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Chrysler reports $166M net income for Q1, down $307M vs. 2012

Preliminary first-quarter results from 2013 have been announced by Chrysler, and the company is reporting a net income of $166 million on revenue of $15.4 billion. Compared to this period last year, net income is down $307 million and revenue has dropped $1 billion.
Chrysler says that its quarter was negatively affected by the costs associated with launching its 2013 Ram Heavy Duty, 2014 Jeep Grand Cherokee and preparation for the return of the all-new 2014 Jeep Cherokee pictured above. The launches should provide a strong second half of 2013, says the automaker. "We remain on track to achieve our business targets, even as the first-quarter results were affected by an aggressive product launch schedule," said Chrysler Group LLC Chairman and CEO Sergio Marchionne.
On a positive note, the automaker says worldwide vehicle sales are up 8 percent from one year ago, a number pushed by a 12 percent bump in U.S. retail sales. In addition, domestic market share has risen slightly, up to 11.4 percent from 11.2 percent last year. Read more in the official statement below.

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.

2020 Chrysler Pacifica AWD Launch Edition: When it's coming, what it costs

Back when the 2021 Chrysler Pacifica was revealed with new styling, infotainment and all-wheel drive, the company also announced that it would have a limited run of 2020 models with four driven wheels. Those vans are now available for ordering by dealers, and they're only available in one trim, the AWD Launch Edition, priced at $41,735. This is because it's only available on the Touring L trim, which starts at $38,640. This 2020 Pacifica is a sort of blend of the 2020 and 2021 model years. On the outside, it retains the outgoing styling, augmented by the S Appearance package with black grilles, trim and 18-inch alloy wheels. Underneath, it has the 2021 all-wheel drive system, which shuffles torque to wheels with traction, and can disconnect the rear drive axles for efficiency. And it still includes the Stow 'N' Go hideaway seating with the all-wheel drive. The interior is still the same as the outgoing model, continuing to use the 8.4-inch screen with the previous-generation Uconnect 4 rather than the new Uconnect 5. This model gets black leather upholstery with grey contrast stitching. If you're interested in ordering one of these all-wheel-drive 2020 Pacificas or you're just waiting for them to reach dealer lots, they will be delivered in the third quarter of this year. If you're looking for an all-wheel-drive Pacifica with either a lower price or more features, the 2021 model year will offer the drivetrain on more trim levels. Pricing and availability for the 2021 model year has not yet been announced. Related Video: