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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.

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

Drive like Mario Andretti in his 1981 Alfa Romeo GTV-6

In the United States, Mario Andretti is the racing driver whose name is likely best known among the general public. Over his decades-long career, Andretti has driven into the winner's circle numerous times and in a variety of racing series and venues. He is an ex-Formula One champion (1978), a four-time IndyCar champion, as well as an Indy 500 winner (1969). And while we mere mortals probably cannot drive like Mario Andretti, we can drive one of Mario Andretti's cars, specifically this 1981 Alfa Romeo GTV-6, which is currently for sale at classic-car vendor LBI Limited. Based on the pictures of this Alfa, the car shows just under 36,000 miles. This GTV-6 is finished in Grigio over a tan leather interior. Power is by a 2.5-liter DOHC V6. Equipment includes a five-speed manual, power windows, air conditioning, a wood-rim steering wheel and a Blaupunkt cassette stereo. Andretti drove for the Alfa Romeo F1 team in 1981, and he also appeared in ads for the GTV-6. There was even a Mario Andretti limited edition of the earlier European-market Alfa Romeo GTV in 1976. This car reportedly was a gift from the automaker and was delivered in May 1981. He reportedly kept it for a year, although his ownership is documented (click the "View Documents" tab on the listing). The current asking price for this Alfa is $48,000, although there may be some wiggle room there, given that this car appears to have been a no-sale in a May 2020 RM Sotheby's auction where it garnered a high bid of $28,000. That's about $8K more than is sold for at auction in 2016, although the car is said to have since had thousands of dollars in service. Regardless of the price, this is a cool Alfa with a direct connection to America's most famous racing driver. Related video: