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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.

Reservations for Cadillac CT4-V and CT5-V Blackwing models to open in February

Cadillac will unveil its high-performance CT4-V Blackwing and CT5-V Blackwing sedans on Feb. 1 and will accept reservations for the cars the same day. Only 250 examples of each car will be built for 2022, and immediately after the reveal, customers can secure one of these Caddies with a $1,000 deposit, which is refundable. Deliveries are set to begin in mid-summer. As a special enticement, those first 250 cars will get a numbered plaque on the steering wheel, which indicates the model, transmission, and build sequence. Note that the plaque comes only on cars equipped with the high-performance steering wheel, which based on the teaser image below appears to have carbon fiber accents. It's standard on the CT5-V Blackwing and included on mid-level and higher versions of the CT4-V Blackwing. We already know that the CT5-V Blackwing will be available with carbon fiber seatbacks. More exciting news is that Cadillac will buck the prevailing trend and offer a six-speed manual transmission as standard equipment in both cars. A 10-speed automatic also will be available. It's not yet known what engine will power the sedans, although it's not expected to be the eponymous 550-hp Blackwing V8 that had an abbreviated run in the just-discontinued CT6-V. Cadillac has also announced that Blackwing buyers can avail themselves of a 2-day high-performance driving school experience at Cadillac's V-Series Academy at the Spring Mountain Motor Resort in Pahrump, Nevada. They're on their own as far as getting there, however. The unveiling of the two new Blackwings on Feb. 1 will take place at the brand's main website as well as its Twitter page. Related Video:    

GM winding down Chevrolet brand in Europe

If you've taken even a cursory look at GM's European strategy and wondered how it can target the market there with both Chevrolet and Opel/Vauxhall, you're not alone. In fact General Motors itself has found it difficult to justify the two-pronged approach. That's why it's essentially pulling Chevy from the European marketplace.
Instead of trying to ply European buyers with what are mostly former Daewoo products rebadged as Chevys, GM will now let Opel (or Vauxhall in the UK) represent its mass-market aspirations. Chevrolet will keep its presence in Russia and other former Soviet markets, and will continue selling certain niche products in Eastern and Western Europe. The Corvette, for example, has long been sold in Europe through Cadillac dealerships, which for its part is currently "finalizing plans for expanding in the European market".
While the shift in strategy is expected to help GM get a stronger foothold in the European market in the long run, in the short term the restructuring will cost it dearly: between $700 million and $1 billion, according to its own estimates, split between the last quarter of this year and the first half of the next. Jump into the full press release below for more.