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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.

1942 Dodge Carryall from WWII featured on 'Jay Leno's Garage'

On this episode of Jay Leno's Garage, Leno takes a look at a unique Dodge Carryall, both in its past and present states. The Carryall is a 1942 model restored and modified by Winslow Bent at Legacy Classic Trucks in Wyoming. According to Bent, the truck spent time in Tunisia during World War II. Obviously it's no longer a military vehicle, but Bent explains that he and his crew built the truck to still be extremely durable, since its new owner wanted a support vehicle for classic car rallies around the world and in remote locations. To reach this end, the Carryall's original inline-six has been replaced with an intercooled Cummins 4BT turbocharged diesel four-cylinder. Bent modified the engine to make less power than it could in order to make the engine understressed and longer lasting. In total, it makes only 130 horsepower, but 380 pound-feet of torque. It also features a boxed frame and heavy duty axles. It's plenty practical, too, with a large roof rack, winch, and even an on-board welding setup. But it's not all hardcore upgrades, since it also has air conditioning. Check out all the other cool details and listen to Leno and Bent geek out over leaf springs and intakes in the video above. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: YouTube / Jay Leno's Garage Aftermarket Dodge Truck SUV Off-Road Vehicles Special and Limited Editions Classics Videos Jay Lenos Garage dodge power wagon

Canadian union Unifor ends strike after tentative deal with Stellantis

Canadian labor union Unifor called off a brief strike that began early on Monday after reaching a tentative agreement with Stellantis over a new labor contract covering more than 8,200 workers. The union had commenced strikes at all Stellantis facilities in the country as talks over a new deal hit a roadblock despite the expiration of a strike deadline on Sunday midnight. A prolonged strike would have hit the production of some of the popular vehicles such as the Dodge Charger and Challenger, which are manufactured in its Brampton assembly plant. North American union workers are seeking higher wages, better work-life balance and job upgrades. Unifor's bargaining team had prioritized discussions around support for its workers in the electric vehicle transition at the plant in Brampton. "A tentative agreement has been reached with Stellantis ending strike action at all Unifor facilities," Unifor said in an email statement, without disclosing any more details. Stellantis was not immediately available for a comment. Unifor's talks in Canada are separate from the United Auto Workers (UAW) union's negotiations in the United States. The UAW and Stellantis reached a tentative agreement on a new labor contract on Saturday. Unifor used the "pattern bargaining" approach in its talks with the automakers in Canada and reached ratified deals first with Ford and then General Motors. The deal with GM was reached shortly after 4,300 workers went on strike at three GM facilities in Canada, while the deal with Ford came ahead of a threatened strike. The Canadian operations of the "Detroit Three" are much smaller than their U.S. setups, but all have critical factories in Canada. (Reporting by Abinaya Vijayaraghavan and Shivansh Tiwary in Bengaluru; Editing by Jacqueline Wong, Edwina Gibbs and Arun Koyyur)