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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.

Best Convertibles for 2022

The past decade has not been kind to the drop-top enthusiast. No matter which dealer you walk into, convertible models have been biting the dust left and right. Nissan Z? Audi TT? Buick Cascada? Volkswagen Eos? All gone. Remember the humble Chrysler Sebring/200? Well, you do now. Fortunately, though, the news isn't all bad. There are still plenty of options out there for those who absolutely must have a convertible. Whether you need something to haul behind your retirement cruiser, a performance car that can go toe-to-toe with the best in the world or just something that allows you to sling the roof back after a long day of on-location business meetings before catching the flight back to your everyday hustle and bustle, there's at least one cabriolet out there to suit your needs. Here are our picks and starting prices for the top convertibles in several categories for 2022.  For the frugal open-top lover: 2022 Mini Convertible ($34,650) Let's face it; gas ain't cheap. But open-top motoring doesn't need to be a wallet killer. The Mini is cheap (at least by 2022 standards) and an absolute joy to drive, so there's really no downside here ... except for the roof. Get it?    For the hardtop lover: 2022 Mazda MX-5 RF ($37,260) / 2022 Chevrolet Corvette Convertible ($69,695) The number of hardtop convertibles has seriously dwindled due to weight concerns and the fact that fabric roofs have gotten so quiet, but there are still some options for those who prefer a more coupe-like look with the roof up. Our picks here are the delightfully Targa-like MX-5 Miata RF and literally any Corvette Stingray — even the hardtop has a removable roof!    For long road trips: 2022 Ford Mustang Convertible ($34,100) The first image that comes to mind for many who are told to visualize an American convertible is the classic Ford Mustang. It's not the only drop-top pony car out there, but thanks to the Camaro's tiny trunk, it's much harder to see the USA in a Chevrolet when a drop-top enters the equation. The Mustang has much more cargo space and a much larger opening, which is likely the difference between keeping your bags under lock and key or leaving them exposed in the back seat.    For towing behind an RV: 2022 Jeep Wrangler ($31,590) While many small runabouts make sense for towing behind a motor home (or nestled up inside a fancier one), the Wrangler has a serious advantage when it comes to RVing: it can easily be flat-towed.

Chrysler investing $20M in Toledo plant to support 9-speed auto production

In 2011, Chrysler announced a $72-million investment in its Toledo Machining Plant to modernize production of the eight- and nine-speed torque-converters for automatic transmissions made there. That upgrade work won't be finished until Q3 of this year, but Chrysler has already announced a further $19.6-million investment to increase production capacity for the nine-speeders.
The extra units will be necessary because the nine-speed transmission they'll be mated to is going into three popular models: it will debut on the 2014 Jeep Cherokee, then go into the Chrysler 200 and Dodge Dart. The company predicted that this year alone it would sell 200,000 units equipped with the nine-speed tranny, and it is spending some $374 million in addition to the investment in Toledo to upgrade production capacity for it.
The work attached to this new investment won't begin until Q3 of 2014, and it will be finished by the end of that year. There's a press release below with all the details.