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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.

2022 Maserati Grecale SUV begins prowling the streets of Modena

Maserati has started testing the Grecale, its second SUV, on the streets of Modena, Italy. Aimed directly at the Porsche Macan, the Levante's smaller sibling will take the 107-year old Italian firm into a lucrative new segment. Klaus Busse, the head of Maserati's design department, told Autoblog that the new MC20 coupe points to the direction stylists will take the rest of the range in, and official spy shots give us a better idea of what he meant. It looks like the Grecale's front end is dominated by an oval grille shaped a lot like the MC20's. An image we took at the company's headquarters in the fall of 2020 provides an even clearer view of what the model will look like. Its overall proportions remind us of the Levante's, meaning it's far more sporty than utilitarian — you didn't think Maserati would try to rain on the Ford Bronco's parade, did you? Even several layers of psychedelic camouflage can't mask the shapely quarter panels and the sloping roof line accented by a spoiler.  It's too early to tell what's under the camouflage, let alone what's lurking beneath the sheet metal, but unverified rumors claim the Grecale shares its basic underpinnings with the Alfa Romeo Stelvio, which is widely praised as one of the best-driving SUVs on the market. If the report is accurate, Maserati's next SUV could land with four- and six-cylinders on its palette of available engines. One might be the 3.0-liter Nettuno developed for the MC20. Maserati will take the Grecale on a world tour to put it through its paces in the freezing cold, in triple-digit heat, on challenging race tracks, and even on a few off-road trails. Its official unveiling is scheduled for later in 2021, and series production will start in Cassino, Italy, shortly after. We expect to see it in America as a 2022 model. Related Video: Featured Gallery 2022 Maserati Grecale, official spy shots Maserati SUV Luxury Performance

Driving a 1964 Volkswagen Beetle, and the 2021 Kia K5 arrives | Autoblog Podcast #634

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer and News Editor Joel Stocksdale. They start with what they've been driving this week, including the 2020 GMC Sierra 1500 diesel, 2020 Volkswagen Atlas Cross Sport and a 1964 Volkswagen Beetle. They move on to the news, covering the 2021 Kia K5, Geneva Motor Show (canceled again), Maserati's new engine and a new extended reality experience here at Autoblog. Finally, the guys spend some money for a listener who just had twins. Autoblog Podcast #634 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 GMC Sierra 1500 AT4 diesel 2020 Volkswagen Atlas Cross Sport 1964 Volkswagen Beetle 2021 Kia K5 Geneva Motor Show cancelled Maserati engine Extended Reality with the Mustang Mach-E Spend your money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: