Part of a bigger suite of changes at the marque collector.
From The Telegraph via MSN, July 25:
Stellantis is considering putting Italian carmaker Maserati up for sale after shipments halved, triggering a €349m (£294m) writedown on the brand.
The owner of the Jeep, Peugeot and Vauxhall brands said revenues from its Maserati cars fell to €631m in the first six months of 2024, down from €1.3bn a year ago.
sell off underperforming brands, adding there was “absolutely no taboo” about ditching assets.
Maserati, whose supercars cost as much as £222,000, has pledged that all of its models will have an electric alternative from next year as part of its “Folgore” line – Italian for lightning. It also committed to a fully electric line up by 2030.
The company recorded its first operating loss since its owner Stellantis was created by the merger of Fiat Chrysler and France’s Peugeot in 2021.
The division lost €82m in the first half of the year, compared to a €121m profit 12 months earlier.
Stellantis has previously prided itself on ending the “boom and bust” of the luxury brand, saying it expected the division to be consistently profitable.
On Thursday, the company took a €300m writedown on the business, which Natalie Knight, its chief financial officer, said was down to “resetting” the division’s business plan. Maserati has been told to cut costs as it waits for its bet on EVs to pay off.
Maserati started selling its first electric vehicle, the £180,000 GranTurismo Folgore, in February, although it did not start delivering the cars until June, meaning it will have only had a minor impact on the figures....
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And from the Associated Press, July 25:
Carmaker Stellantis pledges to tackle problems in North America as profits plunge
Stellantis CEO Carlos Tavares pledged action to tackle problems in North America and elsewhere Thursday after reporting a plunge in first-half earnings.
U.S.-European automaker Stellantis reported net profits down by half in the first half of the year due largely to lower sales and restructuring costs.
The carmaker, which was created in 2021 from the merger of Fiat-Chrysler with PSA Peugeot, reported net profits of 5.6 billion euros ($6 billion) in the period, down 48% compared with 11 billion euros in the same period last year. Revenues in the period dropped 14% to 85 billion euros.
Tavares acknowledged that the performance “fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues.” He said the issues were being addressed, and expressed hope the launch of 20 new vehicles this year would improve profits.
He pointed to North America as a place where there is “significant work to do,” including inventory management and sliding market share.
The company reported adjusted operating income of 8.5 billion euros ($9.23 billion), down 5.7 billion euros from the first half of last year. Stellantis said the drop was primarily due to decreases in North America....
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On a generally up day STLA is down $0.64 (3.54%) at $17.45.