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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.

Maserati Levante could get a V8 to battle the Cayenne Turbo

Maserati's new Levante crossover is based on the platform shared by the Ghibli and Quattroporte sedans. The Quattroporte's top engine is a 523-horsepower, twin-turbo 3.8-liter V8. When asked if that engine would fit in the Levante, a Maserati engineer gave the answer we were hoping to hear almost immediately. "Yes, it fits, and we have a prototype already," said Davide Danesin, the head of Maserati vehicle programs. The Levante will launch with two models, both of which use the 3.0-liter twin-turbo V6 that Ferrari builds for Maserati, but in two different tunes. The first generation of the V6 launched in the Ghibli and Quattroporte. While the V8 is only currently used in the rear-drive Quattroporte GTS, Danesin assures us that packaging the V8 and an all-wheel-drive system works. There is that prototype, after all. The fact that Danesin volunteered that a V8 prototype exists leads us to believe it's being very seriously considered, since manufacturers reluctantly acknowledge that there will even be a future, let alone one that will bring new, as-yet-unannounced products. Maserati officials caution that it may be tough to make a case for such a vehicle, however, as the over-500-hp SUV segment is pretty small, at about 12,000 units per year by their estimates. It's also relatively crowded, with the logical bogeys being the Porsche Cayenne Turbo (520 hp) and Turbo S (570 hp) and the Range Rover Sport SVR (550 hp). None of them will touch the Levante's upcoming American cousin, the Hellcat-powered Jeep Grand Cherokee Trackhawk, but that's cool. View 21 Photos We'd guess that the yay/nay on a V8 Levante will hinge on the overall popularity of the new model as well as the mix of 345-hp Levante versus 424-hp Levante S models once customers start ordering. Which is to say, if you think you'll want a V8 Levante eventually, get out there and buy a few Levante S models when they hit dealers this October. In other Maserati powertrain news, we're told the second-generation V6, which makes 20 more horsepower in its angriest tune and debuts in the Levante, will show up in the Ghibli and Quattroporte "soon." We'd peg that at mid-cycle refresh time, which should be in a year or so. The second-gen V6 gets its extra power from re-profiled camshafts, some redesign work on the heads, and other tweaks, likely in software. Oh, and for more on the first Maserati crossover and that updated engine, watch for our first drive of the twin-turbo V6 Levante very soon.

Stellantis launching at least 25 EVs for America by 2030

Stellantis has announced a wide-ranging plan for the company through 2030 covering everything from product to financials. The product plans are what really caught our attention, particularly for the surprise reveal of the first electric Jeep, as well as new teasers of the electric Ram 1500. But the company also provided more broad details on what we'll be seeing in the future including both electric cars and hydrogen fuel cell vehicles. All of the plans are in service of the Stellantis goal of reaching net zero carbon emissions by 2038. On that way, it plans for all European vehicle sales and half of all American sales to be electric by 2030. It will launch 75 new electric vehicles by that year, and at least 25 of them will be coming to the U.S. The first of those electric cars will be the aforementioned Jeep in 2023, but many Stellantis models will follow close behind. The electric Ram ProMaster will launch in 2023 as well. In 2024, we'll see the electric Ram (and its plug-in hybrid counterpart), two more Jeeps (an off-road model and a family-oriented model) and the Dodge electric muscle car. We'll get a preview of the Dodge with a concept this year. Then in 2025, Chrysler will launch its electric car, likely based on the Airflow concept. Stellantis has previously announced Chrysler will be fully electric by 2028, and it further announced that Alfa Romeo and Maserati will be fully electric by 2030. Stellantis is also working on hydrogen fuel cell vehicles, mainly for commercial use. For the U.S., it plans on offering a large, ProMaster-size hydrogen van in 2025. That year or a little later, it also has plans for a hydrogen heavy-duty pickup truck, presumably Ram 2500 and 3500. Stellantis CEO Carlos Tavares noted that among the benefits of hydrogen for large and commercial vehicles is being able to avoid compromising payload capacity, since hydrogen powertrains are lighter than giant batteries. Hydrogen filling times are quick relative to charging, too. The company will continue working on and offering advanced driver aids. This year it will offer hands-free cruise control like GM's Super Cruise and Ford's BlueCruise. In 2024, the company intends to introduce a system that is hands-free and won't require the driver to be watching it the entire time. The technology is being developed alongside BMW. These are, of course, broad plans, and they could change as time goes on. Expect more details as we get closer to individual product releases.