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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.

Pony cars, trucks and Italian SUVs | Autoblog Podcast #552

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor Alex Kierstein and Associate Editor Reese Counts. We discuss the updated 2019 Chevy Camaro Turbo 1LE variant, the new 2019 GMC Sierra Denali, and the Ferrari-powered Maserati Levante GTS. We also debate whether Volkswagen should build the Atlas-based Tanoak pickup truck and what a delay means for the next-gen Ford Mustang. Finally, we answer a reader question about the state of Lexus.Autoblog Podcast #552 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown 2019 Chevy Camaro Turbo 1LE 2019 GMC Sierra 2019 Maserati Levante GTS Should Volkswagen build the Tanoak? Next-gen Ford Mustang delayed The past, present and future of Lexus Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Podcasts Chevrolet Ford GM GMC Lexus Maserati RAM Truck Coupe SUV Luxury Performance

Maserati recalls 28k sedans for unintended acceleration

The Basics: Maserati is recalling 28,235 examples of the 2014-2016 Quattroporte and Ghibli sedans built between February 1, 2013, and November 30, 2015. The Problem: The anchor securing the driver's side floor mat could come loose, allowing the mat to get jammed underneath the accelerator. Injuries/Deaths: The investigation stemmed from four reported incidents of the accelerator getting stuck, but no accidents or injuries were reported to have resulted. The fix: Maserati dealers will replace the floor mat and possibly the accelerator pedal cover as well, starting at the end of April 2016. If you own one: Expect to hear from the manufacturer to arrange an appointment with your local dealer. In the meantime, watch out that the floor mat doesn't get stuck under the pedals. Related Video: RECALL Subject : Floor Mat Interference with Accelerator Pedal Report Receipt Date: MAR 01, 2016 NHTSA Campaign Number: 16V122000 Component(s): VEHICLE SPEED CONTROL Potential Number of Units Affected: 28,235 Manufacturer: Maserati North America, Inc. SUMMARY: Maserati North America, Inc. (Maserati) is recalling certain model year 2014-2016 Quattroporte and Ghibli vehicles manufactured February 1, 2013, to November 30, 2015. In the affected vehicles, the driver-side floor mat anchor may break allowing the floor mat to move and get trapped between the accelerator pedal and the vehicle carpet. CONSEQUENCE: If the floor mat moves and becomes trapped between the accelerator and the vehicle carpet, it may result in very high vehicle speeds, which could cause a crash, serious injury or death. REMEDY: Maserati will notify owners, and dealers will replace the driver-side floor mat and possibly the accelerator pedal cover, free of charge. The recall is expected to begin April 29, 2016. Owners may contact Maserati customer service at 1-201-816-2600. Maserati's number for this recall is 301. Note: These vehicles are equipped with a brake override system. In the event a pedal is trapped, pushing on the brake pedal will brake the vehicle and enable the driver to slow and stop and turn off the vehicle. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.