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Stellantis invests more than $100 million in California lithium project

Stellantis said it would invest more than $100 million in California's Controlled Thermal Resources, its latest bet on the direct lithium extraction (DLE) sector amid the global hunt for new sources of the electric vehicle battery metal. The investment by the Chrysler and Jeep parent announced on Thursday comes as the green energy transition and U.S. Inflation Reduction Act have fueled concerns that supplies of lithium and other materials may fall short of strong demand forecasts. DLE technologies vary, but each aims to mechanically filter lithium from salty brine deposits and thus avoid the need for open pit mines or large evaporation ponds, the two most common but environmentally challenging ways to extract the battery metal. Stellantis, which has said half of its fleet will be electric by 2030, also agreed to nearly triple the amount of lithium it will buy from Controlled Thermal, boosting a previous order to 65,000 metric tons annually for at least 10 years, starting in 2027. "This is a significant investment and goes a long way toward developing this key project," Controlled Thermal CEO Rod Colwell said in an interview. The company plans to spend more than $1 billion to separate lithium from superhot geothermal brines extracted from beneath California's Salton Sea after flashing steam off those brines to spin turbines that will produce electricity starting next year. That renewable power is expected to cut the amount of carbon emitted during lithium production. Rival Berkshire Hathaway has struggled to produce lithium from the same area given large concentrations of silica in the brine that can form glass when cooled, clogging pipes. Colwell said a $65 million facility recently installed by Controlled Thermal can remove that silica and other unwanted metals. DLE equipment licensed from Koch Industries would then remove the lithium. "We're very happy with the equipment," he said. "We're going to deliver. There's just no doubt about it." Stellantis CEO Carlos Tavares called the Controlled Thermal partnership "an important step in our care for our customers and our planet as we work to provide clean, safe and affordable mobility." Both companies declined to provide the specific investment amount. Controlled Thermal aims to obtain final permits by October and start construction of a commercial lithium plant soon thereafter, Colwell said. Goldman Sachs is leading the search for additional debt and equity financing, he added.

US-spec 2017 Alfa Romeo Giulia details revealed

Maurice the Bowler from The Simpsons said, "Better than the act, better than the memory, is the anticipation!" He wasn't talking about the 2017 Alfa Romeo Giulia Quadrifoglio, but he could have been. Recently delayed another six months by parent company Fiat, we're going to do a whole lot more anticipating since the sedan might not make it here until the actual 2017 calendar year. That's a shame to think about because the top-of-the-Giulia line is a thing of beauty, so we'll enjoy it at the LA Auto Show while we have it. Built on the new Giorgio architecture developed in conjunction with Ferrari, its standard elements are a 2.9-liter, twin-turbo V6 with 505 horsepower and 443 pound-feet of torque. That power number is the largest Alfa Romeo has ever let loose from a production car factory, and that torque is available from 2,500 to 5,000 rpm. The fireworks are sent to the rear wheels through a short throw six-speed manual transmission and carbon fiber driveshaft, and 19-inch wheels can convert those explosions into a 3.8-second run from 0-60 miles per hour and a top speed of 191 mph. The Giulia Quadrifoglio gets its grunt massaged by tech like an active front splitter controlled by two electronic actuators, a carbon fiber rear spoiler, torque-vectoring limited-slip differential, and adaptive damping. Brembo four-pot calipers all around hugging iron rotors come stock, you'll find carbon ceramics on the options list providing six-piston Brembos in front and four-piston Brembos in back. The carbon fiber hood and roof, and extensive aluminum bits like the doors and fenders go easy on the scales and help provide a "near 50/50 weight distribution." Cylinder deactivation will help you go easy on the gas, if not the throttle. After the top-dog Giulia gets here its less powerful minions will follow, all of them motivated by a 276-horsepower, turbocharged 2.0-liter four-cylinder. All-wheel-drives comes after launch, too. Interior options will be lengthy and detailed, with a mix of materials, colors, and stitching. For the hardest of the hardcore, Sparco racing seats can be had for the Quadrifoglio. You can read about all of this and much more in the press release below, here's the number you'll want to know now: "around $70,000," the US MSRP we're now being warned about. Because beauty is not cheap, especially when it's quick.

Share price falls on skepticism of Chrysler-Fiat five-year plan

Following this week's Fiat Chrysler extravaganza, where the Italian-American manufacturer announced its plans for the next five years, the Autoblog staff was cautiously optimistic of the company's future. Investors? Not so much.
Fiat saw its shares tumble 12 percent in Wednesday's trading, falling from 8.67 euros ($12.06 at today's rates) to 7.44 euros ($10.35) as of this writing, with blame partly going to the Italian half of the FCA marriage, which recorded a pretty significant drop in profits during the first quarter of this year.
The plan, which will cost around $77 billion over the next several years, is facing criticism from investors thanks in part to a 1.4-percent drop in Fiat's first-quarter profits, to 622 million euros ($862 million). That figure is also short of Bloomberg analysts' projections, which predicted $1.18 billion in profits before taxes, interest and one-time items.