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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 278,222 trucks and SUVs over bad rear axles

Chrysler has issued a recall of 278,222 light trucks and sport utility vehicles here in the United States. The reason: bad rear axles. Specifically, according to the National Highway Traffic Safety Administration, the rear axle pinion nut may lack a necessary adhesive patch, which could cause the nut to loosen. If this happens, the axle can lock up, which could cause all sorts of havoc on the road.
This is an expansion of the rear axle recall announced in October of last year, where 44,300 Ram 1500 and Dodge Dakota models were being called in. At that time, 12 accidents had been reported due to the faulty axle pinion nut.
Affected vehicles include Ram 1500 trucks from the 2009 to 2012 model years, Dodge Dakota models from the 2009 to 2011 model years, and both the Chrysler Aspen and Dodge Durango SUV twins, both from the 2009 model year only.

Nissan is optimistic about FCA partnership, but wants the right terms

BEIJING – Nissan is optimistic about partnering with a combined Renault and Fiat Chrysler (FCA), as long as it can protect the ownership of technology developed over two decades of working with Renault, a senior executive told Reuters. The executive, who declined to be identified because he is not authorized to speak to the media, said he was cautiously optimistic about the possibility of generating "synergies" by sharing Nissan's autonomous drive know-how, electrification and greenhouse-gas-scrubbing technologies for powertrains. But he said the possible $35 billion merger of Renault and FCA would not give FCA the automatic right to use those technologies, which it needs to meet stringent emissions regulations and better compete in a industry being transformed by electric vehicles. He also floated the possibility that Nissan could look at boosting its stake in Renault, or a merged Renault-FCA, to gain more say in shaping the future of the alliance. "We would go ahead with partnering or cooperating with FCA only if we can guarantee tangible benefits from sharing technologies with FCA and only if we can work out conditions that are satisfactory to us," the Yokohama-based executive said. "If Renault wants to pursue this deal, we feel we need to look seriously at supporting them," he said. The executive's comments highlight how Nissan could look to leverage its advanced technology to gain greater bargaining power with a merged Renault-FCA. Renault is Nissan's top shareholder with a 43.4% shareholding, while Nissan holds a 15% non-voting stake in the French automaker. That unequal partnership has long rankled Nissan, which is the bigger company by far. A Nissan spokesman referred Reuters to a statement issued on Monday, where Nissan Chief Executive Hiroto Saikawa said: "I believe that the potential addition of FCA as a new member of the alliance could expand the playing field for collaboration and create new opportunities for further synergies." "That said, the proposal currently being discussed is a full merger which — if realized — would significantly alter the structure of our partner Renault. This would require a fundamental review of the existing relationship between Nissan and Renault," Saikawa said, adding that Nissan would analyze and consider its "existing contractual relationships". BOOSTING STAKE?