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Stellantis and LG announce Canadian EV battery joint venture

SEOUL — South Korean battery giant LG Energy Solution (LGES) said on Wednesday it plans to invest $1.5 billion to set up a joint venture with Stellantis in Canada. LGES owns 51% of the joint venture, tentatively named "LGES-STLA JV" and Stellantis owns 49%, LGES said in a regulatory filing. In October, LGES and Stellantis NV struck an electric vehicle (EV) battery production joint venture, targeting to start production by the first quarter of 2024 and aiming to have an annual production capacity of 40 gigawatt hours of batteries. In a separate regulatory filing, LGES said it plans to acquire a stake worth $542 million in ES America to respond to demand from EV startups in the United States. LGES is considering building a factory in Arizona to meet demand in the United States, two people familiar with the matter told Reuters, adding that the plant is expected to primarily produce cylindrical battery cells. LGES has its own factory in Michigan and two battery joint ventures with General Motors in Ohio and Tennessee. "We are considering a new production site, but nothing has been decided yet," said a spokesperson at LGES. LGES, which counts Tesla, GM and Volkswagen among its customers, currently has battery production sites in the United States, China, Poland, Indonesia and South Korea. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Plants/Manufacturing Chrysler Dodge Fiat Jeep RAM Electric

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

Jeep burned down by new Samsung Galaxy Note 7

A Florida family is out a Jeep Cherokee and a brand new cell phone after a Samsung Galaxy Note 7 left on a charger allegedly burst into flames on Monday and destroyed both itself and the Jeep. According to Fox 13, Nathan Dornacher and his wife Lydia were cruising garage sales in St. Petersburg, Florida on Labor Day with their daughter and their service dog. They stopped at home to unload a desk they'd purchased earlier. While they got the desk out of the Cherokee's hatch Nathan left his shiny new Galaxy Note 7 charging in the Jeep's center console. When the family went to leave again to run more errands, they were shocked to see that the Jeep's interior was engulfed in flames and thick black smoke was pouring out of the panel gaps. The St. Petersburg Fire department responded to the Dornachers', but it was too late for the Cherokee. The fire destroyed the vehicle, which was dearly loved by Nathan and heavily modified with aftermarket equipment. The Galaxy Note 7 has gained a nasty reputation for spontaneous combustion since its release in August. Samsung has recalled the phone in ten countries after thirty-five instances of Galaxy Note 7s catching fire or exploding for no good reason were confirmed. Fox 13 received a statement from a Samsung spokesperson after they reported the story about the Dornachers' poor jeep. "We are aware of the incident and we are working with Mr. Dornacher to investigate his case and ensure we do everything we can for him. Consumer safety is Samsung's highest priority. With regard to the Galaxy Note7, we are asking owners to take advantage of the Product Exchange Program announced on Friday of last week. The program offers Note7 owners the opportunity to exchange the phone for a new one. More details on the program can be found at http://www.samsung.com/us/note7exchange/." News Source: Fox 13 Auto News Recalls Weird Car News Jeep Technology Smartphone SUV fire Samsung car fire