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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.

Mopar Hellephant crate engine sells out in 48 hours

This happened so quickly that we're only just catching up with it. Mopar opened pre-orders on the 7.0-liter Hellephant Hemi crate engine on April 26, which is Hemi Day. According to Allpar, hubbub on social media not long after that day claimed Mopar had gone through all of its Hellephant stock. When Allpar asked Fiat Chrysler for clarification, a spokesperson e-mailed, "Given the high demand and the hand-built, time-intensive build process, we have closed preordering for the 426 Hellephant Supercharged HEMI crate engine. Based on preorders, the engine sold out in just two days. Customers can visit www.cratehemi.com to receive future information and updates on the 'Hellephant' engine." No one is certain how many engines Mopar sold. Allpar wrote, "Industry insiders believe Mopar may be making around 100," but reiterated that it's a guess. The engine and the ordering process have their peculiarities. Mopar Insiders explained that Tool Engineering International helped create the 426-cubic-inch block, and that the Hellephant engine "shares nothing except for displacement with the rumored upcoming 7.0-liter 426 Hemi V8." On the Hellcat.org forum, a poster wrote that the engines "can only be sold through a dealer and that the dealers can only order 1 engine per week." The Hellephant doesn't come with Mopar's three-year, 100,000-mile warranty, either. During a press briefing last October, FCA officials said they weren't sure about offering any warranty. Based on the motor being given a part number starting with the letter P, there is a bit of protection, but it's a 90-day limited warranty covering "defects in materials or wokmanship," and only applies to engines not used in competition. For those who didn't get the opportunity to drop $29,995 for 1,000 horsepower and 950 pound-feet of torque, the best bet is to hope for the return of Apollyon's pachyderm. Motor1 wrote that "Rumors hint at... another limited run scheduled for next year due to overwhelming demand." That's thin thread to hang a Hellephant from, but it beats bupkis.

Marchionne says electric Maserati may debut by 2019

Ask Sergio Marchionne's opinion on the prospects of making a profit on producing electric-vehicle versions of Fiats or Chryslers, and he's likely to shoot the concept down. Bring that price point up into Maserati range, though? That apparently may be in the works, according to Bloomberg News. The famously EV-averse Marchionne says the company may start work on an electric vehicle for its hoped-for Maserati Alfieri model. Additionally, a hybrid version of the Maserati Levante SUV may also be developed during the next few years. The EV may be available by 2019, while the hybrid may start sales shortly thereafter. Meanwhile, Fiat may also be working on an electric city car, which would be its first in Europe. The key, of course, is the price point. The Maserati brand means that a new EV may be a legitimate competitor to Tesla Motors because such a badge could approach the $100,000 threshold where the Tesla competes. Marchionne has long professed that it's nearly impossible to make money on electric vehicles. Earlier this month, Marchionne, speaking with UK's Car magazine, suggested that Tesla Motors is the best example of this theory, because, for all the demand for and growth of the California-based company, Tesla has never made an annual profit. And while the Fiat 500e electric vehicle has been feted for its style and performance, Marchionne has always insisted that the model was produced strictly to comply with California's zero-emissions policy, and that the company loses about $10,000 on each 500e it sells. Related Video: Green Chrysler Fiat Electric Sergio Marchionne