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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.

NHTSA investigating power modules on Chrysler Group SUVs and minivans

The Center for Auto Safety is officially petitioning the National Highway Traffic Safety Administration to begin scrutinizing alleged problems with the totally integrated power module (TIPM) on about 24 Chrysler Group SUVs and minivans. The advocacy group claims that the part's failure can cause affected vehicles to stall or not start at all. NHTSA is still looking into the accusations and deciding whether a full investigation is actually warranted.
The CAS petition claims at least 70 TIPM failures, but according to NHTSA, six of the complaints are for models that don't have the modules. In 34 of the reported cases, the vehicles refused to start, and in 17 of them the engine stalled. There were also two allegations of smoke and one of a fire. However, none of these affected airbag deployment or resulted in a crash.
This petition isn't the first TIPM-related problem for Chrysler Group. A recent report in the New York Times alleged that it found 240 complaints potentially related to the issue on NHTSA's website alone. In September, the automaker also recalled 230,760 examples worldwide (188,723 in the US) of the 2011 Jeep Grand Cherokee and Dodge Durango replace the fuel pump relay circuit inside of the TIPM-7 with one external to the unit. The original part could allegedly cause the models to stall without warning. Even earlier, the company also recalled about 80,000 examples of the Jeep Wrangler and Dodge Nitro in 2007 to have the module reprogrammed.

Dodge has released 500 million horsepower onto American roads since 2005

Dodge started using horsepower to measure sales when it launched its Power Dollars rebate program in August 2019. The clever campaign has paid off, and the company reached its goal of putting 500 million horsepower in the hands of enthusiasts two months ahead of schedule. The ongoing Power Dollars program rewards buyers who think big when it comes to their car's specifications sheet. Motorists in the market for a 2019 Challenger, a 2019 Charger, or a 2019 Durango can save $10 for every horsepower their future car's engine generates. There's no replacement for displacement here; the more horsepower you take on, the more discount you'll see when you sign the dotted line. The 797-horsepower Challenger Hellcat Redeye is eligible for a $7,970 discount, for example, while the tamer Charger SXT with a 3.6-liter, 292-horsepower V6 between its fenders costs $2,920 less. The Journey got excluded from the deal. When Dodge announced the program, it explained it had put 485 million horsepower in the hands of enthusiasts since bringing back the Charger and the Challenger in 2005 and 2008, respectively, and it hoped to break the 500 million threshold by the end of 2019. Mission accomplished. Putting horsepower in the bargain bin lured a surprising number of buyers into showrooms. Dodge notably sold 18,031 examples of the Challenger during the third quarter of 2019, a record-setting figure that represents a 21% increase over the same time period in 2018. The Challenger was more popular than the Ford Mustang and the Chevrolet Camaro, its main rivals. The Charger posted its best third quarter in 13 years with 26,060 sales, a 46% increase over the third quarter of 2019, which is remarkable considering its age. Finally, 2019 might end up being the Durango's best year since 2005. As of the third quarter, year-to-date sales are up 6% to 52,622. Enthusiasts who want to configure the Challenger, Charger, or Durango of their dreams need to act quickly, because Dodge will stop taking orders for 2019 model-year cars on October 23 — that's this Wednesday. Those willing to take home a car from a dealer's inventory will be able to claim the Power Dollars rebate until January 2, 2020.