Latest news with #UAW
Axios
07-07-2025
- Politics
- Axios
Trail Mix: Papers of record weigh in as controversies crop up
Welcome back to our weekly roundup of election news! The Aug. 5 primary is fast approaching and absentee voting began last month. City Council president and mayoral candidate Mary Sheffield was the subject of discussion last week over a Free Press column questioning her use of tax dollars for birthday cards, as well as a logo mix-up that gained traction on social media. We're looking a bit closer at the UAW logo issue: A flyer for an event featuring Sheffield surfaced, using the UAW logo, despite the fact that the UAW didn't endorse her; instead, they chose the Rev. Solomon Kinloch Jr. The flyer was shared on Sheffield's Instagram story but then deleted, per the Michigan Chronicle. The UAW issued a statement reiterating it selected Kinloch, saying "Sheffield knows this," and that the campaign "improperly" used the logo and "cast confusion". However, the Sheffield campaign didn't create the flyer — it was created by the UAW members supporting Sheffield, UAW member Lynda Shari Jackson commented on the UAW's statement on Facebook and told media. Jackson wrote that "this whole thing has been blown outta proportion." "We respect the right of UAW Local 7 and 51 members to show support independently, and … this initiative was not organized by our campaign," Sheffield said in a statement. The bottom line: The UAW's endorsement is weighty, but still, members can vote for who they wish. Videos surface: Mayoral candidate Jonathan Barlow 's name was in the news last week as he faced harassment claims over viral social media videos depicting a late-night interaction between him and a group of women. A BridgeDetroit article details the occurrence, with the women's side of the story as well as Barlow's. Papers weigh in: The Free Press chose to endorse Sheffield in the mayoral primary, writing that her plans were "the most clear and precise" and her time in office shows she can make things happen. "She's made no bones about asking our corporate community to do more, but can passionately argue why that's in business' best interest." Meanwhile, the Detroit News endorsed former City Council president and nonprofit CEO Saunteel Jenkins — a notable choice, as some consider Sheffield and Kinloch the two most likely to advance through the primary. Jenkins' campaign and other observers still view the second general election slot as highly winnable.
Yahoo
01-07-2025
- Automotive
- Yahoo
The 2025 Corvette ZR1 May Be Even More Rare Than We First Thought
Chevrolet's Corvette ZR1 is a revolution for American sports cars, packing power and performance figures that not long ago were the province of foreign exotica — but a new report indicates that the first batch to roll off the line for the 2025 model year may arrive in even more limited numbers than we first suspected. According to CorvetteBlogger, Chevrolet's model year swap between 2025 and 2026 Corvettes is scheduled to take place on August 4 —which means the company has a little over a month to churn out the MY25 ZR1s. But while General Motors reportedly has taken 310 orders into its system for the 1064-hp twin-turbo 'Vette, all for its inaugural model year, a mere 65 units have reportedly been built since production kicked off at the end of April. Further complicating matters: the Corvette's storied Bowling Green, Kentucky, plant is set to close for a summer break after Friday, July 4, and won't re-open until July 14. That leaves UAW workers in Kentucky just 15 days to build more than 240 Corvette ZR1s, a feat that Chevrolet, reportedly, doesn't believe is possible. At least, that's what the automaker signaled to dealers according to an email CorvetteBlogger says it obtained. The email reportedly states that the automaker cannot commit to building all 310 units in the order system in that time, and that any 2025 ZR1 orders that are at 3000 Status (signifying the order has been accepted by production control) or below will need to be resubmitted as 2026 model year orders. There's independent evidence to back this up, too. Corvette enthusiast and data mapper Roger Kiel has taken it upon himself to track the production of the C8-generation Corvette and posting his findings in Corvette-dedicated Facebook groups; the latest version shows an average daily production rate of two or three ZR1 units each day. This indicates that around 100 ZR1 units are likely to be built by the time of the model year switchover in early August. So, what's the big deal? Well, in addition to a revamped interior design, the new model carries a $7200 price bump versus 2025 model year ZR1s, in addition to a destination fee increase of $100. Another added complication is the way ZR1 allocations flow. One order cycle of the 2026 model year C8 Corvette has already come and gone, but no ZR1 units were reportedly allocated — hence why all 300-ish orders taken so far have been for MY25 cars. That means these ousted ZR1 buyers will have to wait for the next order cycle, and hope that it winds up offering some slots for the new hypercar-slaying C8. Clearly, C8 ZR1 production is still in its infancy, and prospective buyers will have to adjust their expectations accordingly. However, the transparent amount of performance on tap and the degree of American engineering pride exemplified by the ZR1 leads us to suspect most buyers will be more than willing to wait a little longer than they originally planned if that's the price for owning a 233-mph stock Corvette. You Might Also Like You Need a Torque Wrench in Your Toolbox Tested: Best Car Interior Cleaners The Man Who Signs Every Car
