Giant car firm behind 14 brands including Fiat & Peugeot ‘faces closing factories' over EV targets, boss says

Scottish Sun

14 hours ago

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THE giant car firm behind 14 brands including Fiat and Peugeot may have to close factories over EV targets, its boss says.
European car manufacturers are having to sell more electric vehicles to cut CO2 emissions - or risk crippling penalties.
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The giant car firm behind 14 brands including Fiat and Peugeot may have to close factories over EV targets
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Stellantis may have shut some of its factories doors
Stellantis may have shut some of its factories doors due to the risk of hefty European Union fines for not complying with CO2 emission targets, the chief of the Franco-Italian automaker for Europe said on Tuesday.
The automaker industry has successfully lobbied for more time to comply, as fines will be based on 2025-2027 emissions rather than just in 2025.
Stellantis' Europe chief Jean-Philippe Imparato slammed the targets, saying they were still unreachable for automakers.
He then exposed his company to fines of up to 2.5 billion euros within "two-three years."
Speaking at a conference in the lower house of parliament in Rome, he said that without significant changes in the regulatory situation by the end of this year, "we will have to make tough decisions."
Stellantis would therefore either have to double its electric vehicle sales, which is impossible, or cut the production of petrol and diesel vehicles, Imparato said.
"I have two solutions: either I push like hell (on electric) ... or I close down ICE (internal combustion engine vehicles). And therefore I close down factories," he said, at one point mentioning the Italian van-making plant of Atessa.
Meanwhile discussions over the future of Maserati remain ongoing as Stellantis prepared to welcome its new CEO.
New CEO Antonio Filosa 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.
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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.