Huge carmaker ‘may sell iconic luxury motor brand' as sales dive and new CEO takes charge
ENGINE STUTTER Huge carmaker 'may sell iconic luxury motor brand' as sales dive and new CEO takes charge
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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.
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Discussions over the future of Maserati remain ongoing
Credit: Alamy
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Stellantis could be forced to sell the luxury car brand
Credit: Reuters
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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."
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Former Stellantis boss Carlos Tavares said the low sales at Maserati were due to advertising issues
Credit: Alamy
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