UPDATE: Stellantis Responds To Our “Hung a ‘For Sale’ Sign on Maserati” Story
In an article Hagerty published on Tuesday, I more than suggested that statements made by Natalie Knight, Stellantis’ chief financial officer, and by Carlos Tavares, the chief executive officer of Stellantis, essentially “hung a ‘For Sale’ sign on Maserati,” which Stellantis owns.
Their statements were made in response to financial details regarding the first half of 2024, which were inarguably disappointing for Stellantis in general, and Maserati in particular. “There could be some point in the future when we look at what’s the best home” for Maserati, Knight said on a conference call with journalists.
That was accompanied by a conference-call statement from Tavares, regarding the performance of its 14 brands (or 15 if you count China’s Leapmotor, which I did not). “If they don’t make money, we’ll shut them down,” Tavares said. “We cannot afford to have brands that don’t make money.”
Taking his statement, and her statement, and the news that Maserati’s sales for the first half of 2024 were less than half of what they were in the first half of 2023, I apparently drew the wrong conclusion, according to Matt Rindone, head of Public Relations and communications for Maserati North America. He supplied an official statement from Stellantis and Maserati that concludes with this: “Stellantis reaffirms its commitment to its entire portfolio of 14 iconic brands and recalls that each of them has a 10-year horizon to build a profitable and sustainable business, while recognizing that market volatility and temporary situations may cause fluctuations.”
“As you will see,” Rindone wrote us, the official statement “clearly explains that Stellantis has no intention of selling Maserati.”
It seems like quite a turnaround, but that’s what the man says, and it certainly must come as a relief to the Maserati’s employees, and all 14, or 15, brands that Stellantis owns. Here is the official statement, less the last sentence, which I’ve already included above:
“Stellantis has no intention of selling the Trident brand, just as there is no intention of aggregating Maserati within other Italian luxury groups.
“Stellantis restates its unwavering commitment to Maserati’s bright future as the unique luxury brand within the 14 Stellantis brands.
“Maserati is in a transition period toward electrification with its Folgore BEV program: today the Trident offers GranTurismo and GranCabrio in ICE and BEV versions, Grecale in ICE, mild-hybrid and BEV versions, while we confirm that successors of the Quattroporte and Levante are also in preparation.
“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 precisely targets a highly specific audience.
“Maserati is therefore setting up a series of initiatives to expand its presence in the global market, to strengthen its brand image and to underline the uniqueness of its products. Maserati is facing a major challenge and must remain focused on its objectives in the coming months.”
That sounds like a backtrack of the backtrack of what they were saying. Man, CT isn’t bright.
I say kudos for good reporting and the actual journalism of putting statements-given-as-fact together to actually interpret what is being said by “important people”, which obviously resulted in someone at Stellantis going “who said what now?”. Love it, a bit of a lost art in the last decade or so with the decline of reporting beyond the 20 second sound bite.
I also wouldn’t be surprised if half of Stellantis’ brands aren’t shuttered or sold off in the next 9 years.
O-o-o-k-k-k-a-a-a-y-y-y, whatever you say guys (at least, THIS week).
and by ‘guys’, I mean Stellantis…
I knew EXACTLY who you were talking about!!
Natalie Knight and Carlos Tavares realized that by showing their hand to put Maserati in the toilet , they destroyed any value other than a knock down value in a purchase. And they further damaged the resale value of all preowned vehicles. Any insightful purchaser of a new one was never going to pay near the sticker of the left over orphans in the showroom. Two foolish executives. The walk back changes nothing. We know what you are up to. Look up Ms Knight on the internet if you want a chuckle. Close Chrysler maybe. They only sell an ancient 300 and a tricked out overpriced minivan no one wants.
The Chrysler Pacifica is the best selling minivan by a significant margin, and the minivan segment in general is experiencing a resurgence as people are beginning to realize that SUVs sacrifice both fuel economy and interior volume in comparison.
I bought a Pacifica in 2018 to replace my 3rd Grand Caravan. They have all been wonderful and efficient in their service to me. I have hauled people, gravel, sheetrock, plywood, bikes and anything else needing transport from source to destination. The introduction of the “Stow &go” feature was a godsend, as now I can leave the 2nd and 3rd row seats in the floor and have a full length flat floor. Current occupant now is a Catrike, with necessary accessories.
Only VW has been able to go the high number of brands route. Even then most are high priced low volume brands. Still it is a rocky road.
I expect they will kill a number of brands, they will sell some to survive and may evey sell to another brand that will be struggling.
I see a long slow death for Stellantis. Whst parts that survive snd where TBD.
This is probably foolish/naive, but I would think that the logical thing for Stellantis to do would be to make a chart of all the market niches worth selling in:
So you would have US compact (Euro full size) sedan as on category, US full size truck (no Euro match), US midsize truck (Euro full size) and so on.
Now maybe they currently have 3-4 brands in that US compact (Euro full size) category. Let’s use that as the next-step example:
In US that’s got to be either a Fiat or a Dodge, even if it sells great as a Peugeot or Vauxhall or Opel depending on which part of Europe (or other world market).
So a specific vehicle niche might have 6 brands using it, might only have one in the case of Maserati. It’s badge-engineering but you don’t offer a 2nd badge in any market (the past GM mistake of 2-5+ versions of the same thing fighting for the same market niche in trim increments).
This does mean world-spec vehicles, but Stellantis that should be one of their advantages…
Even if Chrysler 300 are only offered in China and North America I think you can make that case as well, nothing wrong with it being a stretched Citroen platform.
Specific to Maserati, go back to your “vehicle niches worth selling in”. If Maserati doesn’t fit anywhere they want to play, well then yeah… close/sell it.
Side effects of Stellantis (use only as directed) can include loss of clarity, confusion, loss of profits and backtracking. Consult your doctor if Stellantis is right for you.
So we’ll see how long before something drops at Stellantis.
*snort*! Good one, Gary!
Today I heard that BYD execs were seen at Chrysler HQ and also at the Dodge proving grounds. Maybe it isn’t Maserati that’s gonna be sold, but two of the oldest U.S. automaker brands out there.
I had always been a Chrysler/Mopar guy but the Daimler deal just started the down hill slide. Including Fiat, Renault, Peugeot and Citroen is just greasing the slide. They are not selling any quality products anymore. Just go to any of their forums and see the complaints. Poor designs and shoddy workmanship doesn’t make for profitability. Even Jeep and Ram has too many issues. My purchased new Jeep Patriot will be my last “Mopar”.
When I first heard the name “Stellantis” for the then new automobile conglomerate, it sounded like one of those over the counter sleep aids for insomnia that are advertised on television. It still does.
The name also has a hint of “pump and dump” about it. I could be wrong (and hope I am) because a market with more choices is preferable to a market with fewer choices.
Well, who would buy a company that is poorly attended and loses money?
People who know what to do with companies which have recently been poorly attended and losing money.