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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 preparing electric Quattroporte for 2028

Maserati's range will look a lot different in 2030 than it did in 2020. The brand has already confirmed that the Quattroporte and the Levante will both be replaced by electric models, and it told us when we'll see both models while shedding light on the other cars in the pipeline. The final Quattroporte rolled off the Turin, Italy, assembly line in December 2023. The smaller Ghibli and Maserati's V8 engine died at that time as well, and they're not coming back. Instead, the brand will remain without a sedan in its lineup until 2028, when it plans to release an electric follow-up to the Quattroporte. It's too early to provide concrete details about the model, but Maserati released one interesting tidbit of information: While the EV will carry the historic Quattroporte nameplate into the 2030s, it will be closer to the Ghibli in terms of size. When it lands, the next Quattroporte will join a battery-powered SUV described as an E-segment model that sounds a lot like the Levante's electric replacement. Production of the Levante continues, even without a V8 option, and we don't know when the big SUV will retire yet. As of writing, it sounds like both models will be only offered with an electric drivetrain. Until then, Maserati will continue to offer gasoline- and battery-powered versions of the cars in its range. We've seen and driven the GranTurismo Folgore, and the coupe will spawn a convertible called GranCabrio later in 2024 that will also be available with either a 3.0-liter twin-turbocharged V6 or three electric motors. Even the MC20 supercar will be offered with electric power: The Folgore model previewed in 2020 will reach production by the end of 2025. Note that these EVs won't replace the gasoline-burning variants: "We're going to let buyers decide [whether they prefer the V6 or the EV]," Maserati told me. Maserati stresses that all of these electric models will be designed, developed, and manufactured in Italy. It notably invested a significant amount of money into modernizing the research and development center it operates deep within its decades-old headquarters in Modena. Related video:

Rich kid uses puppy to polish Maserati as Internet howls

Update: The original Instagram video appears to have been removed, but the video can still be viewed at this link. One of the Rich Kids of Instagram may never attempt to perform manual labor again after the 2-3 seconds she spent using a puppy to "polish" a rare Maserati. She cast it as a joke, but the Internet wasn't laughing. Instagram user m666ya, who is said to be a young, beautiful, wealthy collector of supercars in London - or, she at least has enough access to photograph them and occasionally show herself behind the wheel of one - posted this clip of an extremely cute puppy detailing a limited-edition Maserati MC12, which sells for $1.5 million or $2 million (depending on who's doing the telling). It got picked up on the Rich Kids account two days ago: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The Maltese puppy is compliant and seems, well, maybe not in distress but probably not having the time of its life, either. And m66ya or whoever is doing the buffing keeps it exceedingly brief. Some of the reaction has been predictable. The New York Post tabloid called her "barking mad." And social-media reactions to the post were similar: "Not funny." "Animal abuse." "Disgusting." "This is just wrong." "Shame on you." "This is actually sickening." "Money can't buy you class and in your case, values." "Dogs are so loyal and only want to love and please their owner. You do not deserve any devotion of love from this innocent puppy." "Psychologists will tell you, simple abuse of animals often leads to abuse of humans in later life. Seek some help now." A few commenters defend the clip and suggest people lighten up. Some doubled down on the joke: "It's better to use a cat so you can hear your engine purr." A blogger joked you'd never actually use a dog to polish a $2 million car because dirt in its hair could scratch the paint. And one young philosopher of Instagram, whose spelling is too poor to quote him directly, makes the fair point that perhaps some people are less angry about the dog than they are jealous that these ne'er-do-wells are rich. A spokeswoman for the Royal Society for the Prevention of Cruelty to Animals said: "We can understand why people are concerned about this video.