Yahoo
24-06-2025
- Automotive
- Yahoo
Stellantis plans $388M parts distribution ‘Megahub' in metro Detroit
This story was originally published on Automotive Dive. To receive daily news and insights, subscribe to our free daily Automotive Dive newsletter. Stellantis is building a $388 million automotive parts 'Megahub' in metro Detroit, the automaker announced in a May 21 press release. The new facility in Van Buren Township is set to be operational by 2027, 'further advancing the efficiency and sustainability' of Stellantis' Mopar service parts distribution network, according to the release. The facility will be key in the automaker's 'long-term plan to modernize and centralize its service parts distribution network', the company said. The 2023 collective bargaining agreement between Stellantis and the United Auto Workers included the automaker's plan to overhaul its parts distribution centers. Consolidation is a major component of Stellantis' plan. The automaker recently sold its Michigan sites in Center Line and Marysville as well as its Milwaukee, Wisconsin parts distribution facility. The centers will continue operating under a sale-leaseback agreement until the metro Detroit Megahub opens, according to the release. Meanwhile, the Warren Sherwood center will be revamped as an e-coat upfitting facility, and Marysville workers will transition to Stellantis' two other nearby Warren facilities until construction of the metro Detroit Megahub is complete. The metro Detroit Megahub will be staffed by 488 UAW-represented workers from the Center Line, Warren, Warren Sherwood and Milwaukee parts distribution center locations, the company said. The metro Detroit Megahub will utilize 'AutoStore' technology, which Stellantis introduced in April at its new East Fishkill, New York parts distribution center, which itself a merger of the former Tappan, New York and Boston parts facilities. The AutoStore system automates parts storage and retrieval by relegating these tasks to robots. Humans then process the parts for shipment. 'With the Metro Detroit Megahub, we're building a faster, smarter and more reliable parts distribution network that puts [customer] needs first,' Darren Bradshaw, senior vice president and head of Mopar North America, said in a statement. 'This investment reflects our commitment to innovation, sustainability and operational excellence, while also creating a modern, high-tech workplace for our employees.' Recommended Reading Stellantis scraps plans for Illinois battery plant, parts hub: UAW Sign in to access your portfolio
Yahoo
23-06-2025
- Automotive
- Yahoo
Exclusive-UAW investment blunder cost the union an estimated $80 million, documents show
By Kalea Hall and Nora Eckert DETROIT (Reuters) -The United Auto Workers' leadership is mired in turmoil over allegations of an investment blunder that officials say cost the union about $80 million in potential gains from its financial portfolio, according to seven UAW officials and employees and union documents reviewed by Reuters. The investment funds were liquidated to pay striking workers in 2023 but weren't reinvested in accordance with the union's investment policy for more than a year, according to the documents and the UAW officials and staffers who spoke on condition of anonymity. The details of the investment dispute at the union, including the estimate of foregone gains, have not previously been reported. The loss is an estimate of what the union would have earned had the money been invested in the stock market and other assets in accordance with the union's policy during that time. The UAW represents nearly 400,000 members, including 150,000 workers at the Detroit Three automakers: General Motors, Ford, and Jeep-maker Stellantis. UAW investment policy calls for keeping about 30% of its money in stocks, 53% fixed income and 17% alternative investments, according to three union sources and the documents. The board voted to liquidate about $340 million in stock investments in August 2023 to pay strike costs, according to a union document reviewed by Reuters. The wording of the vote stipulated that the money be reinvested according to union policy after the strike ended and the labor contracts were ratified, though it didn't specify how quickly. But almost none of its portfolio was invested in stocks during the year after the strike began in September 2023, according to the records reviewed by Reuters. The news agency was unable to establish why the stock investment wasn't made. The issue of why the union did not reinvest the funds for more than a year is now being investigated by the federal monitor which was appointed as part of a 2020 settlement between the UAW and the U.S. Department of Justice to resolve a union corruption scandal, according to a statement from a majority of UAW board members. UAW President Shawn Fain and Secretary-Treasurer Margaret Mock did not respond to requests for comment on the failure to invest union dues. Mock's attorney, Michael Nicholson, declined to comment on why the union's money wasn't promptly reinvested in stocks or Mock's role, but told Reuters that responsibility for UAW's investments is shared by the union president, secretary-treasurer and its three vice presidents, citing a 1996 UAW resolution. 