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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 recalls 330,000 fullsize trucks for airbag replacement

General Motors has announced a recall of 330,198 fullsize pickups in the US in the aftermath of the announcement made on May 19 that doubled the number of vehicles being called in to replace Takata's defective airbag inflators. That announcement expanded the nationwide recall to an estimated 33.8 million vehicles in the US. Heavy Duty versions of the 2007 and 2008 Chevrolet Silverado and GMC Sierra are included in GM's move, for the purpose of replacing the passenger airbag inflators. The announcement made by the National Highway Traffic Safety Association cited long-term exposure to moisture as a possible cause of the inflator issues. GM says it isn't aware of any problems with the recalled pickups due to moisture, nor has it had any reports of crashes, injuries, or fatalities, and has not received any complaints. GM will notify owners, who can then take their trucks to the dealers to have them repaired free of charge. You'll find a statement from GM and the recall notice from NHTSA below. Related Video: General Motors Statement General Motors is recalling 330,198 2007 and 2008 model year full-size Chevrolet Silverado heavy duty and GMC Sierra heavy duty pickup trucks in the U.S. to replace the passenger air bag inflators manufactured by TK Holdings Inc. (Takata). This recall implements Takata's air bag inflator equipment recall announced on May 19, 2015 (NHTSA recall number 15E-041). GM is not aware of any humidity-related ruptures in Takata air bag inflators in any GM-badged vehicles in the field and knows of no crashes, injuries, fatalities or complaints regarding air bag performance in these vehicles. Including Canada and exports, the total number of vehicles being recalled is 374,715. Population breakdown: United States 330,198 Canada 39,630 Exports 4,887 Total 374,715NHTSA RECALL NOTICE: Report Receipt Date: MAY 28, 2015 NHTSA Campaign Number: 15V324000 Component(s): AIR BAGS Potential Number of Units Affected: 330,198 Manufacturer: General Motors LLCSUMMARY: General Motors LLC (GM) is recalling certain model year 2007-2008 Chevrolet Silverado 2500HD and 3500HD trucks manufactured November 28, 2006, to August 29, 2008, and 2007-2008 GMC Sierra 2500HD and 3500HD trucks manufactured November 27, 2006, to August 29, 2008.

GM global sales off slightly this year

General Motors saw a slight dip in global sales through the first nine months of the year. In that time, the automaker moved 7.2 million vehicles – down 1.3 percent from 2014. For the third quarter alone, the numbers were down 3.1 percent with a worldwide volume of 2.3 million. The automaker had a better performance in North America, as Chevrolet is showing strength with some of its best crossover sales ever, and pickup trucks were up 16 percent for the year. Volume on the continent advanced 4.9 percent through September to nearly 2.7 million vehicles. The third quarter improved that figure even further with a 5.2-percent jump and deliveries of about 931,000. Elsewhere in the world, things were more mixed in the third quarter. European deliveries jumped 1.1 percent, but the company was still down 6.3 percent there for the year so far. Volume in China also fell 4.2 percent, but the country showed 1.6-percent growth through the first nine months. South America took the biggest, hit with Q3 numbers dropping 30.8 percent. While GM is seeing a small sales drop globally, the company could still climb up the ranking of the world's largest automakers by the end of the year. Volkswagen had the top spot in the first half of 2015, but since then, the German company has been rocked by an international emissions scandal. GM Sold 7.2 Million Vehicles in the First Nine Months of 2015 DETROIT – General Motors Co. (NYSE: GM) sold 7.2 million vehicles globally in the first nine months of 2015. The company posted sales increases in four of its five largest markets, with record sales in China and strong retail sales gains in the United States. Total sales were down 1 percent, due primarily to the company's previously announced decisions to strategically reduce its presence in certain markets, as well as difficult market conditions in South America. "Our unwavering focus on the customer is paying off in our largest and most important markets as we execute one successful launch after another in the right segments," said GM President Dan Ammann. "At the same time, we have reacted quickly to challenging macroeconomic environments in other markets and have shown the discipline to exit situations where we see no long-term path to acceptable returns." Examples of GM's recent success include: GM truck sales in North America were up 16 percent in the first nine months of 2015, driven by a 17 percent increase in Chevrolet truck deliveries in the United States.