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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.

NHTSA investigating Ram 1500 models for rear differential failure

The National Highway Traffic Safety Administration is investigating Fiat Chrysler Automobiles and its Ram brand following a number of reports regarding the 2005 Dodge Ram 1500 pickup. According to 15 consumer complaints, the trucks' rear differential locked up while in other cases, the driveshaft separated at its connection to the diff.
Nearly half of the reports claim the truck was traveling at or above 50 miles per hour, while two consumers reported that the diff lockup/driveshaft separation sent their pickups into a spin. Most troubling, though, is that consumers reported little to no sound indicating there was a problem with their truck.
We reached out to Ram for additional information, such as how many vehicles may be affected or what equipment might be fitted that could cause the issue. Unfortunately, the company wasn't willing to elaborate on specifics.

McLaren 650S Spider wrecked in multi-vehicle crash in LA

A multi-vehicle crash in Los Angeles left a $280,000- McLaren 650S Spider mangled and two hospitalized, reports KTLA5. The Los Angeles Police Department suspects street racing caused the incident. The crash occurred just outside of Hale Charter Academy in Woodlawn Hills on Tuesday night. According to eyewitness statements, the 650S Spider was traveling at a high rate of speed in a race against a black Dodge Charger or Challenger before colliding with an Audi (possibly an A6), leaving the Audi heavily damaged. The Dodge fled the scene before police arrived. Related Video: News Source: KTLA5Image Credit: News Top / YouTube Auto News Audi Dodge McLaren Coupe Supercars Sedan lapd mclaren 650s spider Los Angeles Police Department