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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.

Chevy Corvette Stingray defeating rivals where it matters most

Everything is coming up roses for the award-winning Chevrolet Corvette Stingray, as new data from the North American Dealers Association dissected by GM Authority reveals that America's sports car is handily outselling two of its more expensive rivals.
Through June of 2014, the NADA notes that the Corvette has rung up 17,744 sales, handily besting the Porsche 911 and positively spanking the SRT Viper. Of course, you're sitting there thinking, "Corvette is outselling the much more expensive Porsche and Viper. Sky blue, water wet." But what's impressive here is just how thoroughly the Chevrolet is beating its two rivals, with this data serving as a testament to just how popular the seventh-generation sports car has become.
So far this year, Porsche has managed to move 5,169 911s, according to NADA. Considering that the base model starts at nearly $15,000 more than the most heavily optioned Stingray, and that Porsche owners have a vast, expensive options catalogue to select from, Stuttgart's sales are still plenty impressive in relation to the nearly 18,000 Corvettes sold.

Fiat Chrysler will invest up to $1.5 billion to build EVs in Windsor

Fiat Chrysler Automobiles will invest between $1.35 billion and $1.5 billion in its Windsor assembly plant in Canada to build electric vehicles as part of a tentative deal with Canadian autoworkers, Unifor National President Jerry Dias said on Thursday. The auto union said FCA would invest in a state-of-the-art vehicle platform that will enable the assembly of plug-in hybrid and battery electric vehicles, with at least one new model in 2025. The announcement comes less than a month after Unifor said Ford would invest $1.46 billion in its Oakville and Windsor plants. "Not only is Fiat-Chrysler maintaining the current portfolio but they will be investing three derivatives to enhance the current portfolio," Dias said. Unifor also said it expects to extend the life of the Chrysler 300, a rear-wheel-drive luxury car and introduce multiple derivatives of the Dodge Charger and Challenger. The union said as many as 2,000 jobs would be added in 2024 at the Windsor plant. Market forecasting firm LMC Automotive on Thursday said it would take until 2024 for U.S. vehicle sales to recover from the coronavirus downturn and get close to the 17 million vehicles sold in 2019. Ratification meetings for the FCA deal will happen over the weekend, and members will vote on whether to accept the agreement on Sunday. The union is expected to begin negotiations with General Motors's Canadian unit next week. Related Video: Green Hirings/Firings/Layoffs Plants/Manufacturing UAW/Unions Chrysler Dodge Fiat Jeep RAM Coupe Electric Sedan windsor