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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 expands Quattroporte cable recall to 1,000 units

It was nearly two years ago that Maserati issued a recall for a number of Quattroporte sedans. At the time, the recall only affected 63 units in the United States. But now the Italian automaker has broadened that campaign to include nearly 1,000 examples across the country. The issue in question is related to the battery positive cable for the alternator and starter motor, the insulating cap of which may not have been installed correctly. The cable may not have been secured properly in the engine bay, too. According to the statement below from the National Highway Traffic Safety Administration, the problem could increase the likelihood of the cable shorting out, causing the wiring harness to overheat and potentially start a fire, or the engine to stall and potentially cause the vehicle to crash. The expanded recall still only affects certain examples of the 2014 Maserati Quattroporte GTS with the V8 engine – namely those manufactured between October 1 and December 31, 2013. That now includes an estimated 984 vehicles in the United States, the owners of which can expect to hear from their local dealer to have the cable inspected and, if necessary, replaced. Related Video: RECALL Subject : Starter Motor Cable may Short to Ground Report Receipt Date: OCT 21, 2015 NHTSA Campaign Number: 15V686000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 984 Manufacturer: Maserati North America, Inc. SUMMARY: Maserati North America, Inc. (Maserati) is recalling certain model year 2014 Quattroporte GTS V8 vehicles manufactured October 1, 2013, to December 31, 2013. In the affected vehicles, the battery positive cable for the alternator and starter motor may not have its insulating cap installed properly at the starter motor. Additionally, the cable may not be adequately secured in the engine bay. These factors may result in the cable shorting to ground. CONSEQUENCE: If the battery positive cable shorts to ground, the wiring harness may overheat, resulting in a fire. The car also may stall, increasing the risk of a crash. REMEDY: Maserati will notify owners, and dealers will inspect the vehicle to verify that the starter motor cable has a properly installed protective cap and that the cable is adequately secured. If not, the starter motor cable assembly will be replaced. These repairs will be performed free of charge. The recall is expected to begin November 11, 2015. Owners may contact Maserati customer service at 1-201-816-2600.

Maserati confirms limited edition Quattroporte Zegna for production

Last year two of the biggest names in Italian style – one from the automotive industry and one from fashion – announced a partnership. Together Maserati and Ermenegildo Zegna revealed a "concept" version of the Quattroporte at the Frankfurt Motor Show, only given how production-ready the show car already looked, nobody really believed it would remain just a concept. And now, having revealed the final version in Geneva, Maserati has confirmed it for production. Limited production, that is, because Maserati will only build 100 examples of the Quattroporte Zegna edition for consumption around the world. That's about one-thirtieth of the number of cars Maserati produces each month at this point, and while the Modenese automaker doesn't break down its sales figures by model, the QP accounts for a large proportion of those numbers. Maserati also hasn't said just how much it will charge for the Zegna edition, but you can bet it'll be a handsome premium – more than some of those designer-edition hatchbacks get at any rate – yet it'll undoubtedly offload the entire run in short order. "ONE OF 100" THE MASERATI QUATTROPORTE ZEGNA LIMITED EDITION Wednesday, July 16, 2014 – After making its world debut at the 2013 Geneva Motor Show, Maserati has revealed an exclusive limited edition Maserati Quattroporte in collaboration with luxury Italian fashion house, Ermenegildo Zegna. Just 100 examples of the limited series will be built which feature colour schemes, materials and exclusive trims which link the histories of the two brands. To celebrate the launch of the Quattroporte Zegna Limited Edition, Maserati and Zegna are embarking on a tour of four international events starting in Shanghai in July 2014 before stopping in New York (Sept 2014), Dubai (Feb 2015) and Milan (Spring 2015). The events are designed to present the Quattroporte Zegna Limited Edition to an exclusive audience and to celebrate the partnership between the two Italian brands; both of whom are masters in Italian excellence. The exclusive event locations have been carefully selected to enhance the uniqueness of the alliance and represent the pinnacle of Italian elegance. Guests will be able to discover the car's premium finishes in detail and see the extraordinary result of the partnership. World famous Italian photographer, Fabrizio Ferri, will be in attendance at each of the four events capturing 100 unique images – 25 from each occasion.