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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.

Chrysler Recalls Over 566,000 Trucks, SUVs

Fiat Chrysler is recalling more than 566,000 trucks and SUVs in two recalls for malfunctioning fuel heaters that can cause fires and a software glitch can disable the electronic stability control. The recalls bring the newly merged company's total for the year to 6.4 million vehicles worldwide and 5.1 million in the U.S. as it continues to struggle with reliability problems. It was not immediately clear whether those totals were annual records. On Tuesday, its longtime quality chief abruptly left after Fiat Chrysler performed poorly in Consumer Reports magazine's annual reliability rankings. The largest of two recalls announced Wednesday covers almost 382,000 Ram 2500 and 3500 pickups and Ram 4500 and 5500 chassis cabs from 2010 through 2014. In trucks with 6.7-Liter Cummins diesel engines, corrosion on a fuel heater terminal could cause overheating, fuel leaks and fires. Chrysler is not aware of any fires or injuries. Owners could be warned by an odor of diesel fuel. Customers will be notified by letters starting in December. Dealers will install upgraded terminals and fuel heater housings could be replaced. The second recall covers more than 184,000 Jeep Grand Cherokee and Dodge Durango SUVs from 2014. A debris cover over a circuit board in the steering column control module can disrupt communications and disable the stability control. The problem was discovered when dealers started getting reports from customers that electronic stability control warning lights were coming on. Fiat Chrysler says it knows of no crashes or injuries caused by the problem. Technicians will upgrade software to fix the SUVs, and customers will be notified in December. Fiat Chrysler has issued 33 global recalls and 27 in the U.S. so far this year. Doug Betts, its longtime quality chief, left the company to pursue other options after Consumer Reports' survey-based rankings this year showed four FiatChrysler brands at the bottom of its list. Dodge, Ram, Jeep and Fiat performed worst of 28 brands ranked by the magazine. Company spokesman Eric Mayne said Fiat Chrysler's recalls average fewer than 200,000 vehicles each, below the industry average of 301,000. That means the company is responding quickly to problems, he said, adding that eight of its 27 U.S. recalls were announced before the company received any consumer complaints. Chrysler is not alone with a high number of recalls so far this year.

1970 Dodge Charger destroyed by man sick of lowballers — he showed them!

There are open and shut cases, and there's this one, the purchase and crush case. This is so wild it's hard to believe it's real. Apparently a man named Daniel Gagliardi bought a rusted-out 1970 Dodge Charger project car with the intent to flip it. Contacted by The Drive, Gagliardi said he bought the car for $4,200 and listed it for $8,500. "It was a complete car," he said, "not missing a single thing inside, out, underneath, under the hood, wasn't missing a damn thing. Had fender tag, VIN tag, clean title." Instead of negotiating with serious buyers, Gagliardi told the outlet a stream of jokers jerked him around for six months. The time-wasting took a toll, and after 180 days of "no-showers, thousands of no-showers, and a whole bunch of flakers" who didn't have the decency to bring a decent offer and cash, he decided to teach them all a lesson. So he destroyed the car, filmed the destruction, and cheered it on. The humorous and ironic part of the video is when Gagliardi tells another man off-camera, "But we got it first! We already robbed it, you can only rob it once!" After that levity, there's only chagrin for anyone sad to see a Charger meet its end so spitefully. Admittedly, however, and in spite of all the vitriol aimed at him, Gagliardi is free to destroy his own property. He's not the first person to crush a car capriciously. Any divorce attorney could tell you a book of tales about precious goods meeting ugly ends for vindictive reasons. Or there's the guy who, commenting on Gagliardi's video on another site, relates how he crushed the Yamaha quad he wanted $800 for after he "got tired of people offering me $200." Ah well. This won't be the last time. Warning for language, and exceptionally shaky video. If you're hungry for more Charger carnage after this, check out the cinematic obliterations in "7 Ways to Destroy a Charger."