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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

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

Here's what it'll take to build a Jeep Grand Cherokee Hellcat

Let's get one thing straight: We want a 707-horsepower Grand Cherokee Hellcat to happen. Badly. The latest report from Motor Authority is encouraging; the bonkers SUV supposedly has a codename, Project K, and has been given the green light for production. Fingers crossed. You might be wondering why the Trackhawk isn't already a thing. Hellcat engines exist, SRT Grand Cherokees exist, so just combine the two, right? It's not quite that easy. Here, we outline what needs to happen, why it should be the quickest Hellcat vehicle out there, and why it won't come anywhere near 200 miles per hour. How To Build A Hellcat Jeep The first engineering problem is feeding the air-intensive beast that is the 6.2-liter supercharged V8. The first engineering problem is feeding the air-intensive beast that is the 6.2-liter supercharged Hellcat V8. Breathing is important on two counts: pulling in enough air for the combustion to put out 707 hp, and then cooling the various heat exchangers once the engine is up to temperature. Dodge did it with the Charger and Challenger, it can do it with the Jeep. This is one place where the Grand Cherokee's larger frontal area might be a boon, as it gives the engineers more surfaces through which to suck air. Once you generate the 707 horsepower and 650 pound-feet of torque, it has to get to the wheels somehow. Jeep's current SRT all-wheel-drive system will at least need some beefing up to handle the torque. It could require a more complete re-engineering. We at least know the ZF-supplied eight-speed auto, used in the Dodge Hellcat models, is up to the task. The Hellcat engine should fit in the Grand Cherokee, as it's about the same size as the 6.4-liter currently in SRT Jeeps, but the Hellcat is taller because of its supercharger. The hood may need to be raised or at least resculpted for clearance, as well as to address those cooling needs. Quicker Than Everything, But Not Faster 200 mph? We're skeptical, from both a physics standpoint and a legal one. A reminder of the quick/fast distinction: quick is acceleration, fast is road speed. The Jeep's all-wheel drive will help put the Hellcat engine's power to the ground in a more manageable way than the Charger and Challenger do through just the rear wheels. That means better acceleration times than the Dodges (11.0 seconds in the quarter-mile for the Charger Hellcat, 11.2 for its Challenger sibling).