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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.

Chrysler recalling nearly half a million Durangos and Grand Cherokees

Rule number one of public relations – save the bad news for Friday. Fiat Chrysler has adhered to that, announcing today that it'd be voluntarily recalling 467,480 SUVs. This latest recall could actually be thought of as a continuation of a September 2014 recall, relating to the fuel-cell relay. In that case, some 188,723 Dodge Durango and Jeep Grand Cherokee CUVs from model year 2011 were recalled. And this time, it's the Durango and GC in trouble again. FCA is adding crossovers from model years 2012 and 2013 to the fuel-pump recall, although only diesel-powered Jeeps with the 3.0-liter V6 that were sold outside of North America are affected this time around. As with the previous recall, deformities in the fuel-pump relay, which could affect its functioning. In most cases, FCA reports that the affected vehicles simply won't start, although they also could be prone to stalling. A new relay circuit will be installed that promises increase durability. Of the 467,480 vehicles being recalled, 338,216 were sold in the US market, 18,991 went to Canada and 10,829 were shipped south of the border, to Mexico. Outside of the NAFTA region, FCA is recalling 99,444 vehicles. No injuries or accidents have been associated with this recall. Statement: Fuel-Pump Relay February 27, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 467,480 SUVs worldwide to install new a relay circuit that improves fuel-pump relay durability. FCA US engineers have determined a condition identified in a previous investigation may extend to additional vehicles. The previous investigation, which led to a recall, traced a pattern of repairs to fuel-pump relays that are susceptible to deformation. This may affect fuel-pump function, preventing a vehicle from starting, or leading to engine stall. Of the two scenarios, the no-start condition is the more common. FCA US is unaware of any related injuries or accidents. The fuel-pump relay is located inside the Totally Integrated Power Module (TIPM), which also helps manage other vehicle functions. None of these other functions, including air-bag deployment, is affected by the fuel-pump relay. The new campaign affects an estimated 338,216 vehicles in the U.S.; 18,991 in Canada; 10,829 in Mexico and 99,444 outside the NAFTA region. Covered are model-year 2012 and 2013 Dodge Durango full-size SUVs and non-NAFTA 2011 Jeep Grand Cherokee mid-size SUVs equipped with 3.0-liter diesel engines.

Dodge recalls 121,603 examples of Dart for loss of brake assist

Dodge will recall 121,603 worldwide examples of the 2013-2014 Dart with the 2.0- and 2.4-liter engines because of possible loss of power brake assistance. The company reports two minor injuries and seven accidents potentially related to this problem. The affected models have build dates before Jan. 24, 2014. There are 105,458 of these vehicles in the US; 11,996 in Canada; 3,705 in Mexico; and 444 outside of NAFTA. This campaign doesn't affect Darts with the 1.4-liter engine. These vehicles' brake-booster vacuum tube routing can potentially allow oil to access and eventually to degrade the brake booster diaphragm. If this happens, then the vehicles could lose braking assist. The brakes themselves would continue to work, but the driver would experience longer stopping distances. A pop or similar sound of a vacuum leak sometimes precedes the problem, according to the automaker. Dealers will inspect the components and replace the vacuum tube. If technicians find oil in the tube, they'll also swap out the vacuum pump, brake booster, and master cylinder. Affected owners will receive notice from the company within the next 60 days. Statement: Vacuum-tube Assembly December 3, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 105,458 compact sedans in the U.S. to inspect and replace vacuum-tube assemblies and certain other components, as required. Some of the affected vehicles may be subject to oil migration that could affect their brake systems' power-assist feature. Foundation brake function is unaffected. However, if this condition occurs, the driver may notice hard pedal-feel on brake application, and longer distances may be required to stop the vehicle in emergency situations. An FCA US investigation identified certain model-year 2013-14 vehicles equipped with 2.0-liter and 2.4-liter engines, may have brake-booster vacuum-tube routing that inadvertently allows oil to reach the brake booster diaphragm, if ever the vacuum-pump check valve fails. Oil may degrade the diaphragm and lead to a loss of brake-assist – a feature that helps reduce stopping distances. FCA US is aware of two minor injuries and seven accidents that are or may be related to this condition. The recall is limited to model-year 2013-14 Dodge Dart sedans produced before Jan. 24, 2014. It also affects an estimated 11,996 cars in Canada; 3,705 in Mexico and 444 outside the NAFTA region. Vehicles equipped with 1.4-liter engines are excluded.