost Chevy was taken off an Australia-bound cargo ship. The 65-year-old says the car has had a lot of work done on it since it disappeared from his Lake County home in 1984. It was returned with a monogrammed interior, 17-inch racing wheels, rack-and-pinion steering and a 350-horsepower V-8 engine. The retired mechanic says the two-door was in sorry shape when he bought it for $375 in 1975 with plans for fixing it up. Related Gallery 2014 Chevrolet Corvette Stingray Test Drive View 9 Photos Weird Car News Chevrolet Safety