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FCA to make 1 million face masks a month for North America coronavirus fight

MILAN, Italy — Italian-U.S. car giant Fiat Chrysler has confirmed plans to produce a million face masks a month and said it will distribute them to emergency services in North America to help the fight against coronavirus. FCA, which is also trying to help produce badly needed respirators for patients in intensive care in Italy, is one of a number of large manufacturers adapting production lines to make products in desperately short supply. "Production capacity is being installed this week and the company will start manufacturing face masks in the coming weeks with initial distribution across the United States, Canada and Mexico," it said in a statement released late on Monday. The monthly output of 1 million masks will be donated to police, emergency medical staff, firefighters and to workers in hospitals and health care clinics, it said. The decision to begin distribution of masks in North America rather than Italy, the company's other home country, underlines the difficult balance global companies are having to maintain as they weigh where to offer help in the emergency. Face masks and other protective equipment for medical staff have been running out across the world as thousands of new cases of the highly contagious virus have arrived in hospitals daily. Fiat's position as a historic pillar of Italian industry makes the issue of where to provide help sensitive, especially as Italy is the country worst hit by the virus so far. Both FCA and its controlling shareholder Exor, the investment firm of Italy's Agnelli family, have offered significant assistance to efforts to handle the crisis in Italy, where almost 6,000 people have died. FCA and luxury automaker Ferrari, also controlled by Exor, are in talks with Siare, Italy's biggest respirator manufacturer, to help it double production of the life-saving machines. In addition, the Agnelli family said last week it was donating 10 million euros to fight the virus emergency in Italy. It said companies controlled by Exor bought 150 ventilators and other medical equipment abroad, provided vehicles for support of people in need and were in touch with Italian authorities to help them buy medical equipment and healthcare products abroad. As part of the process, an Exor spokesman said on Tuesday the group had made an initial purchase of 250,000 face masks in China which would be distributed in Italy and were expected to arrive by the end of this week. Related Video:    

FCA scion John Elkann tries to pull off a Marchionne-sized merger

MILAN, Italy — When John Elkann lost his ally last year with the sudden death of Sergio Marchionne, some questioned whether the softly-spoken scion of the Agnelli clan would be able to emerge from his shadow to ensure Fiat Chrysler's future. But New York-born Elkann, who became Fiat chairman in 2010, acted decisively to fill the vacuum left by the larger-than-life Marchionne and get closer to the big merger deal the legendary executive was unable to deliver. At just 28, Elkann was thrust into the role of Fiat vice chairman after the deaths of his grandfather and great-uncle "because there was really nobody else" to take the wheel. For Elkann, who got his first taste of the car industry as an intern at a factory producing headlights in Birmingham, England, the first 18 months with responsibility for the family-owned carmaker and its long heritage were "terrible." But from that low point, Elkann, 43, is now trying to merge Fiat Chrysler (FCA) with French rival Renault to form the world's third largest carmaker and tackle new challenges facing the industry. Elkann will become chairman of the merged FCA-Renault if the deal goes ahead, ensuring the Agnelli dynasty plays a central role in the next chapter of automotive history. At an event in Milan on Monday, the usually-shy Elkann looked happy and confident. His first big break came with an instrumental role in persuading Marchionne, who was running one of the businesses owned by the Agnelli family, to become chief executive in 2004 and give Fiat "a new start," Elkann said in a "Masters of Scale" podcast last year. Fiat was at the time almost on the brink of collapse. This involved a "very long night ... and many grappas" but proved to be a turning point in the fortunes of the Italian company founded by Elkann's great-great-grandfather Giovanni Agnelli, which built its first car in 1899. In 2005, Elkann backed Marchionne in negotiating the breakup of an alliance Fiat had entered into with General Motors in 2000, receiving $2 billion from GM in return for canceling a deal that could have required GM to buy the remainder of Fiat Auto. Marchionne then used GM's money to fund a turnaround at Fiat, which involved taking the Italian carmaker into a transformation alliance and then full-blown merger with U.S. automaker Chrysler as Elkann agreed to the Agnellis loosening their grip.

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.