Stellantis says no intention of selling Maserati, after CEO issues warning

admin admin | 07-31 16:30

Carlos Tavares, the Netherlands-based automaker's chief, warned last week that if the company's loss-making brands "don't make money, we'll shut them down".
Stellantis has no intention of selling its luxury vehicle business Maserati or aggregating the unit with other Italian luxury groups, the Jeep maker said on Tuesday.

"Stellantis restates unwavering commitment to Maserati's bright future as the unique luxury brand of the 14 Stellantis brands," the carmaker said in a statement, while also reaffirming commitment to its entire portfolio.

Carlos Tavares, the Netherlands-based automaker's chief, warned last week that if the company's loss-making brands "don't make money, we'll shut them down".

The comments came after Stellantis delivered worse-than-expected results for the first half.

The Chrysler-parent does not release figures for individual brands, except for Maserati, which reported an adjusted operating loss of 82 million euros for the first half of the year.

Some analysts had previously noted that Maserati could possibly be a target for a sale by Stellantis, while other brands such as Lancia or DS might be at risk of being scrapped, given their marginal contribution to the group's overall sales.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Ola Electric responds to ARAI notice, says prices of S1 X 2 kWh scooter unchanged

Ola Electric provided an invoice dated October 6, showing a INR 5,000 discount given to customers, a...

Hyundai Motor IPO’s off to a slow start

Around 35% of the total shares in the offering are reserved for retail investors, while QIBs and NII...

Under fire, Ola Electric taps EY India to get back on track

Close to a dozen executives from EY came on-board at Ola Electric a few weeks ago on deputation for ...

Tata Motors secures 5-star BNCAP safety ratings for Nexon, Curvv, and EV models in latest crash tests

Tata Curvv.EV BNCAP testTata Motors did it again! Tata Motors has once again secured 5 star rating i...

India needs to step up manufacturing to meet Viksit Bharat goal: Volvo Grp India MD

Volvo Group India Managing Director and President, Kamal Bali. The manufacturing sector is a weak li...

Dollar pullback to help Indian rupee, weak risk appetite to weigh

Investors are now nearly certain that the U.S. Federal Reserve will deliver a 25-basis-point rate cu...