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Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall

Kimera EVO37 Martini 7 celebrates Martini Racing's seven WRC trophies

Two years ago, Kimera launched its EVO37, a modern and thoroughly gorgeous tribute to the 1983 Lancia 037 World Rally Championship car. When Kimera put its EVO37 on the start line of the Sardinia Rally last year, the coupe wore the same Martini Racing Team colors used by the 1983 car. This year, Kimera is using a different Martini Racing livery to debut an evolution of the Kimera EVO37 that's even closer to the original and celebrates the seven Lancia-powered Martini Racing Team World Rally Championship titles. The 037 won a single title, the last two-wheel-drive WRC entry to do so. The Lancia Delta S4 and its variations won the remainder. Company boss Luca Betti again worked with Miki Biasion, who won back-to-back WRC Driver's Championships piloting the Lancia Delta, and Lancia engineers of the time to lighten and sharpen the EVO37 into the Martini 7. Starting with the performance mods, the supercharged and turbocharged 2.1-liter four-cylinder now makes 550 horsepower instead of 505 hp, and 406 pound-feet of torque. Power heads to the rear axle via a standard manual or optional sequential transmission, but the gears have shorter, more rally-like ratios. Gawkers are invited to further appreciate what lies behind the cockpit thanks to the new quick-release lower bumper as was found on the Lancia 037 Evo 2. Undoing the clips shows quad pipes in a white ceramic coating matching the new paintwork that runs all the way up the exhaust runners. The new carbon fiber aero package adds intakes behind the front doors, vents on the tops of the fenders, and additional descending steps in the engine cover surround. The new wheels recall the Delta Evoluzione, as does the passenger compartment, now made entirely from carbon fiber and getting the car down to about 2,425 pounds. The seats are inspired by those in the Delta S4, trimmed in blue perforated Alcantara with red stitching that matches accents on the door cards and ceiling. The gauges glow in fluorescent orange, the buttons and knobs laid out just as they were in the 1983 Lancia 037. The pearl effect white Martini Racing Livery with blue, light blue, and red strips comes most resembles that of the special edition Lancia Delta Martini 5 and Martini 6 cars, produced in the early 1990s to celebrate the Delta's fifth and sixth WRC trophies.

Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.