Huge carmaker ‘may sell iconic luxury motor brand' as sales dive and new CEO takes charge
The new CEO faces huge financial decisions as a result of President Trump's brutal trade tariffs
ENGINE STUTTER Huge carmaker 'may sell iconic luxury motor brand' as sales dive and new CEO takes charge
Click to share on X/Twitter (Opens in new window)
Click to share on Facebook (Opens in new window)
ONE of the world's largest car manufacturers looks set to sell an iconic sports car brand as sales plummet.
Discussions over the future of Maserati remain ongoing as industry giant Stellantis prepares to welcome its new CEO in the coming days.
Sign up for Scottish Sun
newsletter
Sign up
5
Discussions over the future of Maserati remain ongoing
Credit: Alamy
5
Stellantis could be forced to sell the luxury car brand
Credit: Reuters
5
Last year, the number of Maserati units sold plunged from 26,600 to just 11,300
Credit: Alamy
The French-Italian company could be forced to sell the luxury car brand on the back of poor sales over the past year.
New CEO Antonio Filosa - who starts on Monday after being appointed last month - faces huge financial decisions as a result of President Trump's brutal trade tariffs.
Stellantis - which owns 14 brands across the globe - was reported to have hired management consulting firm McKinsey and Co to review the situation.
McKinsey was called in April this year to advise on struggling brands Maserati and Alfa Romeo, with both experiencing a dire 2024.
Last year, the number of Maserati units sold plunged from 26,600 to just 11,300.
Stellanis told Motor1: "McKinsey has been asked to provide its considerations regarding the recently announced U.S. tariffs for Alfa Romeo and Maserati."
Trump's new legislation means tariffs of at least 25 percent on anything imported into the US.
Maserati has no new model launches scheduled as it waits for a new business plan, with the last one having been put on hold by Stellantis in 2024.
The plan is expected to be presented soon after Filosa starts his new role.
But as things stand, it is understood that all options remain on the table for the world-renowned Italian brand.
It came after the global firm pulled the plug on a £1.3billion investment in Maserati earlier this year.
Plans for the hotly anticipated electric MC20 Folgore were also binned due to low demand.
WHO ARE STELLANTIS?
The EV, which translates to 'lightning' in Italian, was intended to be the brand's electric alternative to the stunning MC20 sports car.
It promised a power output and performance characteristics similar to the existing V6-engined MC20.
The Folgore was set to be one of six Maserati EVs set for launch over the next year or so.
But Stellantis chief financial officer Doug Ostermann said they had pulled the plug on Maserati projects, claiming they wanted to review the pace in which sports car owners move over to EVs.
He said: "We have to recognise the dynamics in that business, particularly in the Chinese market, and our expectations in terms of how quickly that luxury market would transition to electrification."
What is Stellantis?
Stellantis is the company behind iconic motor brands such as Fiat, Vauxhall and Peugot.
The conglomerate, which is the second-largest maker of cars in Europe, owns 14 badges, including Chrysler, Citroen, Jeep and Maserati.
The company itself is the product of a merger between Fiat-Chrysler and France's PSA, the maker of Peugeot and Citroen, in 2021.
But the motoring giant has encountered increasingly stuttering financial success.
And an initial manufacturing break at Stellantis has now been extended as bosses report a collapse in demand for electric cars.
Other projects, including EV replacements for the Levante and Quattroporte models, are in danger of being cancelled too.
The vehicles were set to be released in 2027 and 2028 respectively.
It is understood the three models would have been Maserati's electric line-up as the firm looked to adapt to the EV revolution.
Before he left the firm last year, Stellantis boss Carlos Tavares claimed the low sales at Maserati were due to advertising issues.
He told Top Gear: "Maserati is in the red. The reason is marketing.
"The Maserati brand is not clearly positioned and the storytelling is not how it should be.
"The brand is not just about sports cars, it's about gran turismo, it's about quality of life, dolce vita and technology."
