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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.

2018 Jeep Wrangler spied looking more aerodynamic

We're getting an early look at one of the most anticipated vehicles from Jeep: the next-generation Wrangler. We expect it to arrive for the 2018 model year and be aluminum-intensive for purposes of weight savings, which will improve fuel economy. The platform is expected to remain a traditional body-on-frame setup, and manufacturing will remain at its longtime Toledo, OH, factory. The design appears true to the Wrangler's heritage, though the windshield is raked back more to make it less brick-like when cutting through the air. From some angles, the front end appears longer if you squint properly, and the front fenders seem wider and squatter than the current model's. There's probably more in store for the new Jeep, but this prototype is under such heavy cladding it's impossible to tell what. Kudos to the folks who make those vinyl coverings. Look for the powertrain to again include a Pentastar V6, this time paired to an eight-speed automatic transmission – again for fuel economy, but also to improve the powertrain's flexibility. A V6 turbo diesel and a mild- hybrid variant are also expected. Even with all these departures from the long-running Wrangler playbook, the off-road capability will remain the vehicle's calling card. The current Wrangler will also be built concurrently with this next-gen model for a time in Toledo, Automotive News reports, giving enthusiasts and traditionalists the best of both worlds. Jeep will also add a pickup based on the Wrangler's underpinnings to its portfolio in a move to capitalize on the resurgence of smaller trucks. The Wrangler is both the halo and centerpiece of the remade Jeep lineup, which quickly is becoming one of Fiat Chrysler's pillars for sales and prestige around the world. Jeep hopes to sell 2 million vehicles globally by 2018. Related Video:

Fiat Chrysler to get $105M fine from NHTSA for recall woes

The National Highway Traffic Safety Administration is about to send a powerful message to automakers doing business in the United States, assuming reports of an upcoming $105 million fine against Fiat Chrysler Automobiles comes to fruition. In addition to the record-setting monetary fine, according to The Wall Street Journal, FCA will have to accept an independent auditor that will monitor the company's recall and safety processes and will be forced to buy back certain recalled vehicles. In other cases, such as with Jeep Grand Cherokee and Liberty models with gas tanks that could potentially catch fire in certain types of accidents, FCA will offer financial encouragement for owners to get their recall work done or to trade those older vehicles in on new cars, according to the report. FCA could reportedly reduce its fines if it meets certain conditions, though those remain unclear at this time. These actions against FCA are being taken after NHTSA began a probe into the automaker over almost two dozen separate instances where the government claims FCA failed to follow proper procedures for recalls and safety defects. Included in those safety lapses are more than 11 million vehicles currently in customer hands. These penalties and fines are separate from the investigation over security problems with Chrysler's Uconnect system that allowed hackers to obtain remote access into key vehicle systems in 1.4 million vehicles. Related Video: Image Credit: Marco Bertorello/AFP/Getty Earnings/Financials Government/Legal Recalls Chrysler Dodge Fiat Jeep RAM Safety fiat chrysler automobiles fine