General Motors is recalling more than 600,000 four-wheel drive trucks and SUVs because a software error could activate the braking system, increasing the risk of a crash.
The recall covers the 2014-2018 Chevrolet Silverado 1500, 2015-2020 Chevrolet Suburban, 2015-2020 Chevrolet Tahoe, 2014-2018 GMC Sierra 1500 and 2015-2020 GMC Yukon models.
GM said 653,370 vehicles worldwide were potentially affected, but no accidents have been reported.
Activation of the braking software is triggered by the failure of a wheel-speed sensor, leading to unintended braking on the opposite wheel. That would cause the vehicle to pull to one side, increasing the risk of a crash. That risk can be eliminated by driving in two-wheel drive mode until the recall repair is made, GM said.
GM will reprogram the vehicles' software free of charge.
Coke bottler plans Tifton, Ga. facility
The parent company of the Chattanooga Coca-Cola Bottling Co., plans to build a $60 million complex in Tifton, Ga., to distribute roughly 4.5 million cases of non-alcoholic beverages to customers annually to south Georgia and the Florida Panhandle.
Coca-Cola United said the 300,000 square-feet distribution center in Tifton will employ about 200 persons once the facility opens in late 2021.
"We are thrilled about our plans to build a new facility in Tifton as it will allow us to optimize our distribution network and better serve our customers for decades to come," said John Sherman, president and CEO of Coca-Cola Bottling Company UNITED, which is one of the country's largest and oldest Coca-Cola bottlers. "This decision is part of our company's broader strategy to invest in our expanded footprint – which has more than tripled since 2014."
The Tifton property is located adjacent to I-75 North, and is similar to the $67 million distribution center the company opened three years ago along Highway 153 at Shepherd Road in Chattanooga
NAI Charter in Chattanooga provided site selection and real estate advisory services for the Tifton site chose by Coca-Cola Bottling Company United.
UAW settles Ford contract
The United Auto Workers union has reached a tentative contract agreement with Ford after three days of intense bargaining.
The union said the deal was reached Wednesday night but didn't give details.
The deal still has to be approved by committees of national union leaders and local officials who will meet in Detroit Friday. Then it will be sent to Ford's 55,000 union workers for a ratification vote.
The tentative agreement "preserves job security and rewards UAW Ford members for their quality work," Union President Gary Jones said.
The agreement likely will mirror the pact approved last week by General Motors workers after a 40-day strike.
The GM contract has a mix of pay raises and lump-sum checks, a quicker path to full wages for new hires and assurances that temporary workers can become full-time. It also includes $7.7 billion in investments at U.S. factories.
Mortgage rates rise for third straight week
U.S. long-term mortgage rates rose this week for the third straight week, while remaining historically low and far below their levels of a year ago.
Mortgage giant Freddie Mac says the average rate for a 30-year fixed-rate mortgage increased to 3.78% from 3.75% last week. By contrast, the key average rate stood at 4.83% a year ago.
The average rate on a 15-year mortgage ticked up to 3.19% from 3.18% last week.
Lower borrowing rates have helped revive the housing market, which stumbled last year. New home sales jumped 15.5% in September from a year earlier.