'We welcome the monitor's review regarding investments, because we believe that any accusations against Margaret Mock are unfounded,' he added. The financial setback is the latest challenge for the UAW. The union had been resurgent after the late-2023 strike, the union's first against all three major Detroit automakers at the same time, which culminated in record contract gains from GM, Ford and Stellantis. The union also successfully organized a Volkswagen factory in Tennessee in April 2024 after decades of failed union drives in the southern United States. Since then, though, the UAW's organizing momentum has stalled, including a failed unionization vote at an Alabama Mercedes-Benz plant in May 2024. LOST GAINS The tensions over union investments emerged late last year as some board members started questioning why the union's return on its portfolio seemed paltry relative to broader stock-market gains, according to union documents and five people familiar with the matter. In August 2023, the UAW board voted to sell all of the equities in its strike fund, leaving the remainder invested in a mix of cash, bonds and alternative investments, according to the documents and people familiar with the matter. The following month, UAW workers walked out of the carmakers' factories for about six weeks and were paid $500 a week from the union's strike fund. Any money remaining after the contracts with the car companies were ratified in November was to be reinvested per the union's investment policy. But rather than reinvesting in stocks, the funds were placed in a mix of cash, fixed-income and alternative assets through September 2024 when the portfolio contained 5% in equities, the documents show. In late 2024, Fain asked in one meeting why the union was getting lower returns on its portfolio than he could in a cash bank account, according to four people present at the gathering. In February 2025, union staff conducted an analysis that showed the union might have earned $80 million more if its portfolio had been invested according to union policy, according to a document viewed by Reuters. The document did not detail their methodology, but union sources said it was based on a comparison of the union portfolio's actual results to what the returns would have been under its policy, which includes a 30% allocation in a fund that tracks the Russell 3000 index, the UAW's preferred equity investment, according to people familiar with the matter. That fund grew 33% from late November 2023, after the contracts were ratified, through January 2025, shortly after UAW officials raised their concerns. The union worked with the financial firm Segal Marco Advisors to manage its strike trust of about $1 billion, the people and documents said. Reuters couldn't establish how the firm advised the union to manage the liquidated funds. The firm didn't respond to requests for comment. TROUBLED HISTORY Apart from the dispute over the UAW's investment decisions, broader tensions between Fain and Mock burst into public view Tuesday with the release of a report by the union's federal monitor that found Fain improperly stripped Mock of some of her duties in February 2024 because she wouldn't authorize expenditures related to strike preparation and organizing drives. The UAW declined to comment on either the report or the investment concerns, citing a federal monitor's rule prohibiting UAW public comments on active probes. The report did not address the failure to reinvest the funds after the strike. After its release, 11 of the UAW's 14 board members – including Fain – issued a statement saying Mock had failed to produce a budget or list of union members. The statement added: 'She is under investigation by the monitor for a significant compliance failure regarding our union's investments.' The federal monitor's office has told UAW board members that it now is investigating the post-strike failure to reinvest union funds, according to four of the people and union documents. The federal monitor declined to comment on whether it was investigating the union's investment management and Reuters could not independently confirm it. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
23-06-2025
- Automotive
- Reuters
Exclusive: UAW investment blunder cost the union an estimated $80 million, documents show
DETROIT, June 23 (Reuters) - The United Auto Workers' leadership is mired in turmoil over allegations of an investment blunder that officials say cost the union about $80 million in potential gains from its financial portfolio, according to seven UAW officials and employees and union documents reviewed by Reuters. The investment funds were liquidated to pay striking workers in 2023 but weren't reinvested in accordance with the union's investment policy for more than a year, according to the documents and the UAW officials and staffers who spoke on condition of anonymity. The details of the investment dispute at the union, including the estimate of foregone gains, have not previously been reported. The loss is an estimate of what the union would have earned had the money been invested in the stock market and other assets in accordance with the union's policy during that time. The UAW represents nearly 400,000 members, including 150,000 workers at the Detroit Three automakers: General Motors, Ford, and Jeep-maker Stellantis. UAW investment policy calls for keeping about 30% of its money in stocks , 53% fixed income and 17% alternative investments, according to three union sources and