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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.

Ram introduces Harvest Edition for chassis cab trucks

Trucks are workhorses first and foremost, and Ram is adding a Harvest Edition to its Chassis Cabs trucks to drive that point home. That means the Chassis Cabs are available in Case IH Red and New Holland Blue to match the other farm machinery in your shed. The Harvest Edition trucks are Ram 3500, 4500 and 5500 Chassis Cab models, available in all four-door Crew Cab and two-door Regular Cab configurations. The trucks can also be 4x4s with the 6.4-liter Hemi or 6.7-liter Cummins diesel. It's not the first outing for this specific limited edition, as a year ago Ram offered Harvest Edition 1500, 2500 and 3500 models. This year, it's the chassis cab trucks' turn to go red or blue. The nod to Case IH and New Holland makes sense because both companies are owned by CNH Industrial, which in turn is related to FCA. Ram North America head James Morrison says that the color choices were originally a direct request from farmers. And for those with no feelings toward either Case IH or New Holland — or those whose blood runs John Deere Green — there's the choice of black or white exterior paint. But the trucks aren't as basic as a tractor can be: There's an exterior chrome package for the grille, side steps, door handles and mirrors, and depending on the model, the polished aluminum wheels are either 18-inch or 19.5-inch. Inside, there's connectivity tech from 4G WiFi to Apple CarPlay and Android Auto. For hardware functionality, there are large front tow hooks and a skid plate for the transfer case. The limited edition's pricing starts at $43,990 for the 3500 Chassis Cab, for $48,140 for the 4500 and $49,240 for the 5500. The 3500 Harvest Edition is available with either single and dual rear wheels, and the 4500 and 5500 are dualies, with 60-inch and 80-inch cab to axle lengths. The Harvest Edition goes on sale in the third quarter of 2018. Related Video:

Ram and Jeep Wrangler drive Fiat Chrysler profits up 61 percent

MILAN — Italian American automaker Fiat Chrysler says fourth-quarter net profits rose by 61 percent, powered by North American sales of the all-new Ram 1500 and Jeep Wrangler. Fiat Chrysler Automobiles on Thursday reported quarterly net profits of 1.29 billion euros ($1.46 billion), compared with 804 million euros in 2017. Revenues rose 6 percent to 30.6 billion euros. North America profits grew by 19 percent to 6.2 billion euros, accounting for the lion's share of the automaker's global profits. The carmaker continued to have trouble in Asia, which swung to a loss due to market weakness in China and more competition in Fiat Chrysler's core SUV market. Europe also lost ground, with profits dipping 44 percent on lower shipments and weaker pricing, while Latin America more than doubled. Based on the company's earnings last year, 44,000 unionized U.S. auto workers will get $6,000 profit-sharing checks. That's $500 more than in 2017, but smaller than U.S. rivals Ford and General Motors. On Wednesday, GM announced that workers would get $10,750, while Ford workers will get $7,600.Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.