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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.

Stellantis expects to hit emissions target without Tesla's help

Franco-Italian carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla, its CEO said in an interview published on Tuesday. Stellantis was formed through the merger of France's PSA and Italy's FCA, which spent about 2 billion euros ($2.40 billion) to buy European and U.S. CO2 credits from electric vehicle maker Tesla over the 2019-2021 period. "With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year," Stellantis boss Carlos Tavares said in the interview with French weekly Le Point. "Thus, we will not need to call on European CO2 credits and FCA will no longer have to pool with Tesla or anyone." California-based Tesla earns credits for exceeding emissions and fuel economy standards and sells them to other automakers that fall short. European regulations require all car manufacturers to reduce CO2 emissions for private vehicles to an average of 95 grams per kilometer this year. A Stellantis spokesman said the company is in discussions with Tesla about the financial implications of the decision to stop the pooling agreement. "As a result of the combination of Groupe PSA and FCA, Stellantis will be in a position to achieve CO2 targets in Europe for 2021 without open passenger car pooling arrangements with other automakers," he added. Tesla's sales of environmental credits to rival automakers helped it to announce slightly better than expected first-quarter revenue this week. The next tightening of European regulations will soon be the subject of proposals from the European Commission. The 2030 target could be lowered to less than 43 grams/km. Related Video: Government/Legal Green Alfa Romeo Chrysler Dodge Fiat Jeep Maserati RAM Tesla Citroen Peugeot Emissions Stellantis

Is this the 2020 Dodge Charger SRT Hellcat Widebody?

Last month we told you about the heavy anticipation that Dodge will release Charger Widebody versions in SRT Hellcat and R/T Scat Pack trims for 2020. Now we have strong visual evidence to back it up. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Instagram user and self-described motorsports enthusiast zl1_dre_92c captured a brief video while out driving around suburban Detroit Tuesday of what appears to be a Charger SRT Hellcat Widebody with more pronounced fenders and distinctive graphics passing him in traffic. We can see SRT spelled out on the lower passenger front door and on the rear fascia, and curiously, it appears to be sporting a Florida license plate. Mopar Insider says a source told it that's because Dodge was trying to keep the muscle car away from the usual prying eyes in Detroit and instead has been running it around its secret testing facility near Naples, Fla. The website further surmises that the model could well debut this weekend at the SoCal LX Club Spring Fest 14 in Pomona, Calif., an annual gathering of Mopar fanatics. That would explain the flashy wrap graphics and our suspicions that this isn't a test car; why else would Dodge so clearly advertise the car's SRT lineage? Although both models would get specialized suspension tuning, it's believed that the engines and outputs will remain — a 485-horsepower, 6.4-liter V8 in the R/T Scat Pack and the 6.2-liter V8 making 717 hp for the SRT Hellcat. Both will also reportedly get the same 20-by-11-inch Pirelli performance tires as are found on the Challenger Widebody. They're wrapped around five-spoke blacked-out aluminum wheels, accented with red brake calipers. It appears we'll know more about this curiosity soon.