Stellantis has written off €1.5 billion of investment in Maserati, leaving some future models in doubt.
Make that electric models following slower than expected EV demand in the luxury segment. This relates in particular to the collapse in demand at the top end of the Chinese market for foreign brands.
Stellantis’ profits fell by 70 per cent in 2024. Part of that drop was because Maserati’s sales more than halved from 26,600 units in 2023 to 11,300 last year.
Check out our review of Maserati Grecale Trofeo.
Stellantis referenced the axing of the Folgore electric version of the MC20 supercar, which was due to be launched about now.
The pulling of investment also affects the electric Quattroporte, the launch of which was delayed from 2025. The combustion-engine versions of both this and Levante were axed this year.
Stellantis CFO, Doug Ostermann, said that the company had to review Maserati’s model launch calendar, particularly of future EVs. “We have to recognise the dynamics in that business, particularly in the Chinese market, and our expectations in terms of how quickly that luxury market would transition to electrification,” he said.
Maserati’s revival was heavily biased towards an electric future. The plan was to phase out ICE power models by 2030. The Italian has already launched electric versions of the Grecale SUV, GranTurismo coupé and open-topped GranCabrio.
With the halving of sales last year, Maserati lost €260m, a disappointing result after a record profits of €141 million the year before.
Maserati’s problems reflect those of the high-end sector. Even Porsche experienced a disappointing 2024. It was hit by a drop in Chinese demand and slow sales of its Taycan electric car.
All the premium brands are rethinking their global EV strategy, with a return to combustion-engined hybrids in the main. Chinese buyers seem to be sticking to local EV brands. The US market for electric cars is now in disarray after EV-sceptic and fossil fuel friendly, Donald Trump, was re-elected president.
Maserati’s problems are testing local Italian unions. They have long been asking Stellantis to fulfil promises to increase models and production.
The unions have asked Stellantis to clarify Maserati’s future at a planned meeting on 11 March after 2024 production fell by almost 80 per cent. They say Maserati has some good models but suffers from a lack of marketing. And that’s an issue Maserati’s new management knows only too well.
