Latest news with #JohnElkann
Yahoo
an hour ago
- Automotive
- Yahoo
Stellantis reportedly considering potential sale of luxury brand Maserati
-- Stellantis (NYSE:STLA) is exploring options for its luxury brand Maserati, including a possible sale, according to a Reuters report on Friday. The evaluation of Maserati's future began before incoming CEO Antonio Filosa's appointment last month, while Chair John Elkann was leading the company. Filosa starts his position on Monday. The viability assessment of Stellantis' 14 brands, which include Chrysler, Peugeot (OTC:PUGOY), Jeep, and Alfa Romeo, was a key focus for Elkann during the CEO selection process. In April, the automaker hired consulting firm McKinsey to analyze the impact of U.S. tariffs on Maserati and Alfa Romeo as these brands develop their future strategies. At that time, Stellantis stated it remained fully committed to both brands. The report indicated that McKinsey's assessment, which includes the potential divestment of Maserati as one option, remains in its early phases. Related articles Stellantis reportedly considering potential sale of luxury brand Maserati Circle stock continues to surge after stablecoin bill, buy rating CarMax shares surge on strong Q1 earnings beat Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CTV News
4 hours ago
- Automotive
- CTV News
Jeep maker Stellantis weighs sale among options for Maserati, sources tell Reuters
The Stellantis sign is seen outside the Chrysler Technology Center, Jan. 19, 2021, in Auburn Hills, Mich., on April 26, 2023. (AP Photo/Carlos Osorio) MILAN - Stellantis is considering a possible sale of its struggling luxury Maserati unit, among other options, two sources with knowledge of the matter said, as the automaker seeks to overhaul its sprawling portfolio of 14 brands. Discussions over Maserati's future started before new CEO Antonio Filosa, who starts on Monday, was appointed last month, while Stellantis was steered by Chair John Elkann. The viability of the French-Italian company's 14 brands - which include Chrysler, Peugeot, Jeep and Alfa Romeo - was a priority for Elkann as he interviewed candidates to fill the CEO job. Like other European carmakers, the world's fourth biggest automaker is facing hefty U.S. import tariffs imposed by U.S. President Donald Trump and struggling with stiff competition from Chinese rivals. Stellantis hired consultant McKinsey early in April to advise it on the effects of the U.S. tariffs on Maserati and Alfa Romeo as the two brands prepare future plans. Stellantis affirmed then that it was fully committed to both brands. However, a possible divestment of Maserati, its only luxury brand, is among the options McKinsey is exploring for Stellantis, the two sources told Reuters, adding the adviser's assessment was still in the early stages. They spoke on condition of anonymity because they were not authorized to discuss the matter publicly. Asked for comment, a Stellantis spokesperson said: 'Respectfully, Maserati is not for sale.' McKinsey declined to comment. Filosa's predecessor Carlos Tavares, who resigned in December after a poor performance in the U.S. market, had refused to consider getting rid of any of the carmaker's brands. But some investors and analysts say a streamlined portfolio would boost Stellantis' profit margins. Stellantis shares have lost two-thirds of their value since March last year. Falling sales Maserati's sales fell by more than half in 2024 to just 11,300 units and the unit posted an adjusted operating loss of 260 million euros ($298 million) last year. The brand currently has no new model launches scheduled as it waits for a new business plan, after its previous one was put on hold by Stellantis last year. Brand head Santo Ficili said earlier this month the plan would be presented soon after Filosa starts the job. One of the sources said Stellantis has been coming to terms with the fact that it has too many brands, making it difficult for it to properly invest in all of them. The carmaker needs to 'set priorities,' the source said. Stellantis has not specifically mandated McKinsey to find a buyer for Maserati, but the mandate is to consider all options, including a potential sale, the second source said. All options are on the table, the source said. Stellantis' board has been divided over plans for Maserati, one source said. Some board members think Stellantis is not in a position to sustainably re-launch Maserati and suggest selling it is the best option. Others think Maserati still has value and that selling its only luxury brand would be a huge reputational setback for Stellantis. Chinese automakers, such as Chery, might be among those interested in buying European auto brands, to support their expansion in the region, where they still lack brand recognition among consumers. This would be a similar move to SAIC's purchase of Britain's MG Motor or Geely's acquisition of Sweden's Volvo Cars in 2010. Reporting by Giulio Piovaccari; Editing by Nick Carey and Emelia Sithole-Matarise, Reuters
