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With contract expiration days away, UAW targets GM first for negotiations

The United Auto Workers union on Tuesday said that it would target General Motors as the first of the Detroit automakers for talks ahead of the current four-year contract's expiration on Sept. 14. This year's contract talks between the union and GM, Ford and Fiat Chrysler Automobiles NV are expected to be contentious as U.S. new vehicle sales are slowing and automakers face rising costs associated with the development of electric vehicles and self-driving cars. Rising healthcare costs, job security, profit sharing and the use of temporary workers are expected to be major sticking points. GM in particular has been a target of union ire since announcing the closure of five North American plants late last year. That move drew a wave of criticism, including from U.S. President Donald Trump. Trump has repeatedly prodded GM and last week said the No. 1 U.S. automaker should begin moving its operations in China back to the United States. "We are prepared and we are all ready to stand up for our members, our communities and our manufacturing future," UAW President Gary Jones said in a statement. In a statement, GM said, "We look forward to having constructive discussions with the UAW on reaching an agreement that builds a strong future for our employees and our business." The contracts come at a difficult time for the UAW, as a federal corruption investigation into the union continues to grow. Last week, the FBI conducted searches at Jones' home, a union retreat and multiple other locations, including the home of the union's previous president, Dennis Williams. To date, seven people linked to the union and the automaker have been sentenced in the government's corruption investigation. Reporting by Nick Carey.

Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM

UPDATED: ‘The auto industry has lost a true giant’

Former Fiat Chrysler Chief Executive Sergio Marchionne, one of the auto industry's most tenacious and respected auto chiefs, has died, succumbing to complications from surgery. Following are some of THE tributes paid to Marchionne:Apple CEO Tim Cook: "Sad to hear of the unexpected passing of Sergio Marchionne, an auto industry visionary and a remarkable leader. Our thoughts are with his family, friends and everyone at Fiat Chrysler."U.S. President Donald Trump: "Sergio Marchionne, who passed away today, was one of the most brilliant & successful car executives since the days of the legendary Henry Ford. It was a great honor for me to get to know Sergio as POTUS, he loved the car industry, and fought hard for it. He will be truly missed!"Canadian Prime Minister Justin Trudeau: "He was a giant in the auto industry, a friend of the Italian-Canadian community, and a visionary in the corporate world. Sergio Marchionne's death is a huge loss, and Sophie and I send our condolences to his family and friends."PSA Group CEO Carlos Tavares: "I am extremely sorry to hear this very sad news and I extend my sincere condolences to the family of Sergio Marchionne. Marchionne's leadership will remain our benchmark in the automotive industry."Aston Martin CEO Andy Palmer: "We are deeply saddened to learn of the passing of Sergio Marchionne. On behalf of all of us at Aston Martin Lagonda, I would like to extend our sincere sympathies and condolences to his family, friends and colleagues at Fiat Chrysler Automobiles."Daimler Chief Executive Dieter Zetsche: "The auto industry has lost a real giant. And many of us have lost a very dear friend: Sergio Marchionne."Gary Jones, United Auto Workers President: "During the industry's dark days of the recession, Chrysler, Dodge, Jeep and RAM were at a perilous point. Working with the UAW members, the FCA rebirth was born when many doubted it would come. As in all labor-management relationships, there were clashes and disagreements." "And when history looks back at his legacy, despite bumps and bruises along the way, in the end, the sun wasn't setting when he left the company, the sun was rising. That will long be remembered."Chase Carey, Chairman and CEO of Formula One motor racing: "He led with great passion, energy and insight, and inspired all around him. His contributions to Formula 1 are immeasurable.