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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

Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

Alfa Romeo Stelvio Luggage Test | How much cargo space?

The Alfa Romeo Stelvio is quite obviously more about Sport than Utility, especially the high-octane Quadrifoglio you see here resplendent in Alfa Rosso paint. Frankly, I wasn't expecting much from its luggage-hauling potential. After all, according to the specs, it has only 18.5 cubic-feet of space behind the raised back seat, which is quite simply terrible. That's the same as a Jeep Renegade, which is considerably smaller on the outside. Based on past luggage tests of SUVs with a comparable cargo number, there's no way all the bags from my garage will fit. In fact, there's a good chance multiple bags would be staying at home or riding on people's laps.  Well, let's put that assumption to the test.  Here's what the Stelvio has going for it. Sure looks a lot bigger than a Renegade. Actually, it looks bigger than the Range Rover Evoque, which has 21.5 cubic feet. As you can see, this particular Stelvio came equipped with a cargo rail system and net. Those clasps are easily removed by lifting up on the little handle and moving into that wider part of the track. Now, you'll note that the Stelvio has a cargo cover like virtually all SUVs, but this one is a little different in that it's in two pieces. A smaller one that rolls out from a cartridge aft of the back seat, and a semi-rigid piece that connects to the liftgate.  As always, I started off by keeping the cargo cover(s) in place when trying to stuff as much of my luggage as possible in the back. As a refresher, I use two mid-size roller suitcases that would need to be checked in at the airport (26 inches long, 16 wide, 11 deep), two roll-aboard suitcases that just barely fit in the overhead (24L x 15W x 10D), and one smaller roll-aboard that fits easily (23L x 15W x 10D). I also include my wife's fancy overnight bag just to spruce things up a bit (21L x 12W x 12D). As it turns out, the cover cartridge didn't impede loading at all. I'm guessing because the reel is smaller, but either way, this is a real benefit. It means you don't have to find someplace to store the damn cargo cover if you're picking someone up at the airport, for instance, and discover their bags are too big.  However, you'll note (maybe) that my wife's fancy bag is missing from this luggage Tetris ensemble. That's because it got caught on the rigid cargo cover attached to the tailgate when placed atop the bag on the right. OK, then, let's remove that. Basically, you just yank the thing out. Not too complicated.