Time of India
6 hours ago
- Automotive
- Time of India
Fearing China's small car rivals, Stellantis, Renault lobby EU for fewer rules
With Chinese automakers pushing into Europe, Stellantis and Renault are lobbying for a new, less-regulated category of small cars with fewer safety features, making them cheaper to build. Over the last two months, Stellantis Chairman John Elkann and Renault CEO Luca de Meo have engaged in a rare public campaign to get the European Union to consider the matter. The aim is to revive a small car segment largely abandoned by Europe's automakers as such models were unprofitable, a problem they blame on regulations that make the vehicles larger, heavier and more expensive. Elkann last week said Europe needs its own version of Japan's "kei cars", small, urban vehicles with size and engine restrictions that enjoy lower tax and insurance costs - which he said could be called the "e-car". "There's no reason why if Japan has a kei car, which is 40% of the market, Europe should not have an e-car," he said at an event in Turin, echoing similar comments in a joint editorial with Renault's de Meo published last month. Though de Meo is set to leave Renault in July, the company is expected to maintain its support for the proposal. "Small cars are a pocket of growth one cannot, and must not, ignore right now," said Francois Provost, Renault's director of procurement, partnerships, and public affairs. Chinese rivals have so far focused on larger EVs and hybrids in their bid for market share in Europe, but smaller EVs are on the way. The Dolphin Surf from China's BYD hit the market one month ago, priced from under 20,000 euros ($23,124) with features such as a rotating large touch screen and anti-steam rear mirrors. By comparison, the Renault 5, which is similar though can carry one more passenger, costs almost 5,000 euros more when similarly equipped. Facing that pressure, European manufacturers are examining the potential for cheaper cars to help them boost sales and achieve their CO2 targets, said Flavien Neuvy, auto analyst and head of research firm Cetelem. "The market is down 20% compared with 2019, so there is not enough volume for everyone, and the Chinese are coming," he said. Though small cars currently account for just 5% of the market, they made up as much as half the market in the 1980s, and the segment could rebound with more launches, said S&P Global, which estimates sales could reach 600,000 by 2030, up about 20% from last year. 'A LOT OF EXCUSES' The lobbying effort targets the EU's General Safety Regulations 2 (GSR2), which mandates safety features such as side airbags, sensors detecting whether a driver is falling asleep, lane-crossing warning, and more thorough crash tests. Such requirements and European rules on pollution add between 850 and 1,400 euros ($983-$1,607) to the cost of a car, estimates a source familiar with the lobbying. Lobbyists argue there is no need for safety requirements like those for high-speed collisions when it comes to small cars designed for city drivers. Backed by industry group the European Automobile Manufacturers Association (ACEA), they want an entirely new vehicle category called M0, or e-car. The European Commission is looking into the matter, said spokesperson Lea Zuber. Revamping requirements for smaller cars without compromising on safety will be complex and will not necessarily be implemented, said people familiar with the discussions. And whether less-regulated models could compete against Chinese EVs also remains to be seen. Matthew Avery, director of strategic development at Euro NCAP, which tests new cars for safety, said the idea that small city cars would not be involved in highway accidents is nonsense. The Chinese are bringing cars to Europe that consistently get five-star ratings from Euro NCAP, said Avery. Although its ratings do not carry legal weight, consumers take them into account and many corporate fleets will not buy cars with less than five stars. A change in regulations to cut some safety requirements could leave smaller European cars with two- or three-star ratings, Avery said. "If they want to, they can de-spec a car for safety," Avery said, but noted Euro NCAP's tests and safety ratings will remain unchanged. "Our job is just to say, well, this car is safer than that car." Emmanuel Bret, deputy head of BYD France, says the company will continue offering small cars that meet all current EU regulations and that blaming the bloc for making them unaffordable is just "a lot of excuses". "Let customers choose," Bret said.
