Stellantis’ “disappointing and humbling” H1 2024 results led CEO Carlos Tavares to suggest that there may be a possibility of cutting one of more of the automaker’s 14 brands in the event that they no longer remain profitable.
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He said “there’s absolutely no taboo” if the group’s brands and assets performance were to deteriorate.
In a further interview with Bloomberg, Tavares added that “decisions will come” if the brands were unable to “monetise the value that they represent.”
During the automaker’s H1 2024 call, Stellantis CFO Natalie Knight said: “We’ve made tough decision in the first half and won’t hesitate to make them again in the second half,” adding that the group is likely to cut prices.
Mr Tavares also added that “given the uncertainties of the world, it is easy to anticipate there will be bumps” on the road to electrification.
Last week, Stellantis reported weak financial results and said there will be management actions to improve the performance of North America, Europe and Maserati to ‘create significant performance improvement opportunities for the second half of 2024 and full-year 2025’.
Analysts have speculated that the Maserati brand could be vulnerable if performance fails to improve. In the first half of 2024, Maserati posted an operating loss of €82m and Maserati sales were 6,500 units versus 15,300 in the same period of 2023.
