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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.

Marchionne says no offers are on the table for Fiat Chrysler

MONZA, Italy (Reuters) - Fiat Chrysler (FCA) has not received any offer for the company nor is the world's seventh-largest carmaker working on any "big deal", Chief Executive Sergio Marchionne said on Saturday. Speaking on the sidelines of the Italian Formula One Grand Prix, Marchionne said the focus remained on executing the company's business plan to 2018. Asked whether FCA had been approached by someone or whether there was an offer on the table, he simply said: "No." The company's share price jumped to record highs last month after reports of interest for the group or some of its brands from China. China's Great Wall Motor Co Ltd openly said it was interested in FCA, but had not held talks or signed a deal with executives at the Italian-American automaker. The stock move was also helped by expectations that the company might separate from some of its units. Marchionne reiterated on Saturday that FCA was working on a plan to "purify" its portfolio and that units, such as the components businesses, would be separated from the group. He hopes to complete that process by the end of 2018. "There are activities within the group that do not belong to a car manufacturer, for example the components businesses. The group needs to be cleared of those things," he told journalists. Asked whether an announcement could come this year, Marchionne said it was up to the board to decide and that it would next meet at the end of September. He said the time was not right for a spin-off of luxury brand Maserati and premium Alfa Romeo and the two brands needed to become self-sustainable entities first and "have the muscle to stand on their feet, make sufficient cash". "The way we see it now, it's almost impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati, these are two entities that are immature and in a development phase," he said. "It's the wrong moment, we are not in a condition to do it." He said the concept of separating the two brands from FCA's mass market business made sense and did not rule out this happening in future, but not under his tenure, which lasts until April 2019. "If there is an opportunity in future, it would certainly happen after I'm gone. It won't happen while Marchionne is around," he said.

2020 Alfa Romeo Giulia Review & Buying Guide | Same dish, better noodles

When it comes to Italian cooking, the noodles matter less than the sauce. Despite the Alfa Romeo Guilia's robust flavor, especially the arrabiata 505-horsepower Quadrifoglio, there was no disputing the fact that the pasta upon which that delightful gravy was slathered came out a bit under-done. It was beautiful and wildly fun to drive, but it also seemed a bit incomplete due to a dated and relatively cheap-feeling cabin. There were also pervasive, widely reported reliability issues. To address the criticisms and improve the pasta, so to speak, the 2020 Alfa Romeo Giulia sees a multitude of updates intended to make it more competitive against its mainly German competitors. These are best noticed in the upgraded switchgear and more modern infotainment features. The driver assistance tech gets a successful upgrade as well. Now, only time will tell regarding the reliability issues, but after some time spent with a 2020 Giulia, we can at least report that it's far closer to the sexy Italian sedan we should have gotten from day one.   What's new for 2020? You’d be hard-pressed to tell the difference from looking at it, but the 2020 Giulia received a lot of upgrades. Alfa upgraded the sedanÂ’s interior materials and added a ton of new technology, including an available Wi-Fi hotspot, over-the-air software updates, and both wireless and USB Type-C device charging capabilities. As an added bonus, the 8.8-inch infotainment screen is now standard and has been upgraded to a touch display, while the driver assistance tech has been upgraded with new systems supplied by Bosch. What's the GiuliaÂ’s interior and in-car technology like? AlfaÂ’s 2020 upgrades focused on improving the GiuliaÂ’s cabin, and itÂ’s much better for it. Materials on the steering wheel, dash and center console were all improved and the control interfaces made less flimsy and toy-like. The overall quality result still doesn't match most competitors, but it's no longer objectionable and the materials generally feel nice to the touch. The design itself stays basically the same, maintaining its attractive and minimalist look. It lacks the Swedish flair of a Volvo S60 or the drama of some of the offerings available from Lexus and Mercedes, but Alfa was sure to pack in just enough Italian flair to keep things interesting. There's even a little Italian tricolore emblem at the base of the shifter.