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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TimesLIVE
5 hours ago
- 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.'
IOL News
5 hours ago
- IOL News
Beyond Missiles and Sanctions: The Currency War Behind the Iran Assault
As tensions escalate in the Middle East following Israel's recent actions, the underlying struggle for the US dollar's dominance in global trade becomes increasingly apparent. Image: IOL / Ron AI By Masibongwe Sihlahla As the world grapples with renewed conflict in the Middle East after Israel's cowardly and unprovoked attack on Friday 13 June last week, the framing of recent escalations with Iran as a nuclear non-proliferation issue is be missing the big picture. Beneath the diplomatic soundbites and military maneuvers lies a quieter but more existential struggle: the fight to preserve the US dollar's supremacy in global trade and contain China. For decades, the dollar has enjoyed near-monopoly status as the global reserve currency, granting the United States what French President Valéry Giscard d'Estaing once called an "exorbitant privilege". This privilege enables the US to borrow at lower interest rates, print money to finance deficits, and weaponise the global financial system through sanctions and trade controls. This economic order faces its greatest threat yet and that is the rise of BRICS and the mounting wave of dedollarisation. Iran and the Strategic Pivot Iran, a long-standing critic of US foreign policy, has deepened trade relations with BRICS members, particularly China and Russia. By pricing its oil in yuan and diversifying its currency reserves, Tehran is actively undercutting the petrodollar framework that has undergirded American economic influence since the 1970s. Iran has also a few weeks back received the first direct train from China which can deliver goods from Iran especially oil in 18 days instead of 36 days via ship going through the heavily patrolled (by America's Seventh Fleet) Strait of Malacca. It goes without saying that saving 50%-60% transport time also translates into huge cost savings. It facilitates faster delivery of Chinese goods to Iran and onward to Europe, boosting trade efficiency and regional connectivity — this is where the rub lies as it bypasses any attempt by the USA Seventh or Fifth fleet for that matter to intimidate China and thus BRICS. So an attack on Iran by Israel must not be seen in isolation but with a geopolitical eye on the attempt to contain China. The potential consequences are monumental. If oil can be bought and sold in non-dollar denominations, a cornerstone of global dollar demand weakens. With less demand for U.S. Treasury securities, Washington could face higher borrowing costs and diminished leverage in international institutions like the World Trade Organization and the International Monetary Fund. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The Realignment Accelerates The war in Ukraine backfired on America and entrenched Russia further into the BRICS orbit, bolstered by China's growing clout and Brazil's pragmatic economic diplomacy. Western sanctions may have isolated Russia from some markets, but they also catalysed alternative systems—cross-border payment platforms, bilateral trade in national currencies, and talk of a BRICS common settlement unit. Iran's alignment with this axis isn't just a matter of political solidarity; it represents a pivot away from dollar-dependence. From India's use of rupees in oil trades to South Africa's backing of a multipolar financial system, the shift is gaining traction across the Global South. The last thing Biden did before exiting in December 2024 was to launch the Lobido Corridor as a countermeasure to the Chinese Belt and Road Initiative. The Lobito Corridor is part of a broader Western-backed counter-BRICS initiative, including a $1.3 billion US-Angola infrastructure deal, to strengthen infrastructure and private investment in Africa, supported through programs like the Partnership for Global Infrastructure and Investment (PGII). The aim was to undermine Chinese dominance of the critical metals supply chain such as Copper, Cobalt, Lithium, Tantalum(Coltan) especially as the highest priority. With the increased use of eDrones Americas military need a secure source of these minerals. Some of these minerals reach China via the railway corridor from Iran and thus it is essential that those those infrastructure benefitting China be destroyed, hence it is in this light that the devious attack on Iran by American proxy Israel can be explained. This infrastructure push by America aims to provide alternatives to China-led projects and the Belt and Road Initiative (BRI), countering China's growing influence through BRICS and related economic corridors. South Africa, as a founding BRICS member and a key regional power, is a crucial leverage point for expanding BRICS influence into Africa. The Lobito Corridor and related infrastructure projects signal efforts by the US and allies to offer competing development models and maintain influence in