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Stellantis ready to kill brands and fix U.S. problems, CEO Tavares says

  MILAN — Stellantis is taking steps to fix weak margins and high inventory at its U.S. operations and will not hesitate to axe underperforming brands in its sprawling portfolio, its chief executive Carlos Tavares said on Thursday. The warning for lossmaking brands is a turnaround for Tavares, who has maintained since Stellantis was created in 2021 from the merger of Italian-American automaker Fiat Chrysler and France's PSA that all of its 14 brands including Maserati, Fiat, Peugeot and Jeep have a future. "If they don't make money, we'll shut them down," Carlos Tavares told reporters after the world's No. 4 automaker delivered worse-than-expected first-half results, sending its shares down as much as 10%. "We cannot afford to have brands that do not make money." The automaker now also considers China's Leapmotor as its 15th brand, after it agreed to a broad cooperation with the group. Stellantis does not release figures for individual brands, except for Maserati which reported an 82 million euro adjusted operating loss in the first half. Some analysts say Maserati could possibly be a target for a sale by Stellantis, while other brands such as Lancia or DS might be at risk of being scrapped given their marginal contribution to the group's overall sales. Stellantis' Milan-listed shares were down as much as 12.5% on Thursday, hitting their lowest since August 2023. That brings the loss for the year so far to 22%, making them the worst performer among the major European automakers. Few automotive brands have been killed off since General Motors ditched the unprofitable Saturn and Pontiac during a U.S. government-led bankruptcy in the global financial crisis in 2008. Tavares is under pressure to revive flagging margins and sales and cut inventory in the United States as Stellantis bets on the launch of 20 new models this year which it hopes will boost profitability. Recent poor results from global carmakers have heightened worries about a weakening outlook for sales across major markets such as the U.S., whilst they also juggle an expensive transition to electric vehicles and growing competition from cheaper Chinese rivals. Japan's Nissan Motor saw first-quarter profit almost completely wiped out on Thursday and slashed its annual outlook, as deep discounting in the United States shredded its margins. Tavares said he would be working through the summer with his U.S. team on how to improve performance and cut inventory.

Check out Autoblog Electric — your connection to the EV world

DETROIT — Autoblog today announces the launch of Autoblog Electric, a hub dedicated to electric vehicle news and research.  Powered by Autoblog, Autoblog Electric delivers the latest news from the EV world, shopping tools for owners to research their next electric vehicle and videos of the latest electric models. Autoblog Electric is also home to a Charging Station Finder, which allows users to search for EV chargers in their area by inputting their zip code into a mapping tool. “Autoblog Electric is a natural extension of our coverage at Autoblog as we seek to serve an increasingly electric world,” said Autoblog Editor-in-Chief Greg Migliore. “We aim to be the resource for EV owners and enthusiasts as they research their vehicles and the charging network around them. And of course, Autoblog Electric will obsessively cover the electric auto industry with the latest news from Autoblog.” Autoblog ElectricÂ’s editorial mission is to cover all-electric vehicles, plug-in hybrids, the charging network, sustainability issues, EV industry personalities and battery technology. Looking for some Autoblog Electric Swag? Check out our online shop. Alfa Romeo is the launch sponsor of Autoblog Electric.

Alfa Romeo Tonale is the last new gas-powered Alfa for U.S.

Speaking to journalists yesterday, Vincent Noirbent, vice president of marketing and product for Alfa Romeo North America, talked about Alfa's electrification plans for the U.S. He confirmed the brand's plans to go to only electric introductions for 2025 and beyond. And he also revealed that the plug-in hybrid Tonale is the last new gas-powered model for America. We take that to mean the last new mainline model, since Zagato teased a special Giulia coupe that might be available to America that's slated to come out in 2023. That's undoubtedly going to be a very limited-production vehicle and could be regarded as just another version of the existing Giulia. But that aside, the Tonale is the last new internal combustion Alfa for the U.S. And that also makes it the last major model introduction until the first of the EVs is introduced for 2025. Apparently there's a smaller internal-combustion Alfa coming for Europe between now and 2025. But Noirbent said that it wouldn't be a good fit for the U.S. Apparently it will be a smaller model than the Tonale, and we would be inclined to agree with Alfa's decision. Vehicles the size of Tonale are about as small as any of the major premium car companies go in this country. Following the introduction of the 2025 Alfa EV, the brand will have additional models released every year through 2030. So Alfa's electric lineup will grow impressively quickly. The brand will still have a few gas-powered models overlapping, though, as existing vehicles won't be discontinued immediately. So Tonale, and likely Giulia and Stelvio, will stick around for a few years during the transition. Related video: A Night With Giulia