Jeep maker Stellantis weighs sale among options for Maserati, sources tell Reuters

The Stellantis sign is seen outside the Chrysler Technology Center, Jan. 19, 2021, in Auburn Hills, Mich., on April 26, 2023. (AP Photo/Carlos Osorio)

MILAN - Stellantis is considering a possible sale of its struggling luxury Maserati unit, among other options, two sources with knowledge of the matter said, as the automaker seeks to overhaul its sprawling portfolio of 14 brands.

Discussions over Maserati’s future started before new CEO Antonio Filosa, who starts on Monday, was appointed last month, while Stellantis was steered by Chair John Elkann.

The viability of the French-Italian company’s 14 brands - which include Chrysler, Peugeot, Jeep and Alfa Romeo - was a priority for Elkann as he interviewed candidates to fill the CEO job.

Like other European carmakers, the world’s fourth biggest automaker is facing hefty U.S. import tariffs imposed by U.S. President Donald Trump and struggling with stiff competition from Chinese rivals.

Stellantis hired consultant McKinsey early in April to advise it on the effects of the U.S. tariffs on Maserati and Alfa Romeo as the two brands prepare future plans. Stellantis affirmed then that it was fully committed to both brands.

However, a possible divestment of Maserati, its only luxury brand, is among the options McKinsey is exploring for Stellantis, the two sources told Reuters, adding the adviser’s assessment was still in the early stages. They spoke on condition of anonymity because they were not authorized to discuss the matter publicly.

Asked for comment, a Stellantis spokesperson said: “Respectfully, Maserati is not for sale.”

McKinsey declined to comment.

Filosa’s predecessor Carlos Tavares, who resigned in December after a poor performance in the U.S. market, had refused to consider getting rid of any of the carmaker’s brands.

But some investors and analysts say a streamlined portfolio would boost Stellantis’ profit margins. Stellantis shares have lost two-thirds of their value since March last year.

Falling sales

Maserati’s sales fell by more than half in 2024 to just 11,300 units and the unit posted an adjusted operating loss of 260 million euros ($298 million) last year.

The brand currently has no new model launches scheduled as it waits for a new business plan, after its previous one was put on hold by Stellantis last year. Brand head Santo Ficili said earlier this month the plan would be presented soon after Filosa starts the job.

One of the sources said Stellantis has been coming to terms with the fact that it has too many brands, making it difficult for it to properly invest in all of them.

The carmaker needs to “set priorities,” the source said.

Stellantis has not specifically mandated McKinsey to find a buyer for Maserati, but the mandate is to consider all options, including a potential sale, the second source said.

All options are on the table, the source said.

Stellantis’ board has been divided over plans for Maserati, one source said.

Some board members think Stellantis is not in a position to sustainably re-launch Maserati and suggest selling it is the best option. Others think Maserati still has value and that selling its only luxury brand would be a huge reputational setback for Stellantis.

Chinese automakers, such as Chery, might be among those interested in buying European auto brands, to support their expansion in the region, where they still lack brand recognition among consumers.

This would be a similar move to SAIC’s purchase of Britain’s MG Motor or Geely’s acquisition of Sweden’s Volvo Cars in 2010.

Reporting by Giulio Piovaccari; Editing by Nick Carey and Emelia Sithole-Matarise, Reuters