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Junkyard Gem: 1978 Fiat X1/9

Fiat did pretty well selling cars in the United States during the 1970s, especially after the 1973 Oil Crisis made fuel economy a very persuasive selling point. While sales of the larger 131/Brava and weird-looking Strada never amounted to much here, 128s, 124 Sport Spiders and X1/9s were all over American roads during the Malaise Era. Today's Junkyard Gem is one of those X1/9s, found in a boneyard near Pikes Peak in Colorado. The design of the X1/9 was inspired by the 1969 Autobianchi A112 Bertone concept car, and it featured the engine/transaxle assembly and front suspension from the Fiat 128 mounted just behind the seats. A bit more than a decade later, GM copied that idea by using Chevrolet Citation running gear and front suspension in the back of the Pontiac Fiero. The result was a lightweight, nimble mid-engined targa convertible that achieved excellent fuel economy and looked far quicker than it actually was. The X1/9 was available in the United States from the 1973 through 1987 model years. Because Fiat fled the United States in 1982, the 1983-1987 X1/9s were imported by Malcolm Bricklin (yes, at the same time he was the Yugo King) and sold with Bertone badging. The Bricklin-imported 124 Sport Spider was available here during that period as the Pininfarina Azurra. The MSRP for the '78 X1/9 was $5,445, or about $26,804 in 2023 dollars. Meanwhile, the 124 Sport Spider listed at $6,495 ($31,973 after inflation), though it had quite a bit more horsepower (90 versus the X1/9's 67). The next-cheapest mid-engined Italian two-seater Americans could buy that year was the Ferrari 308, which started at an eye-watering $28,580 ($140,692 today); the '78 Maserati Bora cost $29,800 ($146,698 now). A year earlier, there would have been a bit of competition with the Lancia Scorpion, but the last model year here for that somewhat cheap machine was 1977. The U.S.-market X1/9 was underpowered, no getting around that, but it managed to be fun to drive. Install a quad-cam Alfa Romeo V6 from a 164 in one, though, and you get a terrifyingly fast track machine. I used X1/9 side scoops on the hood of my 1965 Impala sedan project, back in the 1990s. The little access hatch to the distributor, located behind the passenger seat, is a thoughtful touch by Fiat. Its final parking space has a good view of Pikes Peak (the snow-covered mountain behind the Xterra), at least.

As it did with Ferrari, Fiat Chrysler spinning off Magneti Marelli

MILAN — Fiat Chrysler said on Thursday its board had tasked management to proceed with spinning off Magneti Marelli and distributing shares in a new holding for the 99-year old parts business to FCA investors. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli, which sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid, and which analysts say could be worth between 3.6 and 5 billion euros ($4.4-6.1 billion). "The separation will deliver value to FCA shareholders, while providing the operational flexibility necessary for Magneti Marelli's strategic growth in the coming years," Marchionne said in a statement. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics, and its spinoff is part of a five-year business plan FCA is due to present on June 1. "The spinoff will also allow FCA to further focus on its core portfolio while at the same time improving its capital position," Marchionne added. Marchionne has a long history of such moves. The 65-year-old was behind the spinoff and listing of trucks and tractor maker CNH Industrial and supercar brand Ferrari. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, with shares in the company expected to be listed on the Milan stock exchange. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family - FCA's main shareholder - were put off by low industry valuations and did not want their stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters last month. Magneti Marelli has often been touted as a takeover target and FCA has fielded interest from various rivals and private equity firms over the years. South Korea's Samsung Electronics made a bid approach in 2016 but negotiations fell through as it was only interested in parts of the business, other sources have said. The spinoff is subject to regulatory approvals, tax and legal considerations and a final approval by the FCA board. The carmaker may modify or call off the transaction at any time and for any reason, it added.

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.