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Stellantis pledges $2.8 billion investment in Canadian plants

Stellantis has re-upped its commitment to two pivotal Canadian factories. The Brampton Assembly Plant, where the Chrysler 300, Dodge Charger and Dodge Challenger are built, and the Windsor Assembly Plant, where the Chrysler Pacifica minivan is made, will receive a $2.8 million investment in the coming years.  The announcement came as welcome news for Brampton, as the plant's future was very much in doubt. The company had only promised to build the three models, sharing an aged platform, through 2023. Now the future is more clear. Stellantis will begin retooling the facility in 2024 once production of the muscle car trio winds down. When it comes back online in 2025, it will produce "at least one all-new electric model". It will also serve as the production facility for an all-new flexible architecture, but which models it will support were not disclosed. As for Windsor, retooling will begin in 2023. Stellantis didn't say when it would finish, but that it would be home to a "new multi-energy vehicle (MEV) architecture that will provide battery-electric (BEV) capability for multiple models." Both plants are expected to return to a three-shift schedule after layoffs at the plants dropped them down to two shifts. The reaffirmation of investment in Canada follows last month's announcement that Stellantis and LG Energy Solution would establish a $4.1 billion joint venture to make battery packs for electric vehicles. The project is being billed as Canada's first large-scale lithium-ion battery plant. In addition, Windsor's Automotive Research and Development Centre (ARDC) will now become North America's first battery lab. Stellantis is expanding the site by 100,000 square feet, where engineers will conduct R&D into BEV, PHEV and HEV cells, modules and battery packs. Stellantis North America Chief Operating Officer Mark Stewart said, "These investments reaffirm our long-term commitment to Canada and represent an important step as we move toward zero-emission vehicles that deliver on our customers’ desire for innovative, clean, safe and affordable mobility.”  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Chrysler-Fiat quality chief out after another poor Consumer Reports showing

Fiat Chrysler has announced a management change following the company's woeful performance in the latest Consumer Reports Annual Auto Reliability Survey. Of the 28 brands surveyed, FCA's marques occupied the five the seven lowest scores, while Dodge, Ram, Jeep and Fiat were the four lowest scorers.
Doug Betts, FCA's 51-year-old head of quality "left the company to pursue other interests," which, considering the aforementioned paragraph, means he was sacked. According to Automotive News, Betts joined Chrysler in 2007, defecting from Nissan, and, insiders report, had a somewhat tumultuous relationship with new boss Sergio Marchionne.
His replacement is the newly promoted Matthew Lidane (shown at inset), who was formerly VP of systems and components. Lidane has been at Chrysler since 1987 and was previously chief engineer of the Jeep product team as well as the vehicle line boss for the compact US wide platform which (ironically) underpins two of FCA's lowest scoring vehicles, the Dodge Dart and Jeep Cherokee.

Fiat Chrysler completes sale of Magneti Marelli

Fiat Chrysler Automobiles completed its sale of components maker Magneti Marelli to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation. The Japanese parts supplier paid $6.5 billion (5.8 billion euros), which is a bit less than the $7.1 billion deal that was initially announced in October of 2018. According to Reuters, the price was adjusted based on Magneti Marelli's estimated financial position as of the closing date. The influx of cash allowed FCA to offer a special cash distribution to its shareholders for the first time in a decade. At ˆ1.30 per share, the payout corresponds to a total distribution of approximately ˆ2 billion. The dividend will pay out on May 30. "FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier," FCA CEO Mike Manley said in a statement. "This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio." Earnings/Financials Chrysler Fiat magneti marelli