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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.

FCA plants skipping summer shutdown to keep up with demand

Hopefully, some FCA US factory employees don't have big plans for the usual summer shutdown, because the automaker is keeping several plants running this year. Demand is so high that the company wants to keep models rolling off the assembly lines. Four FCA US assembly plants, all the engine factories, and some locations that build transmissions are staying open throughout the summer, according to the Detroit Free Press. Usually, these sites would see a two-week shutdown for the company to retool and perform repairs. This year, factories are staying open for FCA to support its strong sales. The lines that remaining humming through the summer show an inclination toward the automaker's popular SUV's and crossovers. They include the Jefferson North Assembly Plant in Michigan that builds the Jeep Grand Cherokee and Dodge Durango; Saltillo Van Assembly in Mexico that constructs the Ram ProMaster; Toledo Assembly Complex in Ohio that produces the Cherokee and Wrangler; and Toluca Assembly in Mexico that makes the Dodge Journey and Fiat 500. Related Video: News Source: The Detroit Free PressImage Credit: Bill Pugliano / Getty Images Plants/Manufacturing Dodge Fiat Jeep RAM FCA dodge journey fca us ram promaster Jefferson North Assembly Plant

Fully electric Ram 1500 announced, will begin production in 2024

Ram is fully present and accounted for at Stellantis’ EV Day. The company announced and teased a fully-electric Ram 1500 that is due to be out in 2024. And itÂ’s not just going to be fully revealed in 2024. Ram says itÂ’s going to begin production on the electric pickup that year. Details are scarce on the ground, but Ram teased us with some shadowy images of what we should expect of its electric full-size pickup. It looks almost nothing like the current Ram 1500, with an incredibly sleek profile, full-width front light bar and surprisingly short bed. WeÂ’re not sure how representative this photo will ultimately be of the production pickup, but it looks like Ram is open to big, revolutionary change in pickup design with this product. Specific details about the pickup werenÂ’t talked about, but Stellantis does provide a range estimate for an upcoming “STLA Frame” BEV platform (pictured above) that will undoubtedly underpin this Ram. As of today, Ram says it will offer a range of up to 500 miles. There will surely be lesser versions with smaller battery packs, but a 500-mile range is a great place to start. Ram also said that it would offer fast charging up to 150 kW, smart storage solutions and advanced automation. “With full knowledge of what our competitors are doing, we will surpass their offerings with the Ram 1500 battery electric vehicle built to again redefine the full-size segment," says Mike Koval, Ram CEO. That sounds like a direct shot at the 2022 Ford F-150 Lightning, but we still haven't seen what GM is cooking up for its electric full-size pickup. Besides the 1500, Ram says it will offer a fully electrified solution “in the majority of our segments by 2025.” RamÂ’s portfolio of vehicles is rather limited, but that suggests weÂ’ll see electric versions of the ProMaster and ProMaster City at some point. The “majority” stipulation in there is likely referring to the Heavy Duty truck segment. There could be EVs there one day, but thatÂ’s certainly the segment that Ram is excluding for the time being.