the documents. The board voted to liquidate about $340 million in stock investments in August 2023 to pay strike costs, according to a union document reviewed by Reuters. The wording of the vote stipulated that the money be reinvested according to union policy after the strike ended and the labor contracts were ratified, though it didn't specify how quickly. But almost none of its portfolio was invested in stocks during the year after the strike began in September 2023, according to the records reviewed by Reuters. The news agency was unable to establish why the stock investment wasn't made. The issue of why the union did not reinvest the funds for more than a year is now being investigated by the federal monitor which was appointed as part of a 2020 settlement between the UAW and the U.S. Department of Justice to resolve a union corruption scandal, according to a statement from a majority of UAW board members. UAW President Shawn Fain and Secretary-Treasurer Margaret Mock did not respond to requests for comment on the failure to invest union dues . Mock's attorney, Michael Nicholson, declined to comment on why the union's money wasn't promptly reinvested in stocks or Mock's role, but told Reuters that responsibility for UAW's investments is shared by the union president, secretary-treasurer and its three vice presidents, citing a 1996 UAW resolution. 'We welcome the monitor's review regarding investments, because we believe that any accusations against Margaret Mock are unfounded,' he added. The financial setback is the latest challenge for the UAW. The union had been resurgent after the late-2023 strike, the union's first against all three major Detroit automakers at the same time, which culminated in record contract gains from GM, Ford and Stellantis. The union also successfully organized a Volkswagen factory in Tennessee in April 2024 after decades of failed union drives in the southern United States. Since then, though, the UAW's organizing momentum has stalled, including a failed unionization vote at an Alabama Mercedes-Benz plant in May 2024. The tensions over union investments emerged late last year as some board members started questioning why the union's return on its portfolio seemed paltry relative to broader stock-market gains, according to union documents and five people familiar with the matter. In August 2023, the UAW board voted to sell all of the equities in its strike fund, leaving the remainder invested in a mix of cash, bonds and alternative investments, according to the documents and people familiar with the matter. The following month, UAW workers walked out of the carmakers' factories for about six weeks and were paid $500 a week from the union's strike fund. Any money remaining after the contracts with the car companies were ratified in November was to be reinvested per the union's investment policy. But rather than reinvesting in stocks, the funds were placed in a mix of cash, fixed-income and alternative assets through September 2024 when the portfolio contained 5% in equities, the documents show. In late 2024, Fain asked in one meeting why the union was getting lower returns on its portfolio than he could in a cash bank account, according to four people present at the gathering. In February 2025, union staff conducted an analysis that showed the union might have earned $80 million more if its portfolio had been invested according to union policy, according to a document viewed by Reuters. The document did not detail their methodology, but union sources said it was based on a comparison of the union portfolio's actual results to what the returns would have been under its policy, which includes a 30% allocation in a fund that tracks the Russell 3000 index, the UAW's preferred equity investment, according to people familiar with the matter. That fund grew 33% from late November 2023, after the contracts were ratified, through January 2025, shortly after UAW officials raised their concerns. The union worked with the financial firm Segal Marco Advisors to manage its strike trust of about $1 billion, the people and documents said. Reuters couldn't establish how the firm advised the union to manage the liquidated funds. The firm didn't respond to requests for comment. Apart from the dispute over the UAW's investment decisions, broader tensions between Fain and Mock burst into public view Tuesday with the release of a report by the union's federal monitor that found Fain improperly stripped Mock of some of her duties in February 2024 because she wouldn't authorize expenditures related to strike preparation and organizing drives. The UAW declined to comment on either the report or the investment concerns, citing a federal monitor's rule prohibiting UAW public comments on active probes. The report did not address the failure to reinvest the funds after the strike. After its release, 11 of the UAW's 14 board members – including Fain – issued a statement saying Mock had failed to produce a budget or list of union members. The statement added: 'She is under investigation by the monitor for a significant compliance failure regarding our union's investments.' The federal monitor's office has told UAW board members that it now is investigating the post-strike failure to reinvest union funds, according to four of the people and union documents. The federal monitor declined to comment on whether it was investigating the union's investment management and Reuters could not independently confirm it.