TimesLIVE
6 hours ago
- Automotive
- TimesLIVE
Stellantis weighs offloading Maserati in brand purge
Stellantis is considering a possible sale of its struggling luxury Maserati unit, among other options, two sources with knowledge of the matter said, as the carmaker seeks to overhaul its sprawling portfolio of 14 brands. Discussions about Maserati's future started before new CEO Antonio Filosa, who starts on Monday, was appointed last month, while Stellantis was steered by chair John Elkann. The viability of the French-Italian company's 14 brands — which include Chrysler, Peugeot, Jeep and Alfa Romeo — was a priority for Elkann as he interviewed candidates to fill the CEO job. Like other European carmakers, the world's fourth biggest carmaker is facing hefty US import tariffs imposed by President Donald Trump and struggling with stiff competition from Chinese rivals. Stellantis hired consultant McKinsey early in April to advise it on the effects of the US tariffs on Maserati and Alfa Romeo as the two brands prepare future plans. Stellantis affirmed then it was fully committed to both brands. However, a possible divestment of Maserati, its only luxury brand, is among the options McKinsey is exploring for Stellantis, the two sources told Reuters, adding the adviser's assessment was still in the early stages. They spoke on condition of anonymity because they were not authorised to discuss the matter publicly. Asked for comment, a Stellantis spokesperson said: 'Respectfully, Maserati is not for sale.'
Yahoo
8 hours ago
- Automotive
- Yahoo
Exclusive-Jeep maker Stellantis weighs sale among options for Maserati, sources say
By Giulio Piovaccari MILAN (Reuters) -Stellantis is considering a possible sale of its struggling luxury Maserati unit, among other options, two sources with knowledge of the matter said, as the automaker seeks to overhaul its sprawling portfolio of 14 brands. Discussions over Maserati's future started before new CEO Antonio Filosa, who starts on Monday, was appointed last month, while Stellantis was steered by Chair John Elkann. The viability of the French-Italian company's 14 brands - which include Chrysler, Peugeot, Jeep and Alfa Romeo - was a priority for Elkann as he interviewed candidates to fill the CEO job. Like other European carmakers, the world's fourth biggest automaker is facing hefty U.S. import tariffs imposed by U.S. President Donald Trump and struggling with stiff competition from Chinese rivals. Stellantis hired consultant McKinsey early in April to advise it on the effects of the U.S. tariffs on Maserati and Alfa Romeo as the two brands prepare future plans. Stellantis affirmed then that it was fully committed to both brands. However, a possible divestment of Maserati, its only luxury brand, is among the options McKinsey is exploring for Stellantis, the two sources told Reuters, adding the adviser's assessment was still in the early stages. They spoke on condition of anonymity because they were not authorised to discuss the matter publicly. Asked for comment, a Stellantis spokesperson said: "Respectfully, Maserati is not for sale". McKinsey declined to comment. Filosa's predecessor Carlos Tavares, who resigned in December after a poor performance in the U.S. market, had refused to consider getting rid of any of the carmaker's brands. But some investors and analysts say a streamlined portfolio would boost Stellantis' profit margins. Stellantis shares have lost two-thirds of their value since March last year. FALLING SALES Maserati's sales fell by more than half in 2024 to just 11,300 units and the unit posted an adjusted operating loss of 260 million euros ($298 million) last year. The brand currently has no new model launches scheduled as it waits for a new business plan, after its previous one was put on hold by Stellantis last year. Brand head Santo Ficili said earlier this month the plan would be presented soon after Filosa starts the job. One of the sources said Stellantis has been coming to terms with the fact that it has too many brands, making it difficult for it to properly invest in all of them. The carmaker needs to "set priorities", the source said. Stellantis has not specifically mandated McKinsey to find a buyer for Maserati, but the mandate is to consider all options, including a potential sale, the second source said. All options are on the table, the source said. Stellantis' board has been divided over plans for Maserati, one source said. Some board members think Stellantis is not in a position to sustainably re-launch Maserati and suggest selling it is the best option. Others think Maserati still has value and that selling its only luxury brand would be a huge reputational setback for Stellantis. Chinese automakers, such as Chery, might be among those interested in buying European auto brands, to support their expansion in the region, where they still lack brand recognition among consumers. This would be a similar move to SAIC's 2007 purchase of Britain's MG Motor or Geely's acquisition of Sweden's Volvo Cars in 2010. ($1 = 0.8721 euros)
