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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.

Editors' Picks January 2022 | Ford Maverick, Jeep Grand Cherokee and more

This month, we awarded Editors' Pick awards to a number of totally redesigned, new models. Most notable of the bunch is the 2022 Ford Maverick. Ford took a chance on a new segment, and its execution is as close to perfect as we could hope for. The Hyundai Santa Cruz is a worthy competitor, though, and was also named an Editors' Pick. Also in this list, we have the redesigned Jeep Grand Cherokee. It's an excellent SUV, and it's only going to get better when the plug-in hybrid 4xe model hits the roads. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in January that earned an EditorsÂ’ Pick. 2022 Jeep Grand Cherokee Quick take: Jeep's midsize SUV hits it out of the park with the latest generation. We could stand to see some powertrain innovation, but the Grand Cherokee's premium proposition is sound. Score: 8.0 What it competes with: Honda Passport, Hyundai Santa Fe, Ford Edge, Chevrolet Blazer, Nissan Murano Pros: Highly capable, luxurious interior, choices aplenty Cons: Pricey, fuel economy From the editors Associate Editor, Byron Hurd — "Jeep did almost everything right with the redesigned Grand Cherokee. Its powertrain offerings are fairly unremarkable, but the new two-row 4xe will go a long way toward addressing that. It's an otherwise fantastic, modern, luxurious Jeep SUV." In-depth analysis: 2022 Jeep Grand Cherokee First Drive Review | 1 fewer row, 1 more touchscreen   2022 Ford Maverick Quick take: The Ford Maverick offers tremendous value, efficiency, incredibly well-thought-out packaging, plenty of storage, a fairly engaging drive and ease of use, all with the utility of a pickup bed. We like the hybrid, but the EcoBoost engine and FX4 package offer more capability. Score: 8 What it competes with: Hyundai Santa Cruz Pros: Very affordable, Hybrid fuel economy, compact size Cons: Tight backseat, FWD only Hybrid, no cruise control in base trim From the editors: Green, Senior Editor John Beltz Snyder — "The Maverick is simply a dynamite package. It's smart, useful, drivable, efficient, providing affordable utility in the underserved compact pickup segment.

Ford Mustang outsold Audi TT and Porsche 911 in Germany

Despite being the antithesis of the cars Germany is known for, the new Ford Mustang was the best selling sports car in the land of schnitzel and beer last month by a whisker. The Mustang beat out the Audi TT by 780 units to 708, and it beat Germany's best known performance car, the Porsche 911, 780 to 752. That makes some sense, right? The Mustang has to be cheaper than those competitors, right? Not really. Both the EcoBoost and V8-powered Mustang have higher starting prices than the equivalent TT. The 2.3-liter, EcoBoost-powered Mustang starts at 38,000 euros (around $43,300 at today's rates), while the front-drive Audi TT starts at 35,950 euros (about $41,000). The V8-powered Mustang GT, meanwhile, starts at 43,000 euros (about $49,000), which is just 2,550 euros more than the Quattro-equipped TT. When 310 horsepower or 435 hp can be had for just a couple thousand more than 220 hp, it's easy to understand the Mustang's success. The 911, of course, is a lot more expensive than the Mustang. You can buy two Mustang GTs for the price of a single Carrera. But Ford also managed to beat out the Porsche's smaller siblings, the Boxster and Cayman twins, which sold a combined 642 vehicles. Again, the pony car is significantly cheaper, but that doesn't do much to lessen the impact of the Mustang's victory. If you're in Germany and are concerned about this American invasion, you shouldn't be (yet). The TT is Germany's best-selling sports car from January through March, with 2,299 to the Ford's 1,823. Porsche is breathing down the pony car's neck, too, with 1,811 units in 2016. It'll be interesting to see if Ford's successful March carries on into the rest of 2016. Related Video: