Latest news with #MC20Folgore
Scottish Sun
21-06-2025
- Automotive
- Scottish Sun
Huge carmaker ‘may sell iconic luxury motor brand' as sales dive and new CEO takes charge
The new CEO faces huge financial decisions as a result of President Trump's brutal trade tariffs ENGINE STUTTER Huge carmaker 'may sell iconic luxury motor brand' as sales dive and new CEO takes charge Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) 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. Sign up for Scottish Sun newsletter Sign up 5 Discussions over the future of Maserati remain ongoing Credit: Alamy 5 Stellantis could be forced to sell the luxury car brand Credit: Reuters 5 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." 5 Former Stellantis boss Carlos Tavares said the low sales at Maserati were due to advertising issues Credit: Alamy
7NEWS
28-05-2025
- Automotive
- 7NEWS
Stellantis names US and quality boss as its new CEO
Stellantis, the parent company of 14 brands including Jeep, Ram, Peugeot, Citroen, Opel/Vauxhall, Fiat, Maserati and Alfa Romeo, has appointed Antonio Filosa, currently the chief operating officer of Stellantis North America and the automaker's global chief quality officer, as its new CEO. Mr Filosa (below) will start in his role as Stellantis CEO on June 23. He will name his executive team closer to that date. 'His track record of successful leadership during his many years with our Company speaks for itself and this, together with his deep knowledge of our business and of the complex dynamics facing our industry, make him the natural choice to become Stellantis' next CEO,' Robert Peugeot, the automaker's vice chairman, said in a prepared statement. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Born in Naples in 1973, Mr Filosa started his career in 1999 as a trainee at Fiat. After roles in Europe and the US, he landed in Brazil in 2005, where worked his way up through program management, plant management and head of purchasing to become the head of Fiat Chrysler Latin America in 2018. During his time in South America he launched the Jeep brand there, took Fiat to a 'market leading position', and 'significantly grew' the Peugeot, Citroen, Ram and Jeep brands. When he starts in June, Mr Filosa will have long list of items to deal with. Last year profits at Stellantis dropped 70 per cent on the back of falling sales and a glut of unsold vehicles in the US. There are also persistent quality issues. In mid-2024, then-CEO Carlos Tavares publicly criticised the Sterling Heights plant for building too many Ram 1500 pickup trucks that needed be pulled off the assembly line to be repaired before they could leave the factory. Another priority for the French-Italian-American automotive conglomerate, the world's fifth-largest automaker, is sorting out what to do with its collection of 14 brands, which under the previous CEO were all given 10 years to prove themselves. Those most at risk include Chrysler, which sells just the Pacifica people mover; Lancia, another one-model brand whose reborn Ypsilon is struggling to gain traction; and DS, the luxury brand spun off from Citroen which continues to struggle to establish itself against incumbent marques. The Chrysler, DS and Citroen brands were retired in Australia in recent years, while Lancia was axed here in 1985. A recent report indicates Stellantis is preparing to sell Maserati, which posted a €260 million loss last year and cancelled its MC20 Folgore electric supercar. Stellantis has been without a CEO since Carlos Tavares quit with immediate effect at the beginning of December 2024, reportedly after a disagreement with the board over the company's EV strategy. In 2014 Mr Tavares (above) jumped ship from Renault to become CEO of the PSA Group, the parent company of Peugeot, Citroen and DS, after the French government and Chinese automaker Dongfeng bailed the company out. He helped to turn the company around with a sharp focus on costs and platform sharing. In 2017 he engineered the buy out of Opel and Vauxhall from General Motors. Within a year the beleaguered brands were back in the black after decades of red ink. With his star ascendent his next move proved to be a bridge too far: the 2021 mega-merger of PSA with Fiat Chrysler to form Stellantis. Since the departure of Mr Tavares the company, especially in the US, has been trying to mend relationships with its suppliers and dealers. There are also rumours the company may return the Hemi V8 to the Ram 1500 range – an engine Mr Tavares effectively killed off.
The Irish Sun
20-05-2025
- Automotive
- The Irish Sun
Car giant boss behind two ‘struggling' brands denies talks over ‘massive merger' with rival firm
THE boss of a huge carmaker behind two struggling brands has denied talks of a reported mega-merger with a rival firm. Advertisement 5 The head of Stellantis has denied merger rumours Credit: Reuters 5 Renault enjoyed a boost in sales across its brands last year Credit: Alamy 5 Both firms are moving towards making electric cars, like this Renault 5 E-Tech Credit: Getty Stellantis is the company behind brands such as Fiat and Peugot. The news comes as some of the firm's badges, including But Mr Elkann has dismissed increasing rumours of the company merging with fellow European brand Renault. Instead, he said: "We are not discussing any merger." Advertisement Read more Motors Mr Elkann was sat in a panel adjacent to It is the second time in a few months that the company has denied rumours of a merger with Renault. In October last year, then CEO of Stellantis, He did so while visiting a Renault hub in eastern France. Advertisement Most read in Motors Renault boss de Meo declined to comment on what he described as "rumours" at the same event. Mr Tavares has since resigned as Stellantis CEO in December last year. He is yet to be replaced. The Sun's Motors Editor Rob Gill takes the new electric Renault 5 for a spin The merger has been denied amid starkly contrasting economic backgrounds for the Advertisement Renault Group enjoyed boosts in sales for all three of its Renault rose 1.8 percent to 1,577,351 vehicles, Stellantis, by contrast, has encountered increasingly stuttering financial success. The company itself is the product of a merger between Advertisement In February, the company announced that its results for 2024 saw a 70% drop in net profit performance, and a 17% reduction in revenues year-on--year. This was in part due to 'temporary gaps in product offerings." Earlier this year, Chrysler announced that progress making the company's new flagship electric model, the Airflow, was This followed located in the middle of the desert, in Arizona, in a desperate bid to cut costs, last year. Advertisement Fiat and Abarth were also forced to This followed a 14% sales drop for Fiat last year compared to 2024. Then in the wake of US President Donald Trump's tariffs, Stellantis considered selling iconic brands Maserati sold just 11,300 cars worldwide in 2024, and saw its new electric sports model MC20 Folgore get cancelled following low demand. Advertisement Consequently, Stellantis then hired management consulting firm Stellanis told : "McKinsey has been asked to provide its considerations regarding the recently announced U.S. tariffs for Alfa Romeo is currently working on next-generation versions of However, Maserati cancelling its plans for electric cars perhaps points towards a more precarious position for the brand. Advertisement 5 The former Stellantis CEO Carlos Tavares also denied merger rumours while visiting a Renault plant last year Credit: Alamy 5 Stellantis is the firm behind Fiat cars Credit: stellantis /Fiat
Reuters
11-03-2025
- Automotive
- Reuters
Stellantis' Maserati brand cancels plans for electric sports car
MILAN, March 11 (Reuters) - Stellantis-owned ( opens new tab Maserati has cancelled plans for an electric version of its MC20 sports car because of expected poor demand, the struggling luxury carmaker said on Tuesday. The MC 20 Folgore had been due to debut this year. Maserati has taken the decision because of the commercial prospects, with few vehicles expected to be sold in the coming years, a Maserati spokesperson said in an emailed statement According to market research, MC20 customers prefer powerful petrol engines and "are not ready to switch to BEV (battery electric vehicles) in a foreseeable future," the spokesperson added. Launched in 2020, the 630-horsepower MC20 is made in Maserati's hometown of Modena, northern Italy, and has a starting price of around 240,000 euros ($262,000). The news came after Stellantis, in a meeting with unions in November, declined to confirm previously announced electrification plans, opens new tab for Maserati. The brand sold just 11,300 vehicles last year, down from 26,600 in 2023, with an adjusted operating loss of 260 million euros ($284 million). Fellow Italian sports car maker Ferrari ( opens new tab will launch its first EV in October while rival Lamborghini, part of the Volkswagen group , will roll out its first EV in 2029. Porsche (PSHG_p.DE), opens new tab has been offering EV models since 2019. Maserati's range does include EV versions of the GranTurismo coupe and of its convertible version GranCabrio, as well as of the Grecale SUV. Excluding the GT2 Stradale, a track-only model expected in the first quarter, Maserati has no new model launches scheduled, with Stellantis reviewing the brand's business plan after it was put on hold last year. ($1 = 0.9158 euros) Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
Yahoo
10-03-2025
- Automotive
- Yahoo
Maserati Cancels MC20 Folgore Electric Supercar Amid Weak Demand
Read the full story on Modern Car Collector Maserati has officially announced the cancellation of the MC20 Folgore, an all-electric supercar that had been highly anticipated as a spearhead for the brand's electric vehicle strategy. Originally unveiled in 2020, the MC20 Folgore was slated to debut this year, promising a new era for Maserati with its innovative design and powerful performance. However, citing "a perceived lack of commercial interest," the Italian automaker has decided to shelve the project. The MC20 Folgore was designed to be a standout in Maserati's emerging electric lineup, which includes the GranTurismo Folgore, Grecale Folgore, and GranCabrio Folgore. It boasted three electric motors producing a formidable 700 horsepower, positioning it at the pinnacle of Maserati's electric offerings. Despite these impressive specifications, market studies indicated that the supercar segment's clientele still prefers traditional internal combustion engines (ICE). According to Maserati, the feedback from potential MC20 customers showed a clear preference for powerful ICE engines, with little readiness to transition to battery electric vehicles (BEVs). In response to this feedback, Maserati will now concentrate its efforts on enhancing the MC20's internal combustion version, which currently features a 3.0-liter V-6 engine delivering 621 horsepower. Plans are underway to boost its power output further, potentially adding an additional 10 horsepower as seen in the GT2 Stradale version. The cancellation of the MC20 Folgore could have broader implications for Maserati's strategy, particularly its ambitious goal to electrify its entire lineup by 2028 and transition to fully electric models by 2030. This setback is compounded by financial challenges, highlighted by a significant write-off of a $1.6 billion investment by Stellantis, Maserati's parent company, which was largely allocated to developing new EVs. This development marks a crucial pivot for Maserati as it navigates the shifting landscapes of global automotive markets and consumer preferences. The company's strategy moving forward will likely involve a balanced approach, continuing to enhance its ICE models while cautiously advancing its electric vehicle initiatives. Follow us on Facebook and Twitter
