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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.

Maserati rules out smaller Macan rival

These days every luxury automaker is going after the Porsche Cayenne with a crossover of its own. Among those coming up is the Maserati Levante, which will mark the Trident marque's first foray into high-riding territory. But don't expect it to follow up with a Macan rival as well. Speaking with Autocar, Maserati chief Harald Wester ruled out the possibility of a smaller crossover to join the Levante in the Modenese automaker's lineup, ostensibly because doing so would step on the toes of other brands under the Fiat Chrysler umbrella – particularly with Alfa Romeo set to launch a crossover of its own. "We are an extremely complex multi-brand group and to have every doing a little bit of everything is not the right way," Wester told the British magazine. "In this business, you should never say 'no' in a dogmatic way, but my personal opinion is that Maserati wouldn't want to go below the Levante in size." And Wester's opinion goes a long way in the halls in Turin and Auburn Hills: he's head of both the Maserati and Alfa Romeo brands, and is also the group's Chief Technology Officer. That's something that has never seemed to deter the Volkswagen Group, though, where Bentley is gearing up to take on its sister company's Cayenne with the upcoming Bentayga and is also said to be considering a Macan rival. And that's to say nothing of other SUVs occupying similar size and price positions from Volkswagen, Audi and potentially Lamborghini. Which only serves to underline the different approaches taken by Europe's two largest automakers. Look for the Levante to debut at the 2016 Detroit Auto Show.

Car cocktails and Risky Business Porsches with Brett Berk | Autoblog Podcast #502

On this week's podcast, Mike Austin and David Gluckman are joined by a special guest, Autoblog contributor Brett Berk. The three discuss cars in film and TV as well as Brett's series on car-themed cocktails. There is of course a recap of what they've all been driving lately, and the episode wraps up with Spend My Money buying advice to help you, our dear listeners. The rundown is below. Remember, if you have a car-related question you'd like us to answer or you want buying advice of your very own, send a message or a voice memo to podcast at autoblog dot com. (If you record audio of a question with your phone and get it to us, you could hear your very own voice on the podcast. Neat, right?) And if you have other questions or comments, please send those too. Autoblog Podcast #502 The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics and stories we mention 2017 Chevrolet Bolt EV - Autoblog's 2017 Technology of the Year Car award winner 2017 Ford Shelby Mustang GT350R 2016 Kia Soul EV 2017 Audi A4 sedan The story of the Risky Business Porsche 928 The Taxi Cocktail took us for a ride The myth and mystery of The Bentley Cocktail Used cars! Rundown Intro - 00:00 What we're driving - 01:50 Brett Berk interview - 21:12 Spend My Money - 39:44 Total Duration: 54:02 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 Feedback Email – Podcast at Autoblog dot com Review the show on iTunes Podcasts Audi Bentley BMW Chevrolet Maserati Mercedes-Benz Porsche kia soul ev Chevrolet Bolt porsche 928 ford shelby mustang gt350r cocktails