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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.

2019 GMC Sierra 1500 prototype shows off differences from Silverado

Now that the new Silverado has made its debut, we're awaiting the reveal of its mildly restyled twin, the GMC Sierra 1500. While it likely won't be that different as far as capability and major equipment are concerned, we are looking forward to seeing what design changes it will have. Based on these recent spy shots, the changes will be mild, but still enough to make it visually distinctive. One of the more obvious differences will be in the front fascia treatment. Unlike the Silverado's grille that's level with the top of the headlights, the GMC's will rise above the lights, which will also yield a slight drop on each side of the hood to meet the lights. The grille is quite tall, extending far below the headlights, too. We can make out, behind some mesh, two dips on the outer edges of the grille that give the Sierra a more menacing frown. Large foglights are also found right near where the scoops for the wheel air curtains, and the headlights are unified on the edges, rather than split on the Silverado. Along the sides, the sheet metal looks relatively unchanged. At some angles, we can make out the distinctive shoulder line from the Silverado that runs up to about the rear mirrors where it stops to make room for another crease that rises up from somewhere in the middle of the front doors to lead to the front. The wheel arches are decidedly different from the Silverado's though. While the Silverado has fairly rounded arches, the Sierra's have a rear-slanted bevel to the fronts of the arches and a rounded 90-degree corner at the rears. There isn't much we can tell about the rear except for the taillights. They're quite large, and unlike the Silverado's, there aren't any areas where the sheet metal intrudes. It also appears that the tops of the taillights extend farther forward into the bed sides than the Chevy's. Because the Sierra has almost always been a mechanical twin of the Silverado, we expect it to offer the same 5.3-liter and 6.2-liter V8s, as well as the new 3.0-liter diesel inline-6. Also, being a GMC, it will likely have a flashy, chrome-laden Denali trim level. We also will see the fully revealed model soon, as Automotive News reports the debut will be on March 1. Related Video: Featured Gallery 2019 GMC Sierra 1500 spy shots View 39 Photos News Source: Automotive News Spy Photos GMC Truck chevrolet silverado

GM plans to sell the Chevy Tahoe and Cadillac Escalade in China

General Motors Co plans to sell full-size sport-utility vehicle (SUV) models in China for the first time, and will import a range of models to beef up its product lineup into the world's biggest car market, its China chief told Reuters. The plan would mark a change of tack for GM, which currently produces all of the vehicles it sells in China within the country, which is set to be the only major economy to grow this year amid the COVID-19 pandemic. GM, China's second-biggest foreign automaker, is aiming to offer four models as it looks to improve its brand image and support a sales recovery: Chevrolet's Tahoe and Suburban, Cadillac's Escalade and the GMC Yukon Denali. The Detroit-based company is showcasing those models at the China International Import Expo, or CIIE, an annual import show in Shanghai which started on Wednesday and runs into next week. "Our intention is to get customer reaction and find a way to sell these cars in China," said GM's China chief Julian Blissett. The automaker sees opportunities for such vehicles, partly because Chinese families are expanding, he added. "We are looking into a variety of market sales plans for these vehicles, including online sales, leasing and others," he said, declining to give a detailed timeframe for the plan. GM's Buick and Cadillac mid-size SUVs helped the group's Chinese sales grow 12% in the third quarter this year, the first quarterly growth in the past two years. But it does not have full-size SUV models, which usually have a third row of seats and has room for six or seven people. BATTLEGROUND China, where over 25 million vehicles were sold last year, is a crucial battleground for global automakers including Volkswagen AG, the biggest foreign player by sales volumes, GM and Toyota, as well as local leaders Geely and Great Wall. The country has seen auto sales pick up in recent months following a COVID-19-induced slump, and authorities say they have largely brought the epidemic under control following its emergence in the central city of Wuhan at the end of last year. The expansion plan would also mark GM's first official sales in China of GMC vehicles, a premium brand in the group. Previously GMC vehicles were only sold in the country via unofficial grey importers. The imports will, however, not change GM's basic production strategy in China. It will still mostly sell vehicles made in China - for now, at least. "Depending on however we go we might make other decisions," Blissett said.