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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.

Dodge Viper and Jaguar XK revival | Autoblog Podcast #543

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder and Consumer Editor Jeremy Korzeniewski. We talk the possible rebirth of the Dodge Viper and Jaguar XK, as well as the recent goings-on at Tesla. Then we share some of our experiences driving in Europe. We also discuss the cars we've been driving, and help spend another listener's hard-earned dough in this week's "Spend My Money" segment. Autoblog Podcast #543 Your browser does not support the audio element. 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 Dodge Viper and Jaguar XK to make a return? Tesla Model 3 braking issues and Elon Musk vs. media Driving in Europe Cars we've been driving: Porsche Panamera Turbo S E-Hybrid Sport Turismo, Infiniti QX50, Range Rover Velar Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Auto News Green Podcasts Dodge Infiniti Jaguar Land Rover Porsche Tesla Car Buying Used Car Buying Driving Safety Performance jaguar xk infiniti qx50

Georgia sheriff buys Dodge Charger Hellcat, and the feds want a refund

A sheriffs office in Georgia recently purchased a new 2018 Dodge Charger SRT Hellcat. It's currently being used and driven by Gwinnett County Sheriff Butch Conway. Now the U.S. Department of Justice wants its money back. All $70,000 of it. According to The Atlanta Journal-Constitution, the DOJ described the purchase as extravagant. The purchase was originally approved by the DOJ, with the money coming from asset forfeitures. The government has since questioned whether the car is being used for its intended and stated purpose — undercover and covert operations as well as the Gwinnett County Beat the Heat program. The Beat the Heat program is a nonprofit meant to "to educate drivers about the dangers of distracted driving and illegal street racing" by holding drag nights at local tracks. The Hellcat — along with a 1996 Chevy Impala SS, a 1990 Chevy Corvette and 2004 Volkswagen GLI — are all featured on the Beat the Heat website. All but the Hellcat are privately owned and funded. The DOJ prohibits the use of taxpayer money for "extravagant expenditures" and says the "the vehicle in question is a high-performance vehicle not typically purchased as part of a traditional fleet of law enforcement vehicles." The sheriff's office defended the purchase, stating that Sheriff Conway uses it to commute and "when he participates in field operations, covert and otherwise, with our deputies" and that "Conway maintains that this vehicle is an appropriate purchase, especially for an agency with a $92 million budget and the opportunity this vehicle provides in making our roadways safer." The DOJ has given the sheriff's department until July 31 to repay the money. Gwinnett County intends to comply with the reimbursement. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.