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Fiat Chrysler posts record Q3 profit thanks to U.S. trucks and Jeep

MILAN — A rebound in car production in Fiat Chrysler on Wednesday reported record third-quarter earnings as production returned to nearly pre-pandemic levels. The Italian-American automaker, which is finalizing its full merger with French rival PSA Peugeot, reported a net profit in the three months ending Sept. 30 of $1.4 billion (1.2 billion euros). That compares with a loss of 179 million euros a year earlier. The carmaker reported adjusted earnings before tax and interest in North America of 2.5 billion euros. That offset deepening losses in Europe, Asia and at its Maserati luxury marquee. Latin America, the only other region to post a profit, saw it narrow by two-thirds to 46 million euros. “Our record results were driven by our teamÂ’s tremendous performance in North America,” CEO Mike Manley said in a statement. Overall, the carmaker said global earnings before tax and interest were a record 2.3 billion euros despite a 6% fall in revenues to 26 billion euros. Global shipments were down 3%, due largely to plant retooling in North American to produce the new Jeep Grand Wagoneer in the luxury SUV segment and the discontinuation of the Dodge Grand Caravan classic minivan. Fiat Chrysler announced earlier Wednesday that its merger with PSA Peugeot is on track to be finalized by the end of the first quarter of 2021, as planned. To meet regulatory concerns, the French carmaker is selling a small stake in a components maker to get below 40% ownership. The new automaker, to be called Stellantis, will be the fourth biggest producer in the world. Earnings/Financials Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

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.

Ram 'Built to Serve' special editions honor five U.S. military branches

Ram has just announced a series of special-edition trucks that honor the five branches of the U.S. military and the roughly 7% of Americans who currently serve or are veterans. Called the "Built to Serve" editions, five trucks released over the next year will come in exclusive liveries and offer exclusive options to commemorate the Army, Navy, Air Force, Marines and Coast Guard. Available on every bodystyle and powertrain, a Built to Serve package will add $2,795 to the price. Ram hasn't said which branch the first truck honors, but that pickup will debut tonight — Wednesday, Nov. 6 — at the “Stars and Strings” concert at the Fox Theater in Detroit.  Each of the five comes in one of two special colors chosen to "evoke the spirit, the mission and history of that service," and a limited build number. The colors and quantities are: Gator (1,000) and Diamond Black (1,000) Ceramic Gray (1,000) and Patriot Blue (1,000) Anvil (1,000) and Billet Silver (1,000) Tank (1,000) and Flame Red (1,000) Spitfire (500) and Bright White (500) The interiors are set off with contrasting stitching in either Light Frost, Light Ambassador Blue, Light Diesel Gray, Core Green, or Orange. Built to Serve trucks will be known by their U.S. flag and edition decals on the rear quarter panels. Cosmetic upgrades for all five versions include an all-black grille and surround, black badging, side steps, black four-inch exhaust tips, body-colored wheel arch trim, and 20-inch wheels finished in Technical Gray. The option price adds the Off-Road Group, normally a $795 extra, including features like four underbody skid plates, electronic-locking rear axle, off-road shocks, tow hooks, and all-terrain tires.  Special features in the cabin come in the Black Onyx Chrome trim, Velcro panels on the front and sides of the front seats for service patches, PALS/MOLLE webbing to hang pouches on the front seatbacks, lockable front center tunnel storage, all-weather floor mats, and an instrument panel badge. Ram will use the trucks to help bring more attention to an initiative the automaker has run since 2015, also called Built to Serve, that works to organize grassroots volunteer efforts. Between now and Veteran's Day on Nov. 11, 2020, the Built to Serve program wants to log 1.3 million volunteer hours. That figure represents one hour for each active member of the five services.