2023 Alfa Romeo Giulia Sprint on 2040-cars

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Stellantis says its 2021 performance has been better than expected

MILAN — Stellantis softened up investors ahead of its electrification strategy event on Thursday by flagging that 2021 got off to a better-than-expected start despite a chip shortage that has hit automakers worldwide. Stellantis, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, faces an investor community keen to hear how it plans to come up with a range of electrified vehicles (EVs) to rival Tesla. At its "EV Day 2021" kicking off at 1230 GMT, Stellantis will disclose significant investments in electrification technology and connected software as it aims to be an industry frontrunner, it said in a statement. In April, Chief Executive Carlos Tavares said it would offer low-emission versions — either battery or hybrid electric — of almost all of its European models by 2025, and they should make up 70% of European sales and 35% of U.S. sales by 2030. Stellantis, the world's fourth-biggest automaker, has 14 brands in its stable, including Jeep, Ram, Opel, Fiat, Peugeot and Maserati.   Stellantis EV Day coverage: Dodge will launch the 'world's first electric muscle car' in 2024 Fully electric Ram 1500 will begin production in 2024 Jeep will have 4xe plug-in hybrid models across the lineup by 2025 Stellantis teases mystery electric Chrysler concept Stellantis previews 4 electric platforms: Here's how they'll be used Fiat says all Abarth models to be electric from 2024 Opel Manta E will be the electric revival of the classic German coupe Stellantis says its 2021 performance has been better than expected   At a similar EV strategy event last week, French rival Renault announced that 90% of its main brand models would be all-electric by 2030, whereas previously it had included hybrids in its target. Germany's Volkswagen, the world's second-biggest automaker after Toyota, expects all-electric vehicles to make up 55% of its total sales in Europe by 2030, and more than 70% of sales at its Volkswagen brand. Stellantis said its margins on adjusted operating profits in the first half of 2021 were expected to exceed an annual target of between 5.5% and 7.5%, despite production losses due to a global shortage of semiconductor supplies. Stellantis shares listed in Milan were down 2.6% at 0920 GMT, underperforming the broader European car index. Bestinver analyst Marco Opipari said Thursday's news was positive but that the stock was suffering from profit taking as it had moved up about 20% since the end of April.

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.

Vintage 1921 Alfa Romeo G1 rally car hits RM Sotheby’s

The only known surviving, fully operational example of Alfa Romeo's first commercial car is hitting the auction block at RM Sotheby's at its auction in Phoenix next month, when the 1921 G1 is expected to fetch up to $1.5 million. It's one of only 52 examples, including two prototypes, built between 1921 and 1923, and the only known surviving member of the series, stamped chassis No. 6018. It spent many years on a remote farm in Australia, during part of which the engine was put to work powering a water pump, before undergoing a restoration sometime in the mid-1960s. The G1 is powered by a 6.3-liter side-valve inline six that was said to have been designed with input from Enzo Ferrari, then a driver for the company, and was the largest motor ever fitted to an Alfa. It was based on two cast-iron three-cylinder blocks with fixed cylinder heads, a cylinder bore of 98 millimeters and a stroke of 140 mm to make 71 horsepower and 216 pound-feet of torque, with a top speed of 86 mph. It has a four-speed manual gearbox, which sends power to the rear axle through a single-dry plate clutch and an open driveshaft. The G1 was built to support Alfa Romeo's racing activities and was marketed to the same upscale clientele as Rolls-Royce, Hispano Suiza and others. A stripped-down version of the car won its production class at the Coppa del Garda, according to RM Sotheby's, but the production version suffered for being an expensive fuel guzzler at a time of economic and political chaos in Italy following World War I. So the company exported all 50 production versions to Australia (and possibly to South Africa), where this one was picked up by a Queensland businessman, who later went into bankruptcy and sent the car to a farm in the Outback to hide it from creditors. Ranch workers reportedly found it in the late '40s and used it as a farm runabout before the rear axle failed and the engine was used for the water pump. The remains of the G1 were acquired by a man named Ross Flewell-Smith, who would restore it over 10 years, including finding authentic replacement parts. It would undergo three full restorations in subsequent years.Related Video: