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Stellantis and LG launch joint venture for North American battery plant

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world's No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan. Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines. Stellantis and LGES's joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided. The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later. Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030. The batteries produced under the deal will supply Stellantis' U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030. The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup. Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States. Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis' electrification process. It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells. Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. Related video: Green Plants/Manufacturing Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall Electric Hybrid EV batteries LG

Stellantis ready to kill brands and fix U.S. problems, CEO Tavares says

  MILAN — Stellantis is taking steps to fix weak margins and high inventory at its U.S. operations and will not hesitate to axe underperforming brands in its sprawling portfolio, its chief executive Carlos Tavares said on Thursday. The warning for lossmaking brands is a turnaround for Tavares, who has maintained since Stellantis was created in 2021 from the merger of Italian-American automaker Fiat Chrysler and France's PSA that all of its 14 brands including Maserati, Fiat, Peugeot and Jeep have a future. "If they don't make money, we'll shut them down," Carlos Tavares told reporters after the world's No. 4 automaker delivered worse-than-expected first-half results, sending its shares down as much as 10%. "We cannot afford to have brands that do not make money." The automaker now also considers China's Leapmotor as its 15th brand, after it agreed to a broad cooperation with the group. Stellantis does not release figures for individual brands, except for Maserati which reported an 82 million euro adjusted operating loss in the first half. Some analysts say Maserati could possibly be a target for a sale by Stellantis, while other brands such as Lancia or DS might be at risk of being scrapped given their marginal contribution to the group's overall sales. Stellantis' Milan-listed shares were down as much as 12.5% on Thursday, hitting their lowest since August 2023. That brings the loss for the year so far to 22%, making them the worst performer among the major European automakers. Few automotive brands have been killed off since General Motors ditched the unprofitable Saturn and Pontiac during a U.S. government-led bankruptcy in the global financial crisis in 2008. Tavares is under pressure to revive flagging margins and sales and cut inventory in the United States as Stellantis bets on the launch of 20 new models this year which it hopes will boost profitability. Recent poor results from global carmakers have heightened worries about a weakening outlook for sales across major markets such as the U.S., whilst they also juggle an expensive transition to electric vehicles and growing competition from cheaper Chinese rivals. Japan's Nissan Motor saw first-quarter profit almost completely wiped out on Thursday and slashed its annual outlook, as deep discounting in the United States shredded its margins. Tavares said he would be working through the summer with his U.S. team on how to improve performance and cut inventory.

Daily Driver: 2015 Dodge Charger SRT Hellcat

Daily Driver videos are micro-reviews of vehicles in the Autoblog press fleet, reviewed by the staffers who drive them every day. Today's Daily Driver features the 2015 Dodge Charger SRT Hellcat, reviewed by Greg Migliore. You can watch the video above or read a transcript below. Watch more Autoblog videos at /videos. VIDEO TRANSCRIPT: [00:00:00] Hey, everybody. It's Greg Migliore and today I am driving a 707-horsepower Dodge Charger. That can only mean one thing: I'm driving the Hellcat. Naturally, the spotlight feature of this car is the 6.2-liter supercharged Hemi V8. Makes 707 horsepower and 650 pound feet of torque. [00:00:30] Now naturally the engine sounds great and you can hear all of those horses going out the exhaust in back, which I think the Dodge guys have tuned really well. I think it's got one of the more unique sounds in the industry. All that horsepower will do that, but they've tuned it so there's a low kind of growl, and then it burbles and it's angry [00:01:00], it's visceral. I like it. It's intoxicating. It's different than other muscle cars. It's different than European exotics. I think it sounds great. I'm driving in sport right now which allows me to use the paddle shifters. I think it sounds a little better and the shifts of the eight-speed automatic transmission are a little bit more aggressive. For such a powerful car, Dodge did a nice job of tuning it to be actually pretty drivable. I just took a corner right there and the [00:01:30] steering offers you satisfying weight to your inputs. It's a little bit of a heavier steering, especially compared to some of the earlier generation Chargers. It's sporty, but it's not crazy. The design of the Dodge Charger is a critical element. That's why a lot of people buy this car, is it gives them that muscle car heritage look. The Hellcat has some special design cues that are also functional. You've got a couple of extra air intakes up front, keeps everything cool and breathing, the air flowing through; a nice spoiler in back [00:02:00] that helps keep the aero, and the downforce keeps you on the ground. The HID projector headlights really pop, especially at night, and in back you've got the LED taillights that spread out wide across the back end of this car like some of the great Chargers of the past. This car rolls on 20-inch black wheels with a spiderweb design. I think they look good. They're kind of low-key, which I think is great.