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The future's electric — but the present is peak gasoline. Burn some rubber! Do donuts!

I vividly remember the year 1993 as a teenager looking forward to getting my driver’s license, longingly staring into Pontiac dealerships at every opportunity for a chance to see the brand-new fourth-generation Firebird and Trans Am. Back then, 275 horsepower, courtesy of GMÂ’s LT1 5.7-liter V8 engine, was breathtaking. A few years later, when Ram Air induction systems freed up enough fresh air to boost power over 300 ponies, I figured we were right back where my fatherÂ’s generation left off when the seminal muscle car era ended around the year 1974. It couldn't get any better than that. I was wrong. Horsepower continued climbing, prices remained within reach of the average new-car buyer looking for cheap performance, and a whole new level of muscular magnitude continued widening eyes of automotive enthusiasts all across the United States. It was all ushered in by cheap gasoline prices. And as much as petrolheads bemoan the coming wave of electric vehicles, perhaps instead now would be a good time for critics to sit back and enjoy the current and likely final wave of internal combustion. Today, itÂ’s easier than ever to park an overpowered rear-wheel-drive super coupe or sedan in your driveway. Your nearest Chevy dealership will happily sell you a Camaro with as much as 650 horsepower. Not enough? Take a gander at the Ford showroom and youÂ’ll find a herd of Mustangs up to 760 ponies. Or if nothing but the most powerful will do, waltz on over to the truly combustion-obsessed sales team of a Dodge dealer and relish in the glory of a 797-hp Charger or 807-hp Challenger. Want some more luxury to go with your overgrown stable of horses? Try Cadillac, where you'll find a 668-horsepower CT5-V Blackwing. You could instead choose to wrap that huffin' and chuggin' V8 in an SUV. Or go really off the rails and buy a Ram TRX or Jeep Wrangler Rubicon 392 and hit the dunes after a quick stop at the drag strip. Go pump some gas. Burn a little rubber. Do donuts! There is nothing but your pocketbook keeping you from buying the V8-powered car of your dreams. Yes, just about every major automaker in the world has halted development of future internal combustion engines in favor of gaining expertise in batteries and electric motors. No, that doesnÂ’t mean that gasoline is going extinct. There are going to be gas stations dotting American cities and highways for the rest of our lifetimes.

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

Stellantis is official: FCA and PSA merger finally sealed

MILAN — Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world's fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen. It took over a year for the Italian-American and French automakers to finalize the $52 billion deal, during which the global economy was upended by the COVID-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles. "The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement. Shares in Stellantis, which will be headed by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday. Now analysts and investors are turning their focus to how Tavares plans to address the huge challenges facing the group – from excess production capacity to a woeful performance in China. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE's bell with Chairman John Elkann. FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details on how it will do this. Marco Santino, a partner at consultants Oliver Wyman, said he expected Tavares to disclose the outlines of his action plan soon, but without divulging too many details at first. "He has proven to be the kind of person who prefers action to words, so I don't think he will make loud statements or try to over-sell targets," he said. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. But other pressing tasks loom, including reviving the group's lagging fortunes in China, rationalizing its huge global empire and addressing massive overcapacity. "It will be a step by step process, also to allow the market to better appreciate every single move. I don't think we will have all the details before one year," Santino said.