Stellantis —the world’s fourth-largest carmaker and parent to Jeep, Peugeot, Chrysler and 10 other marques—has begun a sweeping review of its brand stable, and sources say one option on the table is selling Maserati, its lone pure-luxury badge. The exercise, led by consultant McKinsey, underscores mounting pressure on the sprawling Franco-Italian group to streamline operations and restore profitability.
The review started in early April, well before newly appointed chief executive Antonio Filosa officially takes the wheel on June 24. According to two people with direct knowledge, outgoing chair John Elkann made “future brand viability” a central theme in CEO interviews, signalling that every nameplate—including decades-old ones like Alfa Romeo—must justify fresh investment. Maserati’s future has consequently become a litmus test for the entire portfolio.
Filosa inherits a business grappling with a complex external backdrop. The administration of U.S. President Donald Trump has re-imposed stiff tariffs on European vehicle imports, eroding the economics of trans-Atlantic shipping just as Chinese rivals, protected by a strong domestic market, flood Europe with aggressively priced models. Stellantis hired McKinsey to quantify how these twin shocks could upend Maserati and Alfa Romeo’s mid-decade product plans.
Although McKinsey’s mandate is to “consider all scenarios,” Maserati’s potential divestiture is only one item in a wider menu that also includes deeper cost-cutting, joint ventures or a fresh capital injection. A Stellantis spokesperson tried to tamp down speculation—“Respectfully, Maserati is not for sale,” the company told Reuters—yet insiders say the consultant’s early materials already highlight a sale as a credible path.
The mere discussion reflects a sharp break with former CEO Carlos Tavares, who resigned in December after disappointing North-American sales. Tavares consistently argued that the group’s 14 brands created “self-competition” that spurred innovation and pricing power; pruning any of them, he insisted, would destroy DNA central to Stellantis’s identity. Investors, however, have grown impatient: since March 2024 the company’s market value has tumbled by roughly two-thirds, and analysts routinely cite “brand bloat” when explaining why margins trail rivals such as Volkswagen.
Maserati’s own scorecard is grim. Unit sales collapsed to about 11,300 cars in 2024—less than half the prior year—and the division booked an adjusted operating loss of €260 million ($298 million). Complicating matters, Maserati has no new models ready to launch. A reinvention plan drafted in 2023 was shelved amid cost overruns, leaving brand chief Santo Ficili promising to unveil an updated roadmap only after Filosa’s first day in office.
One source close to the board says directors are “openly split.” Pro-sale members argue Stellantis lacks the resources to fund simultaneous turnarounds at Maserati, Alfa Romeo and Chrysler, concluding that a clean exit would free capital to bet on electric vehicles in mass-market segments. Opponents counter that abandoning the luxury tier would slash prestige and reduce pricing leverage for Peugeot and Jeep at the top ends of their ranges. Both camps agree that a decision must be reached quickly to avoid another lost model cycle.
If Maserati is put on the block, Chinese groups are seen as natural bidders. Zhejiang-based Geely bought Volvo Cars in 2010 and has since parlayed the deal into a full-scale European presence; state-backed Chery, which already sells cars in Southern Europe, is reportedly scouting iconic Western brands that could accelerate its brand-building. Observers note that a purchase would echo SAIC’s 2007 acquisition of Britain’s MG Motor—another storied marque that had faded under prior owners.
For Stellantis, the calculus is delicate. Any sale price must outweigh the reputational sting of losing its top-shelf emblem and the scale economies Maserati contributes to shared platforms and engines. Moreover, flinging the trident badge into the arms of a cash-rich Chinese newcomer could hand rivals an instant foothold in an already ferocious European market. Yet retaining Maserati without a multibillion-euro investment risks years of red ink that would weigh on group margins just as electrification bills surge.
Filosa, a veteran of Jeep’s meteoric rise a decade ago, is expected to flesh out his strategy when Stellantis publishes first-half results in late July. Analysts will scrutinise whether Maserati remains on the balance sheet, appears in discontinued-operations footnotes, or receives a lifeline in the form of a spin-off or minority stake sale. Either way, his first 100 days promise to determine whether Stellantis can move from a “house of brands” to a coherent corporate story investors can once again believe in.
Until then, Maserati dealers and fans can only wait. The storied marque, born on the racetracks of Modena in 1914 and once synonymous with Italian glamour, now sits at a crossroads—one that could see its famous trident glinting on unfamiliar shores or, if internal advocates prevail, reclaimed as the jewel in a slimmed-down but revitalised Stellantis crown.
Source: Reuters