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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.

Ram recalling 131,000 heavy duty trucks over fire hazard

For a little over a year, Ram has been investigating an issue with a number of heavy duty trucks from the 2021 model year that have experienced engine bay fires. For some reason, even when the engine is off, the solid-state intake heater relay in Ram trucks fitted with the 6.7-liter Cummins turbodiesel can suffer a short and catch fire. In March of this year, the company planned to recall about 20,000 vehicles in the U.S. and Canada when it thought the problem was limited to trucks with unprotected relays. In May, Ram discovered the issue occurring even in trucks with protected relays. Now Ram is preparing to recall 131,177 trucks from the 2021 and 2022 model years. The models in question are:  2021-2022 Ram 2500 (DJ) pickups built between August 3, 2020 and October 8, 2021 (67,597 units) 2021-2022 Ram 3500 (D2) pickups built between August 5, 2020 and October 8, 2021 (39,324 units) 2021-2022 Ram 3500 Chassis Cabs (DD) built between August 12, 2020 and October 7, 2021 (7,317 units) 2021-2022 Ram 4500/5500 (DP) Chassis Cabs built between November 13, 2020 and October 8, 2021 (16,939 units) Ram says it is aware of about 10 engine bay fires, but no accidents nor injuries due to the fires. The bigger issue for now is that Fiat Chrysler engineers working with the component supplier still haven't been able to find a root cause for the fires. Until they can nail down a cause, Ram recommends parking affected models outside, away from structures and other vehicles.   The pickup maker expects to begin mailing letters to owners on December 3, the same day it informs dealers of the fix for the issue. Owners with questions can call the Stellantis customer service line at 1-800-853-1403, the automaker's internal code for the recall being Y76. Or they can contact the National Highway Traffic Safety Administration (NHTSA) Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153). Or go to www.nhtsa.gov. The NHTSA campaign number is 21V798 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Omaze is giving away a luxurious, custom Ford F-250 off-roading machine

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.  Enter to win this giveaway or any other Omaze experience between now and November 26, 2020, use code UNWRAP300 and receive 300 bonus entries. Winning this sweepstakes will be the best Black Friday deal you’ll ever find. Personally, IÂ’m not much of a heavy-duty pickup guy. I donÂ’t have a camper to tow, nor the garage space for a big truck. But I can appreciate them. Driving a Ram Power Wagon off-road in the Nevada desert is boatloads of fun. If you need to tow 15,000 pounds and love off-roading, thereÂ’s nothing better than a heavy-duty pickup, and this custom F-250 that Omaze is giving away is one youÂ’d love to take off-road in the wide open space of a desert. Win a Custom Ford F-250 4x4 Diesel and $20,000 - Enter at Omaze This truck, customized by LGE-CTS, is a monster. It features a 6.7-liter Power Stroke V8 turbodiesel under the hood that produces 475 horsepower and over 1,000 lb-ft of torque, 1,050 to be exact. You read that right. Four-figure torque. It also has a towing capacity of 15,000 pounds and a payload of 3,320 pounds.  Here are some of the other off-road customizations, according to Omaze: “Baja Forged 5” bulge carbon fiber fenders and bed sides, Baja Forged front and rear tubular bumpers, bed cage spare tire rack, rigid light bar and accessory lights, Warn 9,500-lb winch, ICON Stage 5 Coilover conversion suspension with 3.5” lift, 8” Method wheels w/ 37” Toyo tires, Banks cat-back exhaust, iDash and Pedal Monster.” While it may look like an off-road brute on the outside, the interior is all luxury, with a panoramic sunroof, and luxurious leather heated and cooled seats. Another addition to the interior: $20,000 in cash. And like most Omaze giveaways, taxes and delivery fees are covered, so you can spend that cash however you want. The best part is that every donation supports First Responders ChildrenÂ’s Foundation, which, for almost two decades, “has provided financial support to children who have lost a parent in the line of duty as well as families enduring significant hardships due to tragic circumstances.