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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.

Ferrari shows California with unique upholstery at Goodwood

Order up a new Ferrari and you can get it just about any way you want it. That's what the company's Tailor Made program is all about. And it's showcasing some of the possibilities at the Goodwood Festival of Speed this weekend with the unique cabrio you see here. This one-of-a-kind Ferrari California T has been done up in a special blue and white livery. Its three-layer Bianco Italia paintjob is overlaid with a pair of offset blue stripes, complimented by a set of 20-inch alloys in blue and silver. The interior is similarly done up in blue and white, but it's the material with which that's done that's the most interesting bit. Maranello has upholstered and trimmed the interior of this particular California with a new high-tech material called Mycro Prestige. It's less than a millimeter thick and weighs only a third of what the leather would, but it's flameproof and water resistant while being porous and breathable. Sort of like Alcantara, but more advanced. Of course these are only some of the options Ferrari can offer through its Tailor Made program. Clients are set up with their own personal designer who'll walk them through the endless choices available through three collections, dubbed Scuderia, Classica and Inedita, the latter offering the most out-there choices. So if what you really want is a Prancing Horse swathed in cashmere or denim, Ferrari will be only too glad to oblige your open checkbook. Related Video: "TAILOR MADE" FERRARI CALIFORNIA T SHOWCASES NEW LIGHTWEIGHT MYCRO PRESTIGE FABRIC Maranello, 24 June 2015. Ferrari will be showcasing a very special "Tailor Made" California T at the Goodwood Festival of Speed, inspired by the passion and colours of Polo and Horse racing. The California T encapsulates the ethos of personalisation, with a Bianco Italia three-layer exterior with a double-asymmetric stripe in Blu Hellen mirrored by a sumptuous Blu Sterling interior with Bianco elements and highlights. The car is finished off with 20" forged wheels which have been painted in Blu Hellen and Argento Nurburgring. This particular California T showcases a new high-tech "Mycro Prestige" fabric material that has been specifically made exclusively for Ferrari. Mycro Prestige is a highly resistant material that offers an exceptional level of grip, and, thanks to its unique mixture of fibres which are only 0.7mm thick, it is only one-third the weight of traditional leather.

1957 Ferrari 335S sells for $34.9M, still not most expensive Ferrari ever sold

Here's your reminder that the price of a good vintage Ferrari is absolutely staggering – the 1957 335S that just sold at an Artcurial auction in Paris for $34.9 million isn't even close to a record when it comes to Prancing Horses crossing the block. While this 335S still represents a hell of a lot of money, we're actually wondering why it didn't do better. For one, this car, chassis number 0674, has the all-important racing provenance collectors crave. It's been raced by legends Mike Hawthorne and Sir Stirling Moss. In its first year of competition, Wolfgang von Trips took it to second place at the Mille Miglia, while Peter Collins and Maurice Trintigant drove it to sixth at the 12 Hours of Sebring. It even recorded the fastest lap at the 24 Hours of Le Mans (although it retired with engine problems just 56 laps into the race). So yes, consider the provenance box checked. Besides famous racers and races, it was owned by some huge names in the Ferrari world, including Luigi Chinetti, the founder of the North American Racing Team and the first Ferrari importer in the US. But for the past 45 years, it was a part of the legendary Bardinon Collection, which was known for its wide array of high-quality Ferraris. While the 1957 335S falls short of the record-holding 1962 250 GTO sold by Bonhams for $38.1 million during the Pebble Beach Concours d'Elegance festivities in 2014, it's still one of the most expensive cars ever sold at auction. And hey, it even landed in the meaty part of its $31.2 million to $35.6 million estimated sale price.