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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.

2017 Jeep Model Year Preview and Updates

This will be a huge year for Jeep, with the introduction of an all-new compact Compass crossover - pictured above - taking place in November, 2016 at the Los Angeles Auto Show, and the pending introduction of an all-new Wrangler later in the calendar year. Not all Jeep products are Trail Rated, but those models will get the most marketing attention. CHEROKEE: Jeep's midsize crossover receives a mild refresh as it makes its way from assembly in Toledo, Ohio to a retooled plant in Belvidere, Illinois. Most of the Jeep feature updates are directed to the Cherokee Trailhawk, which receives heated/ventilated front seats covered in Nappa leather, a power eight-way driver's seat, Keyless Entry 'n Go and remote start. An upscale Overland trim adds a Heavy Duty Protection Group and Trailer Tow Prep packages. COMPASS: This all-new 'global' compact SUV will be built and sold around the world. Sitting atop FCA's 'small wide 4X4 platform' (like the newish Renegade), the Compass offers a more substantial presence than the smaller Renegade, while promising to be more maneuverable and responsive – at least with comparable four-cylinder power – than the larger Cherokee. Expect the 2018 Compass to arrive in Jeep showrooms by midyear. GRAND CHEROKEE: The Trailhawk, with up to eleven inches of ground clearance, best-in-class towing and a crawl ratio of 44.1:1, is revived, three new exterior colors are added, and the front fascia on all '17 Grand Cherokees is tweaked. For those wishing to reach the Summit, Jeep's Grand(est) Cherokee offers an upgraded interior, 'high' style. PATRIOT: At the tail end of its product cycle, the Patriot is unchanged. Of continued interest to Jeep enthusiasts is its genuine off-road credibility, propelled by the Patriot's Freedom Drive II off-road package. This includes a second-generation CVT2L (CVT transmission with low range), skid plates and a more offroad-centric wheel/tire combination. RENEGADE: If you're a traditional Jeep enthusiast you'll wonder why anyone would consider a Renegade. And if you're a new Jeep enthusiast you'll wonder why anyone would disregard this popular Jeep introduction. Still new to the showroom, in 2017 Jeep introduces two new trims: the offroad-oriented Deserthawk and attitude-oriented Altitude.

FCA to idle Belvidere Jeep plant again for a week in February

Bloomberg reports that Fiat Chrysler will shut down the Belvidere, Ill., plant that assembles the Jeep Cherokee for a week this month, starting February 17. FCA has been tweaking the plant's headcount and production schedule for a while now, usually downward. The automaker laid off 1,371 workers last February and fired 32 more in May, the same month it eliminated the third production shift. In August, the automaker shut down the plant for one week, then did so again for two weeks last month. As in August and January, FCA explained this month's idling by saying it needs to get production in alignment with demand. Cherokee sales declined 20% in the U.S. last year, helping to account for Jeep's overall 5% domestic drop in 2019. On top of the shutdown, FCA is offering buyouts to certain plant workers among the 3,600 hourly and 300 salaried personnel. The choices are either taking a "separation package" that comes with a $60,000 lump sum payment, or accepting voluntary termination that pays a lump sum based on seniority. Employees that choose a buyout can't return to Chrysler, becoming no longer "eligible for recall, rehire or reemployment." Belvidere personnel have until March 11 to make their decisions. Bloomberg says the aim is to reduce the number of workers with more seniority and higher pay grades; a company spokesperson said the move would "create opportunities for those employees still on layoff," who were lesser-paid. Around 900 of those laid-off workers remain on standby for reassignment to another plant. Analysts predict a soft year for car sales, so FCA might not be the only automaker pruning the rolls. Early estimates have come in below 17 million, and if that comes true, 2020 will be the slowest year since 2014, when 16,531,070 units left lots. The new contract between FCA and the UAW made provisions for Belvidere, which has tempered talk of a total shutdown.The automaker will invest $55 million for "fresh models/features off of the current (KL) platform" that underpins the Cherokee as well as the Chinese-market Jeep Grand Commander (it was previously used for the Dodge Dart and Chrysler 200). Outside of that, some observers think the carmaker could be planning a three-row Chrysler crossover based on the KL platform, akin to the Grand Commander, for the United States. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.