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Stellantis and LG launch joint venture for North American battery plant

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world's No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan. Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines. Stellantis and LGES's joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided. The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later. Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030. The batteries produced under the deal will supply Stellantis' U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030. The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup. Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States. Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis' electrification process. It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells. Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. Related video: Green Plants/Manufacturing Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall Electric Hybrid EV batteries LG

All hail the Hellephant, Mopar's 1,000-horsepower crate engine

It's shocking to say this, but the all-powerful Dodge Demon looks weak now that Mopar has unleashed the Hellephant. This crate motor makes 1,000 horsepower and 950 pound-feet of torque, and its name is a combination of the nickname for the old 426-cubic-inch Hemi V8 and, obviously, the Hellcat. This monster is a 426-cubic-inch version of the current third-generation Hemi V8 topped by a supercharger similar to what the Hellcat line packs. Everything is cranked up to — or perhaps, past — 11. The engine block is made of aluminum and weighs 100 pounds less than the equivalent iron block. All of the internals are forged. The stroke and bore have been increased. The supercharger produces 15 pounds of boost and displaces 3 liters; more than the 2.7-liter blower on the Demon and the 2.4-liter blower on the Hellcat. And as big and powerful as it is, it will still rev to 7,000 rpm. It's a thoroughly monstrous motor, but shockingly, it won't be that difficult to live with. For one thing, Mopar will offer a complete kit to get the engine up and running, including an engine computer, wiring harness and drive-by-wire throttle. It also runs on 93-octane pump gas. That's especially amazing considering the Demon engine "only" makes 840 horsepower, and that's on race gas with 100+ octane fuel. It also has us wondering what the Hellephant could make on racing fuel. The Mopar folks did say that there's room to add more power. Pricing wasn't announced for the Hellephant engine. The Hellcat crate engine retails at $19,350 directly from Mopar, so it's safe to assume that the Hellephant will go for more. The installation kit with the computer and harness will be an extra charge of likely over $2,000, based on the Hellcat kit. The engine and the kit will be available in the first quarter of 2019. Related Video: Featured Gallery Hellephant Crate Engine SEMA Show Chrysler Dodge Jeep RAM Performance dodge demon hellephant

Stellantis sees vehicle loan durations extended amid banking turmoil

Stellantis is seeing clients seeking longer-term financing and leasing deals for their vehicles as a consequence of higher global interest rates, the carmaker's head for the business said. Chief Affiliates Officer Philippe de Rovira said loans which normally had a three-year maturity were now increasingly moved to four years. "This allows customers to get a car for a monthly instalment that is similar to that they had before," he said. The world's third largest carmaker by sales on Tuesday announced it had completed a plan announced in late 2021 to reshuffle and simplify its leasing and financing operations in Europe. Under its terms, Stellantis created a 50-50 single long term multi-brand leasing company named Leasys with Credit Agricole Consumer Finance. It also set up local joint ventures in European countries for its new Stellantis Financial Services unit, formerly Banque PSA Finance, with BNP Paribas Personal Finance and Santander Consumer Finance. "These banks have always had better funding conditions than those we can have as an automaker," de Rovira said. Benefits of the plan included cutting the number of financing and leasing entities the group runs in each country and the number of IT systems it uses, with expected savings exceeding 30% in this particular area, he added. De Rovira said the group had a huge portfolio of orders it had not yet delivered due to supply chain shortages impacting production. "Demand is not our main issue. The issue is to deliver as fast as we can cars that are in our order portfolio, which is still at record levels," he said. The group aims to expand its corporate leased vehicle fleet to more than one million units in 2026 and to double net income from its so-called banking activities to 5.8 billion euros ($6.3 billion) by 2030. De Rovira said Stellantis was not seeing a downward trend in vehicle pricing. "Probably the significant price increases we have seen in 2021 and 2022 will not be repeated because the context is changing, but for the moment we don't see decreases, we see stabilisation". ($1 = 0.9188 euros) (Reporting by Giulio Piovaccari and Gilles Guillaume; Editing by Jan Harvey) Earnings/Financials Plants/Manufacturing Alfa Romeo Chrysler Dodge Jeep RAM