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Stellantis and LG announce Canadian EV battery joint venture

SEOUL — South Korean battery giant LG Energy Solution (LGES) said on Wednesday it plans to invest $1.5 billion to set up a joint venture with Stellantis in Canada. LGES owns 51% of the joint venture, tentatively named "LGES-STLA JV" and Stellantis owns 49%, LGES said in a regulatory filing. In October, LGES and Stellantis NV struck an electric vehicle (EV) battery production joint venture, targeting to start production by the first quarter of 2024 and aiming to have an annual production capacity of 40 gigawatt hours of batteries. In a separate regulatory filing, LGES said it plans to acquire a stake worth $542 million in ES America to respond to demand from EV startups in the United States. LGES is considering building a factory in Arizona to meet demand in the United States, two people familiar with the matter told Reuters, adding that the plant is expected to primarily produce cylindrical battery cells. LGES has its own factory in Michigan and two battery joint ventures with General Motors in Ohio and Tennessee. "We are considering a new production site, but nothing has been decided yet," said a spokesperson at LGES. LGES, which counts Tesla, GM and Volkswagen among its customers, currently has battery production sites in the United States, China, Poland, Indonesia and South Korea. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Plants/Manufacturing Chrysler Dodge Fiat Jeep RAM Electric

The minivan, reinvented | 2017 Chrysler Pacifica Hybrid First Drive

In the 1980s, minivans succeeded station wagons as the vehicle of choice to move families. The Chrysler Town & Country, Dodge Caravan, and Plymouth Voyager broke that ground, and Chrysler has owned the segment for most of its existence. Though still popular with practical types, minivans have been ceding ground to crossovers for a while, and after 30 years, minivan evolution has slowed, with only the occasional noteworthy feature like a built-in vacuum making headlines. The 2017 Chrysler Pacifica Hybrid is the next big idea in the segment. In fact, we think its plug-in hybrid powertrain is the biggest minivan idea since the original. Yes, we're excited about a hybrid people mover. For 2017, Chrysler has reworked, refocused, and renamed its minivan effort, ditching the Town & Country moniker in lieu of the Pacifica nameplate. The odd recycled name aside, it's not only far superior to Chrysler's outgoing minivan, but, with most of the competition several years old, the new Pacifica is easily the current class leader. But while the minivan's practicality is undeniable, they're not always the most efficient. It's a wonder, then, that no competitor has packaged a hybrid system into a minivan before – especially Toyota, given its dominance in hybrid everything else. Toyota does offer a hybrid minivan in its home market, but the Sienna's only calling card is that it's now the sole American van to offer all-wheel drive, something Chrysler gave up when it started hiding the seats in the floor years ago. Owing in part to its newness, the non-hybrid Pacifica was already one of the most fuel-efficient minivans on the market, with ratings of 28 miles per gallon highway, 18 city, and 22 combined. Add in the hybrid equipment, with its 16-kWh battery pack providing 30 miles of electric-only range, and the new Pacifica Hybrid achieves an astounding 84 MPGe, trouncing everything else in the segment (because, again, it's the only hybrid van). When working as a hybrid and not in EV mode, the Pacifica Hybrid nets a combined rating of 32 mpg. On a full tank and a full charge, it has a range of 566 miles. The hybridized version weighs 650 pounds more than a standard Pacifica. That's after some of the added weight from batteries and motors has been offset by a hood, sliding doors, and liftgate made from aluminum instead of steel. The suspension has been adjusted well enough that you don't really notice the added mass driving down the road.

Peugeot maker PSA posts record profits ahead of FCA merger

PARIS — Peugeot maker PSA Group said its profitability reached a record high in 2019 but the French carmaker forecast falling industry sales in Europe this year as it pursues its merger with Fiat Chrysler, which is strong in North America. PSA has trimmed costs in areas such as the procurement of components as it has integrated its acquisition of Opel and Vauxhall, boosting operating margins to 8.5% last year. The group, which also produces cars under the Citroen and DS brands, offset a slump in vehicle sales by selling pricier SUV models, with launches including the Citroen C5 Aircross helping to lift revenues by a higher-than-expected 1% to $81.2 billion (74.7 billion euros). That helped it stand out in a car market where some rivals including France's Renault have struggled with sliding revenues and profits, amid a broader downturn in demand. PSA's group net profit increased 13.2% to a record 3.2 billion euros, and the company increased its dividend against 2019 results to 1.23 euros per share, up 58% from 2018 levels. The carmaker was "once again very solid", analysts at brokerage Oddo-BHF said in a note, adding the results confirmed the company's "best-in-class status." However PSA forecast a 3% contraction in Europe's car market this year, by far its biggest market. The tie-up with Fiat Chrysler will help it gain exposure to that group's strong presence in North America with brands like Jeep. The two companies struck a deal in December to create the world's No.4 carmaker, to better cope with market turmoil and the cost of making less-polluting vehicles. Fiat also posted more upbeat results than most rivals this year. CORONAVIRUS WEIGHS PSA boss Carlos Tavares told a news conference that the two groups were both in good shape and well placed to face market challenges together. He said he did not expect any major regulatory hurdles to the merger, adding it had so far submitted 14 approval requests to competition authorities out of the 24 it needs. There are no immediate plans to change anything in the large portfolio of brands within the combined group, he added. However the companies still face problems this year, including the coronavirus outbreak which has paralyzed production in China and hits carmakers' supply chain. PSA said the coronavirus impact was still difficult to assess. It factories in Wuhan, at the epicenter of the outbreak, are due to reopen in the second week of March.