9:22 am, August 1, 2024
Stellantis has backtracked on the suggestion it could look to sell Maserati as part of a wider plan to ditch struggling brands.
Car Dealer reported earlier this week that the European car maker was prepared to axe underperforming brands, following poor performance in the first six months of the year.
During that period, Maserati saw its global sales fall by 50% to just 6,500 units, with an operating loss of €82m (£69.22m).
The result led to questions about whether Stellantis may look to offload the luxury Italian brand.
When asked directly by journalists if Maserati could be sold, Stellantis finance chief, Natalie Knight, admitted: ‘There could be some point in the future when we look at what’s the best home for Maserati.’
That followed similar comments from CEO Carlos Tavares, who said the company would not hesitate to shut down brands which fail to meet expectations.
He said: ‘If they don’t make money, we will shut them down. We cannot afford to have brands that do not make money.
‘That’s very simple, because we are talking about a very difficult transition period where we cannot afford to have brands that do not make money.’
Now however, it seems the outfit is rowing back on the threats, with Stellantis ‘reaffirming its commitment to its entire portfolio’.
In a statement, the company categorically ruled out selling Maserati, saying the brand retained its ‘unconditional commitment’.
A Stellantis spokesman said: ‘Stellantis reiterates its unconditional commitment to Maserati’s bright future as the only luxury brand of the 14 Stellantis brands.
‘Maserati’s mission is to write the future of mobility through the best performance in the luxury segment, focusing on the desires of its customers.
‘To achieve its goals, the brand is targeting a highly specific audience. For this reason, Maserati is implementing a series of initiatives to expand its presence in the global market, strengthen its brand image, and emphasise the uniqueness of its products.
‘Maserati is facing a major challenge and must remain focused on its goals in the coming months.
‘Stellantis reiterates its commitment to its entire broad portfolio of 14 iconic brands and reminds that each has a 10-year horizon to build a profitable and sustainable business, while recognising that market volatility and temporary situations can cause fluctuations.’
Stellantis saw its profits take a major tumble in the six months to the end of June, amid a slump in sales and a reduced vehicle line-up.
The European congratulate posted a net profit of €5.6bn (£4.7bn), which represented a 48% nosedive on the same period in 2023.
The outfit, which includes the likes of Citroen, Peugeot and Vauxhall, also saw its operating income collapse from €14.1bn (£11.9bn) to €8.5bn (£7.1bn).
