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Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall

2023 Maserati Grecale starts taking off its camouflage

Maserati is still working on bringing the Grecale, its long-awaited entry-level SUV, to production. With a little over a month to go before the model's unveiling, the Italian company released a batch of preview images that give us the best look yet at the next addition to its lineup. The prototype depicted in the images wears a black and white wrap that previews some of the Grecale's specifications and features, like the amount of storage space and leg room available in the cabin. Key figures remain under wraps, they're replaced by asterisks, and a message written on the wrap lets the Grecale tell on-lookers that it "can't tell you much more" about what's underneath. The photos are telling, though. While previous images released by Maserati hid the SUV's finer design details, the latest batch shows the grille, headlights, some exterior trim pieces and cool-looking wheels with trident-shaped spokes that echo the firm's logo. Its profile is reminiscent of the Levante's in the sense that it unmistakably leans towards the sporty side of the SUV scale thanks to styling cues like a rakish roof line, though its rear wheel arches look less pronounced. Up front, it's a different story: the headlights are more rounded and positioned above the grille. Out back, we spot horizontal lights connected by a piece of trim (or a well-hidden light bar) and four exhaust outlets. All told, the Grecale falls in line with Maserati's design language without blatantly copying the Levante. Its interior remains hidden for the time being, however. Nothing is official yet, but earlier reports claim that the Grecale will ride on a version of the Giorgio platform that underpins several members of the Alfa Romeo range, including the Stelvio and the Giulia. If that's accurate, rear-wheel-drive will likely come standard (at least in some markets) and all-wheel-drive will be available as well. We know that a high-performance Trofeo version will ultimately join the range. Aimed directly at the Porsche Macan, the 2023 Maserati Grecale will make its debut on March 22. Production will start shortly after. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.