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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.

Ferrari chief staying on to launch new models in October

Luca di Montezemolo has been running Ferrari since 1991. That's a whopping 23 years already, and having been born the same year that Ferrari was founded, Montezemolo is now 67 years old. But don't expect him to be stepping down any time soon.
Addressing the rampant rumors circulating the paddock at Monza this weekend, the hereditary Marquis of Montezemolo (pictured above at the unveiling of the 458 Speciale in Frankfurt last year) insisted that he is not about to leave Ferrari. Not before 2017, anyway, having signed as recently as this past March to stay on another three years. (After that, it's anyone's guess, with some suggesting that controversial Fiat scion Lapo Elkann could take his place.) But in dismissing the rumors, the affable and long-serving Ferrari chairman did reveal some new product plans.
First of all, according to racing site Autosport.com, Luca confirmed that the Prancing Horse marque "will present a fantastic new car" at the Paris Motor Show next month, widely expected to be a new variant of the 458: either the new Speciale Spider or the turbocharged 458 M. While he was at it, though, Montezemolo also revealed a new limited edition model to be presented in California.

Sergio Marchionne wants Alfa Romeo back in F1

It's been decades since Alfa Romeo has competed in Formula One. But if Sergio Marchionne gets his way, it could make a comeback soon. Now we know what you might be thinking: Alfa Romeo and Ferrari are both part of the same Fiat Chrysler Automobiles group, so why would Marchionne want two brands competing against each other in such a costly racing series? Because technically speaking, Ferrari is no longer part of FCA, that's why. They share mostly the same owners and are run by the same person (Marchionne), but the Prancing Horse marque recently split off from its former parent company and floated its own shares on the stock market. That makes it a separate entity, and also means that FCA no longer has a direct link to F1. But its chief executive clearly thinks the investment is worthwhile. Marchionne has been known to state grandiose plans, but he's also been known to carry through on many of them. So the next question is, if the plan goes through, just how Alfa Romeo might participate in F1? Some automakers (like Mercedes) field their own teams, others (like Honda) compete as engine suppliers, and still others (like Infiniti) as branding partners. Alfa could go either route, but Marchionne told Italy's La Gazzetta dello Sport that "Alfa Romeo is able to make itself a chassis, and it is able to make engines." Of course, that doesn't mean that it necessarily will. It could outsource a chassis from a constructor like Dallara, which is located near the same Varano circuit that Alfa uses regularly. It could also source an engine from its former sister company: Marchionne floated the possibility of starting a separate engine program in Maranello for Red Bull when it was hunting for a new engine partner, and could ostensibly do the same for Alfa Romeo. "In order to re-establish itself as a sport brand, Alfa Romeo can and must consider the possibility of return to race in Formula 1," said Marchionne. "How? Probably in a collaboration with Ferrari." Alfa Romeo first competed in F1 in the early 1950s, winning the world championship two years running in 1950 with Giuseppe Farina (scion of Pininfarina) and 1951 with Juan Manuel Fangio. It then dropped out, only to resurface as a full constructor team between 1979 and 1985, with limited results. It also supplied engines to an array of teams in the 1960s, '70s, and '80s.