Stellantis is considering putting Italian carmaker Maserati up for sale after shipments halved, triggering a €349m (£294m) writedown on the brand. The owner of the Jeep, Peugeot and Vauxhall brands said revenues from its Maserati cars fell to €631m in the first six months of 2024, down from €1.3bn a year ago.
Carlos Tavares, Stellantis’ chief executive, said on Thursday the company was prepared to sell off underperforming brands, adding there was “absolutely no taboo” about ditching assets. , has pledged that all of its models will have an electric alternative from next year as part of its “Folgore” line – Italian for lightning. It also committed to a fully electric line up by 2030.
The company recorded its first operating loss since its owner Stellantis was created by the merger of Fiat Chrysler and France’s Peugeot in 2021. The division lost €82m in the first half of the year, compared to a €121m profit 12 months earlier. Stellantis has previously prided itself on ending the “boom and bust” of the luxury brand, saying it expected the division to be consistently profitable.
On Thursday, the company took a €300m writedown on the business, which Natalie Knight, its chief financial officer, said was down to “resetting” the division’s business plan. Maserati has been told to cut costs as it waits for its bet on EVs to pay off. Maserati started selling its first electric vehicle, the £180,000 GranTurismo Folgore, in February, although it did .