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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.

Toyota Camry, Honda Civic inventories mounting as US automakers make inroads

Two of the hottest-selling cars in America aren't quite as hot as they used to be. The Toyota Camry and Honda Civic are both seeing dealer supplies increase in the face of renewed competition from the much-improved Detroit Three.
According to a report from The Detroit News, the Camry's dealer inventory is 15 days higher than its seasonal average, while the Civic is 25 days above average. Things aren't expected to get better for Toyota and Honda, as RBC Capital Markets analyst Joseph Spak marked the two Japanese offerings as "at risk for reduced output."
The Detroit Three, meanwhile, are seeing supplies dwindle as demand increases, especially for the Ford Fusion, which has seen an 18-percent increase in 2013 sales, and the Chevrolet Cruze, which was second only to the Camry in June 2013 sales.

Project CARS 2 is coming

It's barely been a month since we released our review on Project CARS, and already, developers Slightly Mad Studios is preparing a sequel. It'll use the same crowd-funding formula that put together such a successful game this time around. The sequel was announced on the World of Mass Development portal, the same source of crowdfunding for the first Project CARS. Among the enhancements Slightly Mad is planning, there's the usual promise of more tracks and cars, but what we're really looking forward to is the news hidden in that promise. Project CARS 2 will boast bigger, more exciting forms of racing, including rallycross. In total, there will be over "50 unique locations and 200+ courses," "8 different disciplines," and "200+ cars from over 40 different vehicle classes including never-before-seen Concepts and Banned Race Cars." Yes, this all sounds very good. Project CARS 2 will also add a new customizable test track feature, and there will be an increased emphasis on both co-op and social gameplay and "skill and behavioral-based matchmaking" in online play. The crowdfunding campaign for the new title is currently underway, although it's unclear when we'll get a planned release date. As for our own wish list, it's remarkably short. We'd like a more fully fleshed out career mode, actual vehicle upgrades and customization options, and a genuine economy would be welcomed additions. Part of the fun of racing titles is working up the coin to acquire new and exciting cars. It's not that we mind full access to the game's entire roster of vehicles, we just wish that in the career mode, there was a bit more planning and challenge to getting ahold of new racers. In short, we want the best parts of Forza Motorsport with combined with the best parts of Project CARS. Oh, and if the frame-rate issues we experienced on the Xbox One could be sorted out too. What would you like to see included in Project CARS 2? Perhaps cleaner menus? A better soundtrack? Have your say down in Comments. Until then, check out the launch announcement over at WMD. Related Video: Featured Gallery Project CARS 2 News Source: World of Mass Development via Kotaku Toys/Games Ford Racing Vehicles video games xbox one playstation 4 project cars slightly mad studios