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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

Maserati MC20 spy photos show supercar in broad daylight

The upcoming Maserati MC20 mid-engine supercar has been teased a number of times, but thanks to new spy photos, we finally get a clear look at the prototype. Our spy photographer caught the MC20 in broad daylight from nearly every angle, and it was wearing relatively thin camouflage. The nose of the MC20 seems to take a lot of inspiration from past and present Maseratis. It has a slightly more aggressive oval grille that will house a big trident square in the middle. Two smaller grilles flank the center one. The headlights and hood design look slightly reminiscent of the MC12 supercar, which was based on the Ferrari Enzo. The lights have a similar shape that looks like it might wrap down around the sides of the fender. The little vents in the hood also call to mind the MC12. The sides of the MC20 aren't too over-the-top. It has two relatively small intakes in the rear fender, one upper and one lower. There's a small vent in the front fender. The body's lines are smooth and curvy. The rear pillar is fairly thick and the side skirts are rather deep. The wheels have quite a bit of vinyl covering, but they seem to have some sort of three-spoke or split three-spoke design. At the rear of the car, there are few wings, spoilers or other aerodynamic paraphernalia besides the simple rear lip to distract from the clean curves. What we can see of the taillights suggests thin, wide units with arrow-like points in the lighting elements. There appear to be plenty of vents for cooling and aerodynamics, and the twin tailpipes exit roughly in the middle and a bit inset to the edges of the car. While we don't know all the details about the car, we know a fair bit about what will power it. It will use a twin-turbo 3.0-liter V6 making 630 horsepower and 538 pound-feet of torque. It's also an in-house engine, not one built by Ferrari. There have been reports that the engine could see a hybrid version with multiple electric motors appear with over 700 horsepower, but it's also possible that those reports of an electrified engine could simply be referring to a 48-volt mild-hybrid assist that could be a part of the standard V6. We're expecting the regular V6 MC20 will be rear-wheel-drive with some kind of dual-clutch or conventional automatic transmission. If the high-output hybrid rumors are true, that version would likely be all-wheel-drive. We should know more when the car makes its debut this September. Related Video:    

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.