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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 turns it up to 11 with Harrison guitars and Marshall amps

To American enthusiasts, nothing might say rock n' roll quite like a classic muscle car. But that doesn't preclude the Europeans from trying. Volkswagen has partnered with Fender for its premium audio systems, and now Alfa Romeo is teaming up with some rocking powerhouses as well. The Italian automaker is collaborating with Harrison Custom Guitar Works to create the limited-edition axe you see here. The electric guitar is designed around Alfa's iconic grille and uses automotive materials like aluminum and carbon fiber as well as traditional guitar woods like poplar, maple, ebony and Korina. The cross-bars, pickups, tail piece and bridge are CNC-machined from aluminum billet. Only 11 examples will be made, each taking eight months to construct, and priced at GBP4,000 (about $6,800 at current exchange rates). At the same time Alfa has also created a one-off MiTo concept car together with Marshall Amplification. The hatchback packs a custom Marshall JVM 50-watt amp and a pair of 12-inch 75-watt speakers, but has also been decked out with gold-mesh trim on the grille, head- and taillight surrounds, side mirrors, door handles and lower bumper – just like a Marshall stack – while the interior has been worked over with Marshall treadplates, white piping and gold trim. The shift knob has even been replaced by a Shure SH55 microphone. Though the collaborations look like something straight out of This Is Spinal Tap (with a touch of The Graduate thrown in for good measure), they'll both be showcased at a special screening in London of another rock documentary: Sound City, directed by Foo Fighters frontman (and former Nirvana drummer) Dave Grohl. You can, however, check them out in the pair of image galleries and the press releases below. CRAFTED FOR PERFORMANCE: HARRISON CUSTOM GUITAR WORKS UNVEILS ULTRA-EXCLUSIVE ALFA ROMEO-INSPIRED GUITAR - Harrison Custom Guitar Works create the 'Alfa Romeo' – an ultra-limited edition Alfa Romeo-inspired guitar - The 'Alfa Romeo' integrates traditional craftsmanship with performance materials such as carbon fibre and aluminium - Hand-built to order for GBP4,000 with each guitar taking eight months to create Harrison Custom Guitar Works based in Yorkshire (UK) has created an ultra-exclusive electric guitar inspired by Alfa Romeo's design and heritage. The 'Alfa Romeo', is a completely custom-made design that draws inspiration from the style, materials and technology of the Italian brand's road cars.

Sergio rethinks FCA-GM merger idea, dismisses critics

After many public overtures, Fiat Chrysler Automotive CEO Sergio Marchionne has claimed his company won't be making a hostile takeover bid for General Motors. This is despite widespread speculation that FCA's desire to merge was motivated by its allegedly dire situation. As one unnamed GM exec who spoke to Automotive News earlier this year put it, "Why should [GM] bail out FCA?" "We are not choking. We are in relatively decent shape," Marchionne told journalists attending an FCA shareholder meeting in Amsterdam, AN reports. "We have been publicly rebuffed, we have been rejected and you cannot force these things. I don't want to. At the moment, we have no intention to do anything hostile." Instead of focusing on merging with GM, or any other partners for that matter, FCA will refocus on implementing its ambitious five-year investment plan, which would see it dump $52 billion into its various brands, with a particular focus on Alfa Romeo, Maserati, and Jeep. So far the attempt has largely been unsuccessful, especially as it relates to the Italian brands. Earlier this week, additional reports emerged that claimed Alfa was pushing back the Giulia and an unnamed CUV while reassigning resources to updated versions of the Giulietta and MiTo hatchbacks. This is not the first time we've heard about trouble for the Giulia, of course. For Masearti, though, it was the first we'd heard of delays for Alfieri sports car, which allegedly won't appear in 2016, as promised. We can expect a proper breakdown of FCA's adjusted plans when Marchionne and Company reveal an updated product slate next month. Related Video: The video meant to be presented here is no longer available. Sorry for the inconvenience. News Source: Automotive News - sub. req.Image Credit: Paul Sancya / AP Alfa Romeo Chrysler Fiat GM Jeep Maserati Sergio Marchionne FCA