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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.

Watch thief steal Jeep Wrangler with laptop

Advancements in technology, especially those in the automotive sector, have made cars safer, easier to drive, and harder than ever to steal. But a recent incident in Houston, TX, reveals that the latest generation of hackers and thieves knows how to use modern tech for their own nefarious devices. A car thief was caught on camera using a small computer to pilfer a 2010 Jeep Wrangler parked in its owner's driveway. The video shows a man entering the Wrangler and after a few minutes on the laptop, driving away in the vehicle. According to the Wall Street Journal, Houston police believe the same method could have been used on four other occasions involving late-model Wranglers and Cherokees. While the short clip looks like something out of a movie, this isn't the first time a Jeep has been hacked. The theft took the pair of thieves roughly 13 minutes from the time the first person opens the hood (not shown) to when the car leaves the driveway. Alarmingly, the Houston police department isn't sure what the laptop is being used for, the Journal reports. A Fiat Chrysler official told the newspaper that the thieves in the Houston incident might be using tools that only dealers have access to, which would allow them to pair another key fob to the vehicle. While that explains how they got into the vehicle, it still doesn't explain how a laptop could be used to get the vehicle running – especially when automakers ( Fiat Chrysler, Tesla, and General Motors) have altered their cars' electronics to reduce hacking. Theft rates have dropped by 96 percent since 1990, according to The New York Times, but recent events show thieves are making their own advances, prompting increased cyber protection efforts from automakers, auto-parts suppliers, and the government. It will come into focus later this month when US Transportation secretary Anthony Foxx, Lyft CEO and co-founder Logan Green, and General Motors' chairman and CEO Mary Barra speak at a cybersecurity summit in Detroit. Related Video: News Source: The Wall Street Journal, The New York Times, Business Wire, YouTube Jeep Technology SUV Off-Road Vehicles Videos viral video hacking thieves

Stellantis lays off salaried workers, cites uncertainty in EV transition

DETROIT — Jeep maker Stellantis is laying off about 400 white-collar workers in the U.S. as it deals with the transition from combustion engines to electric vehicles. The company formed in the 2021 merger between PSA Peugeot and Fiat Chrysler said the workers are mainly in engineering, technology and software at the headquarters and technical center in Auburn Hills, Michigan, north of Detroit. Affected workers were notified starting Friday morning. “As the auto industry continues to face unprecedented uncertainties and heightened competitive pressures around the world, Stellantis continues to make the appropriate structural decisions across the enterprise to improve efficiency and optimize our cost structure,” the company said in a prepared statement Friday. The cuts, effective March 31, amount to about 2% of Stellantis' U.S. workforce in engineering, technology and software, the statement said. Workers will get a separation package and transition help, the company said. “While we understand this is difficult news, these actions will better align resources while preserving the critical skills needed to protect our competitive advantage as we remain laser focused on implementing our EV product offensive,” the statement said. CEO Carlos Tavares repeatedly has said that electric vehicles cost 40% more to make than those that run on gasoline, and that the company will have to cut costs to make EVs affordable for the middle class. He has said the company is continually looking for ways to be more efficient. U.S. electric vehicle sales grew 47% last year to a record 1.19 million as EV market share rose from 5.8% in 2022 to 7.6%. But sales growth slowed toward the end of the year. In December, they rose 34%. Stellantis plans to launch 18 new electric vehicles this year, eight of those in North America, increasing its global EV offerings by 60%. But Tavares told reporters during earnings calls last month that “the job is not done” until prices on electric vehicles come down to the level of combustion engines — something that Chinese manufacturers are already able to achieve through lower labor costs. “The Chinese offensive is possibly the biggest risk that companies like Tesla and ourselves are facing right now,Â’Â’ Tavares told reporters. “We have to work very, very hard to make sure that we bring out consumers better offerings than the Chinese.