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Dongfeng and PSA extend Chinese joint venture

BEIJING/PARIS — China's Dongfeng and Peugeot maker PSA are extending their business cooperation, despite the Chinese company reducing its stake in PSA to help smooth the French carmaker's merger with Fiat Chrysler Automobiles (FCA). Dongfeng said on Thursday it had agreed with PSA to extend the duration of their joint venture Dongfeng Peugeot Citroen Automobiles (DPCA). Under the deal, the venture could get the rights to PSA's new brands in China and will benefit from new technologies and intellectual properties, the Chinese company said. PSA was not immediately available for comment. The announcement comes a day after the companies said Dongfeng would reduce its 12.2% stake in PSA by selling 30.7 million shares to the French company. Analysts said the move could smooth U.S. regulatory approval for PSA's roughly $50 billion (GBP38.97 billion) merger with Italian-American carmaker FCA. The sale of Dongfeng's shares in PSA, worth around 680 million euros ($757 million), will leave the Chinese group holding around 4.5% of the merged PSA-FCA, which is set to become the world's fourth-biggest carmaker by sales volumes. "As the cooperation between Dongfeng and PSA deepens, we expect the joint venture to continue making good progress in China," a Dongfeng representative said. On a conference call, Dongfeng said DPCA would have exclusive rights to PSA's Opel cars should the partners agree to bring the brand to China, and enjoy lower prices on car parts imported from PSA. Earlier this year, a document seen by Reuters showed Dongfeng and PSA plan to cut jobs at Wuhan-based DPCA and reduce its number of car plants to try to make the venture more profitable. Chrysler Dodge Fiat Jeep RAM Citroen Peugeot China FCA PSA Dongfeng

Here's the last Dodge Viper

The last Dodge Viper has rolled off the line. Ralph Gilles, FCA's Head of Design since April 2015, posted a photo gallery on Instagram with the caption "So long... #Viper." The gallery includes multiple photos of the Conner Avenue Assembly Plant in Detroit, where the Dodge Viper has been built since 1995. In the gallery, we see a yellow unit with black stripes coming down the line, and Gilles is posing in front of it with Dodge/SRT Head of Design Mark Trostle. The yellow Viper is followed by a red car, with nothing else behind it on the line. That red Viper is "the ultimate last one," according to Gilles, adding that the automaker will be holding onto that unit for the company's heritage collection. You can click through the gallery here: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. When asked in the comments if the Viper was discontinued because of low sales, Gilles replied, "Not really as it sold well over the last couple of years at a great mix of mostly ACRs in the last 15 months. It has more to do with a new ejection mitigation regulation airbag that simply won't fit in our package." Despite the solemnity of the post, Gilles is upbeat about the Viper in general, saying "The Gen5 had a great 5 model year run and the Viper platform which has not changed that much over the years had a great 25 year run!" He says he has great memories with the car, and that "they are relatively robust so they will be around making memories for generations to come!" Still, we hope to see something that lives up to the Viper's wild, raw spirit come from FCA in the near future. Related Video: Related Gallery Roadkill Nights Dodge Vipers 2017 View 40 Photos News Source: Instagram: @ralphgilles Plants/Manufacturing Dodge Automotive History Coupe Performance Supercars FCA viper

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.