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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.

FCA's UAW workers to get $8,010 profit-sharing payout

UAW workers at FCA will soon be receiving $8,010 checks, which represent profit-sharing based on the company's 2020 performance. Although FCA's profit margins in 2020 were slimmer than the year prior, the union-employee payouts are slightly larger, due to a change in the formula that was negotiated in 2019 and has now gone into effect. Employees are now paid $900 for every 1% of profit margin FCA achieves in its North American operations. For 2020, the company enjoyed an 8.9% profit margin, and although that was down slightly from 9.1% in 2019, the checks are larger than last year's $7,280 payout. Still, FCA employees didn't fare quite as well as their counterparts at GM, who stand to receive profit-sharing checks of up to $9,000. GM workers did even better last year, netting $10,000. UAW workers at Ford had less to celebrate. They'll receive $3,525, based on the company's 2020 performance. That's a steep drop from last year's $6,600. FCA earned $6.472 billion in North America in 2020. The company is expecting an improved financial performance in 2021, as it's expected to avoid another coronavirus-related shutdown. It's also expected to benefit from the launch of the three-row Grand Cherokee L, as well as the Jeep Wagoneer and Grand Wagoneer, all of which are high-margin products. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Dodge puts kibosh on Challenger ACR rumors

In 2011, after the end of the Gen IV Dodge Viper and its ACR trim, Dodge took a Challenger ACR concept to the SEMA show. In October of last year, trusted FCA-focused outlet Mopar Insiders heard from its sources that something of the kind could finally be in the works, word being the automaker "is quietly working on a surprise to help celebrate the 50th anniversary of the Challenger nameplate." Last week, trusted FCA-focused outlet Allpar got more details from its own source, "Muther," on the specs and aspirations for a Challenger supposedly meant as a last big hurrah before the next generation appears in 2023. Now, we find out the Challenger ACR is a ghost, Autoweek reporting, "According to a spokesperson from Dodge, it's not happening." That brief denial is all the automaker had to say about it. Assuming Dodge isn't hiding anything, we're more surprised at detailed erroneous intel being shared with both MI and Allpar than we are about the track-day seducement Challenger ACR being bogus. A tale about Dodge engineering a Viper-like makeover for its number one muscle car so as to shame the 2020 Ford Mustang Shelby GT500 and Camaro ZL1 around a track would have been compelling enough. But word that Dodge wanted the Challenger ACR to breathe down the dearly departed neck of the Viper ACR around Road America, well, that was a crate of Hemi-powered wild. The implied impertinence of such a target is worrisome enough, and the weight loss goal would have added an extreme dimension to the ACR brand. The Neon ACR and Viper ACR didn't give up more than 100 pounds compared to their standard counterparts. The insiders spoke of the Challenger getting under 4,000 pounds, in part thanks to an optional passenger's seat. The diet would have required losing 400 pounds in a best-case scenario, which would still leave the big coupe 500-plus pounds heavier than a Viper ACR. Back to that impertinence... We'll likely never know what really happened with the Challenger ACR, so we'll stick it in the X-Files drawer between Big Blue and Chinga. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.