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Stellantis ready to kill brands and fix U.S. problems, CEO Tavares says
Thu, Jul 25 2024Â 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.
This incredibly '90s Dodge Ram video shows roots of the luxury pickup truck
Sat, Oct 3 2020To paraphrase the Talking Heads, you may find yourself behind the wheel of a Ram 1500 Limited with a 12-inch touchscreen and sumptuous leather, and you may ask yourself, "How did we get here?" Well, some of that credit goes to that loaded Ram's predecessor, the second-generation Dodge Ram. As you'll see in this fascinating promotional video for the truck uploaded by YouTube Channel TheClassicSports, it seems to highlight all the things that make up the modern pickup truck, albeit in a slightly more modest form. Right off the bat, the video starts talking about how the new Ram isn't your traditional pickup. It has features like anti-lock brakes, a spacious, comfortable cabin and standard driver-side airbag. Later, it notes the extensive sound insulation, as well as the cupholders and a giant center console to set up your mobile office, with space for a cell phone and laptop. But it's not just a comfortable truck. It's a powerful, practical and intimidating one. This Ram is frequently credited as the truck that changed pickup design, moving from simple rectangular boxes to ones with style, particularly semi-truck style. In the video, the host notes that regardless of what people think, "They all call it 'big'." And of course, there's the all-important utility aspect. Highlights include various interior storage bins, slots in the bed to create divided sections, and the critical towing and payload capacities; best-in-class of course. Don't forget the wide array of engines, too, from the base V6 to the unique at the time gas V10 engine. This isn't to say that competitors from Chevy and Ford weren't changing to this more stylish, more well-appointed truck philosophy, either. The mid-'90s Silverado was quite modern, too, with its sleek, if still boxy shape. And the late-'90s F-150 ushered in a sleek, curvy design that has yet to return to the full-size market. But the second-generation Ram really encompasses everything about how the truck market was about to change for the next few decades. Related Video:
Chrysler readying 20 Moparized vehicles for SEMA
Tue, 08 Oct 2013The Las Vegas Convention Center has plenty of space for aftermarket companies and automakers to show off their wares, and it looks like Chrysler is taking advantage of the spacious floor plan. At next month's SEMA Show, Chrysler will have a full 20 cars from its six brands decked out with Mopar gear.
As a hint of what is to come, Chrysler released a handful of teaser sketches showing glimpses of modified Jeep Cherokee, Ram 1500, Fiat 500L and Chrysler 300 concept vehicles. The automaker will also use the venue to show off a new line of Jeep Performance Parts offered by the all-new Mopar Off-Road Division. In addition to the images, Chrysler also issued a brief press release - posted below - breaking down some of the "industry-first features" that Mopar has offered in recent years.