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Stellantis pledges $2.8 billion investment in Canadian plants

Stellantis has re-upped its commitment to two pivotal Canadian factories. The Brampton Assembly Plant, where the Chrysler 300, Dodge Charger and Dodge Challenger are built, and the Windsor Assembly Plant, where the Chrysler Pacifica minivan is made, will receive a $2.8 million investment in the coming years.  The announcement came as welcome news for Brampton, as the plant's future was very much in doubt. The company had only promised to build the three models, sharing an aged platform, through 2023. Now the future is more clear. Stellantis will begin retooling the facility in 2024 once production of the muscle car trio winds down. When it comes back online in 2025, it will produce "at least one all-new electric model". It will also serve as the production facility for an all-new flexible architecture, but which models it will support were not disclosed. As for Windsor, retooling will begin in 2023. Stellantis didn't say when it would finish, but that it would be home to a "new multi-energy vehicle (MEV) architecture that will provide battery-electric (BEV) capability for multiple models." Both plants are expected to return to a three-shift schedule after layoffs at the plants dropped them down to two shifts. The reaffirmation of investment in Canada follows last month's announcement that Stellantis and LG Energy Solution would establish a $4.1 billion joint venture to make battery packs for electric vehicles. The project is being billed as Canada's first large-scale lithium-ion battery plant. In addition, Windsor's Automotive Research and Development Centre (ARDC) will now become North America's first battery lab. Stellantis is expanding the site by 100,000 square feet, where engineers will conduct R&D into BEV, PHEV and HEV cells, modules and battery packs. Stellantis North America Chief Operating Officer Mark Stewart said, "These investments reaffirm our long-term commitment to Canada and represent an important step as we move toward zero-emission vehicles that deliver on our customers’ desire for innovative, clean, safe and affordable mobility.”  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Fiat Chrysler profit up as it closes in on retiring its debt

MILAN — Fiat Chrysler Automobiles reduced its debt by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year. Chief Executive Sergio Marchionne expects to cancel all debt during 2018 — possibly by the end of June — and generate around 4 billion euros ($5 billion) in net cash by the end of the year. Marchionne has said that forecast does not include any one-off measures, nor the impact of the planned spinoff of parts maker Magneti Marelli, which he hopes to execute by early 2019. The world's seventh-largest carmaker said on Thursday net debt had fallen to 1.3 billion euros ($1.6 billion) by the end of March, well below a consensus forecast of 2.6 billion euros in a Thomson Reuters poll of analysts. FCA said capital spending fell 900 million euros in the quarter due to "program timing," which analysts said implied higher investments for the rest of the year. The Italian-American group said first-quarter operating profit rose 5 percent to 1.61 billion euros, below a consensus forecast of 1.74 billion, as a weaker performance from its North American profit center weighed. Shipments there were higher due to the new Jeep Wrangler and Compass models. But currency moves hit revenues and earnings, and costs related to new product launches added to the pressure. FCA's shift to sell more trucks and SUVs boosted margins yet again in North America to 7.4 percent from 7.3 percent in the same quarter a year ago, although they were down from the 8 percent recorded in the preceding three months. Marchionne, preparing to hand over to an internal successor next year, is close to his goal of ending a margin gap with larger U.S. rivals General Motors and Ford. The 65-year-old has said becoming debt free and being able to compete on a par with U.S. peers would mean FCA no longer needed a partner to survive and could well succeed on its own. The CEO has previously said tying up with another carmaker would help to meet the huge costs in an industry investing in electric vehicles and automated driving. FCA shares fell immediately after the results, but recovered to trade up 3 percent at 19.71 euros by 1150 GMT, outperforming a 0.4 percent rise in Europe's blue-chip stock index. ($1 = 0.8214 euros) Reporting by Agnieszka FlakRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2018 Dodge Challenger GT Drivers' Notes Review | The right car for the season

Associate Editor Joel Stocksdale: Dodge uses the Challenger GT trim to denote its V6 all-wheel-drive model, but it seems apt for reasons besides that. The Challenger, even with a V6, is an excellent, affordable American grand tourer. It's still extremely stylish, despite barely changing looks since Dodge introduced it for the 2008 model year. The solid gray on this one was particularly attractive. It also seemed appropriate considering the Challenger's battleship size. This thing is truly massive. That's beneficial in the sense that it has an enormous trunk (perfect for touring), but not so much for maneuvering. But thankfully, it's easy to spot the corners, which helps a lot. The Challenger GT is a pretty able handler, too. It feels composed in corners, not too heavy, only mild body roll, and steering that weights up very naturally. The ride is relatively comfortable. It takes the edge off of most pavement imperfections, but you feel more than you might expect. So the Dodge Challenger GT has the style, space, and a decent balance of sportiness and comfort — which just leaves one thing left to address, the powertrain. And as it turns out, the V6 actually works quite nicely in the big Dodge. Under full throttle, you get an angry, throaty honk from the intake that, while not as smooth and classic as a V8, is still fairly satisfying. It also has more than adequate acceleration, if not exhilarating. It's a combo that makes not only a fun affordable GT car, but just a solid commuter with an extra dose of style. The only caveat is that if you need something more truly sporty, you may still want to look at a Camaro or Mustang. Associate Editor Reese Counts: I spent the latter half of last week in Idaho and Wyoming driving a pretty sweet Nissan 370Z in the snow. That car was equipped with tracks and skis and allowed me to do some pretty dumb things with few repercussions, though it was one of the loudest and most uncomfortable cars I've ever driven. Coming home to Detroit and a Destroyer Grey Challenger GT was a very nice change of pace. The thing is, this car is still plenty capable in the snow. I like the Challenger quite a bit, especially in the bonkers Hellcat and Demon guise. But not everyone needs a 700-plus horsepower brute that guzzles gas with a nearly unequalled thirst. The Challenger GT checks a lot of boxes. It looks good, it's comfortable, roomy and thanks to all-wheel drive, genuinely usable year round.