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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.

Georgia judge slashes verdict to $40M in Jeep fire case

A judge in Georgia has drastically reduced the damages that Fiat Chrysler Automobiles will have to pay to the family of Remington Walden, who a court said died as a result of the unsafe design of one of its vehicles. While the jury originally awarded the family $150 million at FCA's expense, Judge J. Kevin Chason cut that amount to $40 million, the Detroit News reported. The automaker may still appeal the verdict. The case dates to March 2012, when a 1999 Jeep Grand Cherokee in which four-year-old Walden was riding was rear-ended by another vehicle. Due to what the jury ruled was an unsafe fuel tank, a fire erupted, and Walden died in the fire. The family's lawyers successfully argued that the automaker knew there was a problem and didn't take sufficient action to address the issue, while FCA countered that its vehicles met the applicable safety standards when they were built. The jury found FCA 99 percent responsible for the fire and Walden's death, reserving the final one percent for the driver who caused the crash. The court awarded the Waldens $150 million in damages to be paid by the automaker: $120 million for wrongful death, and a further $30 million for pain and suffering. FCA, however, argued that the damages were disproportionate to the incident, noting that the $120 million was 11 times higher and the $30 million four times higher than any comparable awards upheld on appeal in the state. Chason agreed and cut the penalties extensively. The Walden family has reportedly accepted the reduced verdict. But according to the News, company spokesman Michael Palese said, "The reduction in the damage awards does not cure the many errors that tainted this verdict and denied FCA US a fair trial. We are considering our legal options." News Source: The Detroit NewsImage Credit: Jeep Government/Legal Recalls Jeep lawsuit court

This American Life spends a week selling Jeeps in Long Island

So you think you know car dealers? Well, maybe you do, but This American Life spent a month at Town and Country Jeep Chrysler Doge Ram in Long Island to give us a behind-the-scenes look (or listen, since it's a radio program) at what it's like to be a car dealer.
Yes, there's a lot of swearing in thick New York accents, frustration, confusion, and generally it's a madhouse at the dealership. But that's understandable when the sales staff has to sell 129 vehicles in October in order to get an $85,000 manufacturer bonus - with several other Jeep dealerships within a 10-mile radius.
The episode, 129 Cars, is worth a listen, but make sure you have 71 minutes to spare if you want to get through it in one sitting. Head here for the unedited version or here for the bleeped version (which is 58 minutes long).