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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 details the new, 630-hp V6 that will power its mid-engined MC20 coupe

Maserati is done leaning on former sister company Ferrari for technical support. It has unveiled the six-cylinder engine it designed and will build in-house to power the MC20 supercar that's scheduled to make its debut later in 2020. Ferrari's willingness to develop and/or build engines for Maserati shrank significantly when it split from former parent company Fiat-Chrysler Automobiles (FCA) in early 2016 and became independent. Insiders knew the division would be spun off, so they began designing Maserati's new engine (which is called Nettuno) in 2015 and accelerated the process in 2017. It's a 90-degree, 3.0-liter V6 with a dry sump and a twin-spark, pre-chamber ignition system rooted in racing. In this application, it's twin-turbocharged (the turbos are mounted on the outside of the engine rather than in the middle of it) and it's equipped with both direct and indirect fuel injection.  All told, the 485-pound Nettuno engine develops 630 horsepower at 7,500 rpm and 538 pound-feet of torque between 3,000 and 5,500 rpm. It continues revving to a redline of 8,000 rpm.  Matteo Valentini, Maserati's chief engineer, explained the Nettuno engine will ultimately power the company's entire range of vehicles, though he stopped short of naming the specific models that will use it after the MC20. He added the six-cylinder will "bring Maserati back into the world of racing," meaning its output will likely grow in the not-too-distant future. We'll learn more about the engine when the MC20 makes its debut September 9. What remains to be seen is whether Maserati will replace the V8 available in the Levante and the Quattroporte, or if it will surf the downsizing wave sweeping across the industry. Developed jointly with Ferrari in the early 2010s, that engine makes 590 horsepower when it's bolted in the Levante Trofeo's bay, meaning its output is eclipsed by the Nettuno V6's. Both engines are built around a 90-degree architecture, so the 3.0-liter V6 could turn into a 4.0-liter V8 if it's modular enough to gain a pair of cylinders — and if Maserati sees a market for another eight-cylinder. Featured Gallery Maserati Nettuno 3.0-liter V6 engine Maserati Coupe Performance

Maserati cutting Ghibli, Quattroporte production on slowing demand

If Maserati is going to meet its ambitious sale targets, it's going to need to grow as fast as its cars can accelerate. But lately, the Trident marque has seen demand for its luxury sedans flattening, if not receding. And now Maserati has had to cut production to avoid overshooting demand. We've been seeing reports of production being trimmed at the company's Grugliasco plant near Turin, Italy, for over a month now. But while earlier reports seemed to indicate the trouble was rooted in supplier issues, the latest suggests that slowing demand is the culprit. According to Automotive News Europe, parent company Fiat Chrysler Automobiles has had to cut the number of shifts at Grugliasco (where the Ghibli and Quattroporte are produced) from 12 per week to 10. "Fiat has told us that workers at the Grugliasco plant will be working for three weeks out of four up until July," union leader Federico Bellono told ANE. "The company is predicting production of about 30,000 to 35,000 cars at Grugliasco this year. I think it will be closer to 30,000." Last year the plant produced 34,000 units, with the sedans accounting for the bulk of Maserati's sales. Of the 36,448 units the Modena-based automaker sold last year, 23,500 were Ghiblis and 9,500 were Quattroportes, with the GranTurismo accounting for just 3,500 units. That's up considerably from the total of 15,400 units it sold in 2013, but is still some ways off from the 50,000 it hopes to reach this year and the 75,000 it aims to achieve by 2018. The arrival of the upcoming Levante crossover, as well as the Alfieri sports car and new GranTurismo, will surely help. But if Maserati is going to reach its ambitious sales targets, it's going to have to find more buyers for its core sedans. Repeated requests made by Autoblog for comment from Maserati have yet to be answered, but we'll be sure to update you if and when relevant new information comes to light. Related Video: