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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.

Stellantis and LG launch joint venture for North American battery plant

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world's No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan. Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines. Stellantis and LGES's joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided. The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later. Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030. The batteries produced under the deal will supply Stellantis' U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030. The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup. Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States. Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis' electrification process. It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells. Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. Related video: Green Plants/Manufacturing Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall Electric Hybrid EV batteries LG

Maserati GranCabrio revealed in high-output Trofeo trim

As has been the tradition with Maserati over the past couple of decades, now that the four-seat GT coupe has launched, it's time for the drop-top version. And this latest convertible adopts the same name as its predecessor: GranCabrio. It is, in almost every respect, the same car as the GranTurismo, but with a fabric roof and a bit more weight. Said roof is available in five colors: a navy blue, dark red, black, grey and "greige." It is indeed fabric in order to fold more compactly and allow for cargo space with the top folded, though it will still take up a bit of trunk space when retracted. It also folds quickly at just 14 seconds, and it will come back up in 16. Operation of the top can be done at speeds up to 31 mph. To keep occupants comfy in all temperatures with the top down, the front seats have air vents in the seat backs to blow air onto the neck. Optionally available is a fold-open wind blocker that fits behind the front seats, though it can't be used with rear occupants. The soft top does bring some extra weight, around 220 pounds compared to the equivalent coupe. Maserati didn't specify exactly what contributes to the gain – whether it's more just top components or if some of it comes from chassis reinforcements (both seem likely). Interestingly, the extra weight actually gives the GranCabrio slightly better balance than the GranCoupe. The drop-top's front and rear weight distribution is 51/49 to the coupe's 52/48. Maserati is only offering the GranCabrio in the top-spec Trofeo internal-combustion trim for now. That includes the twin-turbo 3.0-liter V6 making 542 horsepower and 479 pound-feet of torque, eight-speed automatic transmission and all-wheel drive. The weight does ever so slightly blunt acceleration, dropping it by 0.1 second to 3.6 compared to the GranTurismo Trofeo. The same staggered 20-inch front and 21-inch rear wheels and Brembo brakes carry over from the coupe, too. And while the Trofeo is the only version for now, Maserati notes that the chassis remains designed for internal combustion and electric power, so an all-electric Folgore and more entry-level Modena gas-powered models will likely be added later. Maserati did not give a specific time for when the GranCabrio will hit dealers, but it should be sometime this year. Pricing is also a mystery, but should carry a premium over the GranTurismo coupe. Related video: