Stellantis has written off €1.5 billion (£1.2bn) of investment of Maserati, leaving the future of some future models in doubt.
The decision from Stellantis – owner of brands such as Vauxhall, Fiat, Jeep and more – comes amid slower than expected EV demand in the luxury segment as well as a collapse in overall demand at the top end of the Chinese market for global brands. Overall, Stellantis's profits fell by 70% in 2024, while Maserati's sales more than halved from 26,600 units in 2023 to 11,300 last year.
Stellantis referenced “the cancellation of certain projects prior to launch” under the figures in financial documents published 26 February, which Autocar understand is in reference, in part, to the axing of the Folgore electric version of the MC20 supercar, which was due to be launched early this year.
The cancellation has previously been referenced by Italian trade union FIM CISL. Autocar has contacted Maserati for further information.
The pulling of investment also brings into question the electric replacements for the Quattroporte saloon due in 2028 and Levante large SUV in 2027. The electric Quattroporte had already been delayed from its planned 2025 launch. The combustion engine versions of both models were axed this year.
Stellantis chief financial officer Doug Ostermann told analysts on the earnings call that the company had to review Maserati’s model launch cadence, particularly in respect to EVs. “We have to recognise that 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 under Stellantis ownership was heavily underpinned by the shift to electric with a plan to phase out all combustion engine models by 2030. The brand has already launched ‘Folgore’ electric versions of the Grecale midsize SUV, GranTurismo Coupe and open-topped GranCabrio.
Overall Maserati shipments more than halved in 2024 to 11,300. The brand lost 260 million euros (£215 million) in 2024 after recording profits of 141 million euros (£117 million) in 2023.
Maserati’s problems echo those of the wider top-end sector where even Porsche suffered a poor 2024 after being hit by both a decline in Chinese demand and slow sales of its Taycan electric car.
Premium brands are heavily reviewing their global EV strategy to pivot back more toward combustion engines after demand levels proved lower than expected. Chinese buyers are pivoting more towards EVs local brands while US market for electric cars is now a complete unknown after the election of EV sceptic Donald Trump to president.
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