on 2040-cars

Auto blog

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.

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.

3-row Jeep Wrangler, V8 Kaiser ambulance, and more from Mopar for SEMA

SEMA is back this year, and as is tradition, the American Stellantis brands Jeep, Ram, Dodge and Mopar are bringing some truly amazing concepts to the show. The brands have come up with seven vehicles, four from Jeep, two from Ram and one from Dodge. Some of them show off the current Mopar catalog and possible future parts, while others are just really cool customs. Let's check them out. Jeep Wrangler Overlook Jeep Wrangler Overlook concept View 8 Photos We're starting off with perhaps the most interesting of the concepts on display, the Jeep Wrangler Overlook. And you'll notice right off the bat that it's longer than your average Wrangler Unlimited. It's actually a full foot longer. And it doesn't just add cargo space, it adds passenger space. There's a third row of seats in the Overlook. Those seats also necessitated the safari-style custom rear roof. It's 5 inches taller than a regular Wrangler roof to provide headroom for rear occupants. It also made room for the extra windows. Front passengers also get a fancy single-piece roof section with a pop-up glass section, and the interior features black leather and bronze accents. Other body changes include a custom hood, a narrower front bumper for improved approach angle and a widened rear bumper to protect the longer tail. It also gets custom front bumper lights, Jeep Performance Parts (JPP) A-pillar lights and tubular side steps. The Overlook also rides on the Jeep Performance Parts (JPP) 2-inch lift kit with Fox shocks and 20-inch wheels with 37-inch tires. We wouldn't have thought a three-row Wrangler would be something that would reach production, and it's still unlikely. But, this looks really good. And when Land Rover already offers a third row in the Defender, and is working on a stretched version, we're starting to wonder if Jeep should think about an even more stretched Wrangler. Kaiser Jeep M725 Kaiser Jeep M725 concept View 11 Photos Next up is this year's resto-mod from the Stellantis crew. They found an old Kaiser Jeep M725 military ambulance and did a few things to make it a more modern, go-anywhere super tailgater. Under the hood is a 485-horsepower 6.4-liter V8 paired to an old-school TorqueFlight 727 automatic transmission, shifted by a B&M shifter housed in a repurposed ammunition box. It's still four-wheel drive and has the old axles, but they're attached via a coil-spring suspension instead of the original leaf packs.