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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.

The Maserati MC20's new Nettuno V6 is a high-tech showpiece

It's been more than two decades since Maserati was in the business of developing an in-house 90-degree V6 engine, and the last one it had traced its genealogy back 30 years. That story started in 1968, when Citroen took a controlling stake in Maserati, and the French requested that the Italians create an engine for the 1970 Citroen SM. Famed Maserati engineer Giulio Alfieri designed a 2.7-liter V6 producing 170 horsepower that could be built using Maserati's existing V8 tooling, hence the 90-degree angle. Alfieri then revised that V6 and bored it out to three liters, upping output to 187 hp, for use in the 1972 Maserati Merak. A decade later, Maserati – now owned by Alejandro de Tomaso, who had fired Alfieri — started with Alfieri's V6 philosophy when developing a mill for a new sports car. The resulting V6 unit, in 2.0-, 2.5-, and 2.8-liter displacements, was the first twin-turbocharged motor put into a production car. That car? The hot, gorgeous mess known as the 1984 Maserati BiTurbo. Almost 10 years on, the 1992 Maserati Ghibli II would get a 2.0-liter version of this 90-degree V6 making 306 horsepower. The 1995 Ghibli Cup turned that mill up to 330 hp, crowning the 2.0-liter V6 as the most power-dense engine in a production car, surpassing 1990s icons like the Jaguar XJ220 and original Bugatti EB110 (both 155 horsepower per liter). When the Ghibli exited production in 1998, Maserati ceded engine development duties to Ferrari by order of Fiat, which owned both automakers. 2022 Maserati MC20 View 47 Photos Nettuno, the new beating heart of Maserati Now we have the Nettuno, a 90-degree 3.0-liter V6 created to power Maserati's renaissance and making its debut in the chunky, aerodynamic form known as the MC20. At 630 horsepower and 538 lb-ft of torque, the engine almost picks up where the Ghibli Cup left off: with 210 horsepower/liter, the Nettuno is one of the most power-dense in the world. The Bugatti Chiron, Ford GT, and McLaren 756LT don't crack 200 hp/l. The only production cars in the ballpark are Euro specials like the Mercedes-AMG A45 (208.4 hp/l). Beyond it are seven-figure hypercars like the SSC Tuatara (229 hp/l) and Koenigsegg Jesko (256 hp/l on gas, 320 hp/l on E85). The word we're looking for in Italian is bentornato. Welcome back, Maserati.

Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall