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Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall

What will Detroit do with the abandoned AMC headquarters?

As with so many other industrial and residential properties in Detroit, the former headquarters for the American Motors Corporation is having a hard time finding a reputable buyer. In October the Wayne County Treasurer held a tax foreclosure auction of 25,000 properties that included the AMC building, the starting bid being $500. Nicholas Casab won the building for $500, but the county voided the sale when Casab didn't pay the $232,000 in back property taxes. Detroit authorities haven't commented on the failed sale, but the city has until January 4 to decide if it wants to keep the building. If it doesn't want to hold onto it, the 1.5-million-square-foot property on 57 acres might be ceded to the Wayne County Land Bank Corporation. No matter who holds the deed come January 5, all anyone really wants is for someone to take possession of the building who will actually turn it into something useful and viable. The property opened in 1927 as a factory for the Kelvinator Corporation. Over the following decades, Kelvinator merged with the Nash Motor Company, and that merged entity merged with Hudson Motor Car Co, becoming American Motors. Chrysler took over the building in 1987 when it bought AMC, then shuttered it in 2009. The complex has produced refrigerators, Sikorsky helicopters, Jeeps, AMCs, and was used as an engineering center for Jeeps and other Chrysler products. Having been through several hands in the past six years, it is cited as part of the cycle of abandonment plaguing Detroit. Related Video: News Source: Detroit Free Press Government/Legal Chrysler Jeep Auctions Detroit amc

Georgia judge slashes verdict to $40M in Jeep fire case

A judge in Georgia has drastically reduced the damages that Fiat Chrysler Automobiles will have to pay to the family of Remington Walden, who a court said died as a result of the unsafe design of one of its vehicles. While the jury originally awarded the family $150 million at FCA's expense, Judge J. Kevin Chason cut that amount to $40 million, the Detroit News reported. The automaker may still appeal the verdict. The case dates to March 2012, when a 1999 Jeep Grand Cherokee in which four-year-old Walden was riding was rear-ended by another vehicle. Due to what the jury ruled was an unsafe fuel tank, a fire erupted, and Walden died in the fire. The family's lawyers successfully argued that the automaker knew there was a problem and didn't take sufficient action to address the issue, while FCA countered that its vehicles met the applicable safety standards when they were built. The jury found FCA 99 percent responsible for the fire and Walden's death, reserving the final one percent for the driver who caused the crash. The court awarded the Waldens $150 million in damages to be paid by the automaker: $120 million for wrongful death, and a further $30 million for pain and suffering. FCA, however, argued that the damages were disproportionate to the incident, noting that the $120 million was 11 times higher and the $30 million four times higher than any comparable awards upheld on appeal in the state. Chason agreed and cut the penalties extensively. The Walden family has reportedly accepted the reduced verdict. But according to the News, company spokesman Michael Palese said, "The reduction in the damage awards does not cure the many errors that tainted this verdict and denied FCA US a fair trial. We are considering our legal options." News Source: The Detroit NewsImage Credit: Jeep Government/Legal Recalls Jeep lawsuit court