5
Former Stellantis boss Carlos Tavares said the low sales at Maserati were due to advertising issues
Credit: Alamy
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ITV News
an hour ago
- ITV News
As Trump strikes Iran, the US - which launched Iran's nuclear programme - now seeks to end it
So the country which launched Iran's nuclear programme is now the country seeking to end it. Seven decades after President Eisenhower and the Shah cooperated on the Atoms for Peace programme, President Trump is at war with Iran, insisting not doing so risks global security. Unfortunately, for the region and the world, by doing so he risks exactly the same thing. Trump gave diplomacy a two week deadline, that deadline lasted less than two days. With Trump's demands for an 'unconditional surrender' ignored by the Islamic leadership, it fell to the B2 bombers of the United States Air Force to try and destroy Iran's nuclear assets, taking over where Israel failed. The consequences are likely to stretch far beyond their targets. Iran says any form of US military intervention will be met with 'irreparable harm'. 'This nation will never surrender to imposition from anyone,' the Ayatollah has already warned. American bases in the region are likely to be the first to be targeted. The assets in Iraq are likely to be particularly hard hit by in country Shia militia loyal to Iran. It is likely Iran's other proxies, Hezbollah in Lebanon and the Houthis in Yemen may also enter the fray. Though significantly weakened by a structural decapitation by Israel over the past 18 months, Hezbollah do still have the weapons to strike Israel. The Houthis have the power to strike Israel and ships in the Red Sea. They have form for both and could step up their actions. A easy target would be the Strait of Hormuz, the narrow shipping lane between Iran and Oman. Around a quarter of global oil supplies and a third of liquified natural gas production moves though that stretch. So too thousands of containers ships. You don't need to be an expert in trade or economics to work out the knock-on effect of Iran effectively closing it. And let's not forget global terrorism would be another weapon in Iran's arsenal. All that is before we even consider the other objective, regime change. The regional destabilisation that would trigger would destroy that 'golden age' vision Trump spoke of on his recent Middle East trade tour. Then he eulogised a region defined by commerce not chaos. His own actions may render his words worthless. Without doubt his allies in the Gulf have sought his ear over these past weeks, desperate to avoid such a scenario. It seems even their bank balances have not been enough to reign in their erstwhile ally or weaken the seemingly unbreakable alliance with Israel. Iran in its current form may not be the neighbour the Gulf states would chose but it is better than a chaos of a power vacuum. By taking action President Trump may hope he can bring this conflict to a speedier end. He may yet discover, like so many before, the dreadful dangers of a Middle Eastern war. They take political lives as well as civilian ones.
Daily Mirror
2 hours ago
- Daily Mirror
Liverpool could use two players to produce amazing transfer swap deal
Liverpool have already made big moves in the transfer market this summer and confirmed Florian Wirtz's arrival at Anfield on Friday but more major deals could await Liverpool have dominated the summer transfer window thus far. They've completed the biggest deal so far in securing Florian Wirtz's signature and could pay up to £116million for the privilege. And the Reds have also completed one of the most notable deals too by bringing in £10m for Trent Alexander-Arnold. The full-back moved to Real Madrid just weeks before his contract at Anfield was set to expire. But, according to reports in Italy, Liverpool could yet be involved in another mega deal. Arne Slot's side are said to still be interested in a striker and that could provoke some big movement. The Reds have been linked to moves for Newcastle star Alexander Isak and Eintracht Frankfurt's Hugo Ekitike and neither player would come cheap. But some creativity could make a move for another striker possible. Italian outlet Tutto Mercato Web claim Liverpool have made a proposal to Napoli for Victor Osimhen. The Serie A champions are keen to offload the Nigeria international after failing to sell him last summer and the Merseyside club may have come up with a solution for everyone. The Reds are reported to have offered up Darwin Nunez and Federcio Chiesa in exchange for the 26-year-old who starred on loan at Galatasaray in 2024/25. Osimhen has also been linked with Manchester United in addition and is said to have snubbed a move to Al-Hilal. Darwin is expected to leave Anfield this summer as he goes in search of greater playing time, while Chiesa has been told by new Italy boss Gennaro Gattuso that he must play more frequently to be part of his plans. 'In these days, I called 35 players [who did not make the squad], I spoke to everyone,' Gattuso said earlier this week. 'Even Chiesa, whom I told to play consistently. "There are players who have been out but who can lend a hand. The pitch speaks: if you do things well, the doors of the national team are open." Swap deals rarely move as smoothly however with so many moving parts beyond simply agreeing a deal. And it has been suggested that Osimhen may in fact be waiting for United to make their own move. Rio Ferdinand told his Rio Presents YouTube channel: 'No.9? They already know who I want. The comments know, the people know who I want, who I would go and get: Osimhen! 'It looks like he's turned down Al-Hilal… he must be waiting for Manchester United. I don't know if Manchester United are going to come. That's the problem.' Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
Powys County Times
2 hours ago
- Powys County Times
Mike Lynch's superyacht set to be brought to town where prosecutors are based
Tech tycoon Mike Lynch's superyacht is set to be taken to the town where Italian prosecutors investigating the sinking are based. Seven people died when the Bayesian sank off Sicily on August 19 including billionaire Mr Lynch, 59, and his daughter Hannah, 18. Salvage crews spent Saturday raising the 56-metre (184ft) yacht above the water using one of Europe's most powerful sea cranes near the fishing town of Porticello. They said that on Sunday the vessel will be taken to Termini Imerese, a town around 20km away, where prosecutors investigating the sinking are based. Italian prosecutors previously said raising and examining the yacht for evidence would provide key information for its investigation into possible charges of manslaughter and negligent shipwreck. The vessel was originally expected to be raised last month but salvage efforts were delayed after a diver died during underwater work on May 9, prompting greater use of remote-controlled equipment. About 70 specialist personnel had been mobilised to Porticello from across Europe to work on the recovery operation, which began last month. Inquest proceedings in the UK are looking at the deaths of Mr Lynch and his daughter, as well as Morgan Stanley International bank chairman Jonathan Bloomer, 70, and his wife, Judy Bloomer, 71, who were all British nationals. Fifteen people, including Mr Lynch's wife, Angela Bacares, were rescued. Mr Lynch and his daughter were said to have lived in the vicinity of London and the Bloomers lived in Sevenoaks, Kent.
