Stellantis has written off €1.5 billion (£1.2bn) of investment in Maserati, leaving some future models in doubt.
The decision from Stellantis – which also owns brands such as Vauxhall, Fiat and Jeep – 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 on 26 February, which Autocar understands is partly in reference 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 an earnings call that the company had to review Maserati’s model launch cadence, particularly in respect to 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 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 mid-size SUV, Granturismo coupé and open-topped Grancabrio.
Overall Maserati shipments more than halved in 2024 to 11,300. The brand lost €260 million (£215m) in 2024 after recording profits of €141 million (£117m) 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 by pivoting back more towards combustion engines after demand levels proved lower than expected. Chinese buyers are favouring local EV brands while the US market for electric cars is now a complete unknown after EV-sceptic Donald Trump was re-elected president.
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