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Detroit 3 and UAW set for showdown over tiered wages

This week, thousands of United Auto Workers will converge on Cobo Center in Detroit for the Special Convention on Collective Bargaining, an every-four-year event that lets members tell UAW leaders what the negotiating priorities should be during contract negotiations. This is where a lot of sand and a lot of lines start coming together in preparation for contract negotiations between the UAW and the Detroit 3 automakers, which will happen later this year. Number one on the UAW agenda is the end of the two-tier wage system created in 2007 to help the automakers get through bankruptcy; veteran workers are paid the Tier 1 rate of around $29.00 per hour, new hires are paid the Tier 2 rate of between $15 and $20 and get about half the benefits of Tier 1. Tier 2 hiring has been an undoubted success for the automakers, allowing them to keep factories in the US and hire more workers. By agreement, it is capped at a certain percentage of each automaker's workforce, and while the union's ultimate position is to get rid of the dual-scale system entirely; one leader said Ford could easily afford the $335 million it would take to convert all its workers to Tier 1 out of its $6.9 billion in 2014 North American profit, and General Motors could do the same out of the $5 billion it is handing to investors through the (admittedly forced) share buyback. Other delegates say that at the very least they'd be happy with enforcement of the current caps in the new contract. The automakers, conversely, would welcome expansion of the Tier 2 ranks. Including benefits, import automakers pay workers "in the high $40 range" per hour, according to an analyst, while Ford and GM pay about $59 in wages and benefits per hour. More Tier 2 workers on the rolls would let those two companies get labor cost parity with the competition. Fiat-Chrysler pays wages closer to the imports because of special exceptions in its UAW contract that allow unlimited Tier 2 hiring; those exceptions will end on September 14 and bring FCA into line with the other domestics, unless the new contract maintains them. FCA CEO Sergio Marchionne is opposed to the two-tier system, having called it "almost offensive." One analyst says the UAW might win a sizable pay raise for Tier 2 and a small increase for Tier 1, but the keystone issue will be how the hiring matrix can help the automakers keep overall wages in line with the imports.

SpeedKore's 'Baba Yaga' Chrylser Pacifica will eat kids, not shuttle them

In American movies, the Baba Yaga wears a tailored tactical suit, carries an HK P30L as his primary, drives a 1969 Mustang Mach1, and answers to the name of John Wick. In Slavic folklore, the original Baba Yaga wears less exclusive garb, carries a mortar and pestle, and lives in a cottage that stands on and walks around the forest on chicken legs. The latter version would probably trade in her cottage for SpeedKore's conceptual creation named in her honor, a Chrysler Pacifica with a Demon engine. Working with virtual artist Abimelec Arellano at Abimelec Design, the Wisconsin-based tuners drew up a minivan that could put fear into any children unfortunate enough to anger the mother behind the wheel. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This isn't just about a witch, either. It's a witch with a side of demon plus an extra side of demon. The Hellcat powertrain reaches 1,025 horsepower in the limited-edition Dodge Challenger SRT Demon 170. That wasn't enough. The caption notes, "The 6.2L V-8 has been treated to what we're calling the 'Lilith Package.' Named for the primordial mother of demons, the Lilith Package brings the supercharged Hemi to a proper 1,514 horsepower and channels it through an 8-speed ZF transmission before the Michelin wrapped SRT wheels deliver power to the pavement." Visual treats include a hood scoop, remade grille, and larger intakes for better breathing, fender flares, tinted taillights, central-exit dual exhaust, and the appropriate badging. A sleeper this is not.  A regular Chrysler Pacifica weighs about 4,530 pounds and makes, at most, 296 horsepower when given hybrid help. SpeedKore's version not only multiplies that figure by more than five, the aerospace-grade carbon fiber body panels that are a shop specialty are claimed to drop 1,000 pounds. They'll do a fine execution of the mission statement, which we're told is "setting lap records, roasting tires, and putting a pep in your step." Anyone who hasn't been too scrambled to step out of the van at its destination, at least. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ferrari to be spun off from Fiat Chrysler

The recently merged Fiat Chrysler Automobiles empire has ambitious plans for growth, and it's going to need some big bucks in its coffers in order to enact them. Part of that cash injection is coming from the floating of its IPO on the New York Stock Exchange, but now FCA has announced a further capital campaign to be based on the enormous asset that is Ferrari.
FCA's board of directors has just approved the separation of Ferrari from the rest of the group as a separate entity. Once that separation is complete, Ferrari will put 10 percent of its shares on the stock market "in the United States and possibly a European exchange" as well.
This isn't the first time that the idea of a Ferrari IPO has been raised. Sergio Marchionne, chief executive of Chrysler, Fiat and Ferrari (pictured above), first raised the idea four years ago. Former Ferrari chairman Luca di Montezemolo nixed the idea, but now that he's been discharged, it appears there's nothing to get in the way of Marchionne's desires.