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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.

Alfa Romeo finalizes 2024 Tonale EPA fuel economy, EV range

Alfa Romeo announced Wednesday that the 2024 Tonale plug-in-hybrid achieved 29 mpg combined in EPA testing, coming in at 77 MPGe with a total EV range of 33 miles. The plug-in hybrid powertrain is the only one offered in the 2024 Tonale and is shared with the 2024 Dodge Hornet R/T, which is essentially the same car only in weekend casual.  "We are happy to announce the official EPA electric range of 33 miles and 77 MPGe for the Alfa Romeo Tonale, which will allow many of our customers to drive their daily commutes without tapping the fuel tank," said Larry Dominique, SVP, Head of Alfa Romeo North America. "The Alfa Romeo Tonale represents the beginning of our transformation to greater electrification while staying true to the performance characteristics our customers expect from the brand, including a best-in-class 285 horsepower." The electric range of 33 miles puts the 2024 Tonale smack in between the 2023 Lincoln Corsair PHEV (28 miles) and Lexus NX 450h+ (38 miles). The Lincoln is also a close match in MPGe, coming in at 78, but the Lexus handily eclipses both 84 MPGe. So if fuel EV range and fuel efficiency are all you crave, the Lexus is your go-to, even if the Alfa is thousands cheaper. The Tonale Sprint starts at $44,590 (with destination). After the $7,500 federal electric vehicle credit is factored in (which requires you to lease since the Tonale is built Italy) you’re looking at just $37,090. Both the Lexus and Lincoln start north of $50,000 before subsidies, but the Louisville-built Lincoln can benefit from tax credits whether you lease or purchase.  Related Video 2023 Dodge Hornet R/T

Alfa Romeo's Super Bowl commercial is about dreams and reinvention [UPDATE]

Update 2: Alfa Romeo keeps rolling out the Super Bowl ads. The post has been changed to include the third ad and information about it. Update: Alfa Romeo had not one, but two new Super Bowl commercials, and this post has been edited to include the second one. Alfa Romeo's Super Bowl commercial talks about the things we've dreamed of since we were kids, like riding on dragons and flying cars. It also covers the various life lessons many of us learn, including how to be true to oneself. All the while, images of childhood, growing up, and vintage Alfa Romeos are spliced together. It covers some heartwarming ground, but it's all a bit broad and borderline vague. The idea seems to be that Alfa as a company has learned the same lessons we do growing up, and that it all pays off with its new models. The second ad is much better, and is all about Alfa's strengths: driving enjoyment, passion, and other cliched Italian automotive characteristics. It shows a new Giulia Quadrifoglio cruising some gorgeous mountain roads, and the driver talking about being one with the vehicle and loving the experience. The bit about letting something go if you love it was cheesy, but this was a commercial that really showed what Alfa Romeo is all about, and we liked it. Check it out above. Alfa's third Super Bowl ad of the night continues what the second one started. This one focuses on the most powerful Giulia's beauty, and, well, power. It's apparently both breath-taking and breath-giving. Check out the commercial above. Related Video: Image Credit: Alfa Romeo / YouTube Alfa Romeo Super Bowl Commercials Videos super bowl li