Automotive conglomerate Stellantis is juggling 15 brands, all of which it says are profitable right now, but its CEO has said if things change he’s willing to swing the axe. “There is no taboo. There is absolutely no taboo, the brands are intangible assets that we respect, we believe that they are here to be leveraged,” Stellantis CEO Carlos Tavares told Bloomberg Television.
“We could celebrate this year the 125th anniversary of Fiat and Opel, which demonstrates that the brands are stronger than the legal entities, stronger than the political regimes, and they can cross wars, survive, and get better. “So we do respect the brands, we do respect the fan bases of the brands, but there is no taboo. “If they are not able to monetise the value that they represent, then decisions will come.
” Stellantis has 15 vehicle brands if you count its recently established joint venture with Leapmotor. He said that while all of the company’s brands are profitable for now, it’s a tough time for the industry. In Stellantis’ financial results for the first half of this year, released this week, it posted a 48 per cent decline in net profit and its operating margin shrunk to 10 per cent.
Its flagship brand, Maserati, had a particularly rough first half of the year, with sales falling by more than half compared to the first six months of 2023. It also had an adjusted operating loss of €82 million (A$135.84 million) and a negative 13 per cent adjusted operating margin, down fro.