the region and it is clear the current Angola government has been bought lock, stock and barrel by the Americans and its allies. The recent diplomatic tensions and perceived 'insult' to South African President Cyril Ramaphosa in the White House can be seen as part of this broader geopolitical contest, reflecting friction over South Africa's leading role in BRICS and its strategic positioning between Western and Chinese spheres of influence. America's Geoeconomic Dilemma The US faces a dilemma: preserve dollar dominance through diplomatic engagement, or use hard power—military or financial—to deter alternatives. History suggests Washington is willing to project power to defend its economic architecture. But as dedollarisation efforts become decentralized and digitally nimble, the old levers lose some of their Iran, whether militarily or economically, may not just be about regime machinations but is intended to be a strategic strike on a key pillar of the dedollarisation front. A Global Rebalance in MotionWe are living through the slow dismantling of a unipolar order and as Prof Richard Wolff describes the decline of American Empire. The question is not whether dedollarisation will happen, but how—and at what cost to the current architects of global trade. For BRICS and its partners, this is a path toward sovereignty and away from American hegemony For Washington, it's the potential unraveling of its financial superpower status. And for the rest of the world, it could mean a future where no single currency holds the world hostage. * Masibongwe Sihlahla, Independent Writer, Political Commentator and Social Justice Activist. ** The views expressed do not necessarily reflect the views of IOL or Independent Media.
IOL News
5 hours ago
- IOL News
Crude sinks as Trump delays decision on Iran strike
A fire blazes in the oil depots of Shahran, northwest of Tehran, on June 15 after further attacks from Israel. Speculation had been swirling that Trump would throw his lot in with Israel, but on Thursday he said he would decide "within the next two weeks" whether to involve the United States, giving diplomacy a shot to end the hostilities. Image: Atta Kenare / AFP Oil prices tumbled Friday and equity traders fought to end a volatile week on a positive note after Donald Trump said he would consider over the next two weeks whether to join Israel's attacks on Iran. Speculation had been swirling that Trump would throw his lot in with Israel, but on Thursday he said he would decide "within the next two weeks" whether to involve the United States, giving diplomacy a shot to end the hostilities. While tensions are sky high amid fears of an escalation, the US president's remarks suggested the crisis could be prevented from spiralling into all-out war between the Middle East foes. Since Israel first hit Iran last Friday, the two have exchanged deadly strikes and apocalyptic warnings, though observers said the conflict has not seen a critical escalation. European foreign ministers were due to meet their Iranian counterpart on Friday in Geneva. In a statement read out by White House Press Secretary Karoline Leavitt, the president said: "Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks." Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading Leavitt added: "If there's a chance for diplomacy the president's always going to grab it, but he's not afraid to use strength as well." Both main oil contracts were down around two percent Friday but uncertainty prevailed and traders remained nervous. "Crude still calls the shots, and volatility's the devil in the room -- and every trader on the street knows we're two headlines away from chaos," said Stephen Innes at SPI Asset Management. "Make no mistake: we're trading a geopolitical powder keg with a lit fuse. "President Trump's two-week 'thinking window' on whether to join Israel's war against Iran is no cooling-off period -- it's a ticking volatility clock." Stocks were mixed following a public holiday in New York, with Hong Kong, Taipei, Mumbai and Bangkok all up with London, Paris and Frankfurt. Seoul's Kospi led the gains, rising more than one percent to break 3,000 points for the first time in nearly three and a half years. The index has risen every day except one since the June 4 election of a new president, which ended months of political crisis and fuelled hopes for an economic rebound. Tokyo fell as Japanese core inflation accelerated, stoked by a doubling in the cost of rice, a hot topic issue that poses a threat to Prime Minister Shigeru Ishiba ahead of elections next month. There were also losses in Shanghai, Sydney, Singapore, Manila and Jakarta. The Middle East crisis continues to absorb most of the news but Trump's trade war remains a major obstacle for investors as the end of a 90-day pause on his April 2 tariff blitz approaches with few governments reaching deals to avert them being imposed. "While the worst of the tariffs have been paused, we suspect it won't be until those deadlines approach that new agreements may be finalised," said David Sekera, chief US market strategist at Morningstar.
