Maserati’s Struggles Continue as Stellantis CEO Tavares Calls Out Marketing Failures
TURIN—Maserati, Stellantis’ troubled luxury brand, has all the right technology and products to meet its sales and profitability goals, but a major shortcoming in marketing efforts is holding it back, according to Stellantis CEO Carlos Tavares.
Global sales of Maserati have plummeted by more than 50% in the first half of 2024, dropping to just 6,500 vehicles from 15,300 in the same period last year, Stellantis reported. The brand also posted a significant financial loss, with an adjusted operating deficit of €82 million ($90 million), a stark contrast to its €133 million ($144 million) profit in 2023. This translates to a negative 13% operating margin compared to the positive 9.2% margin it achieved the previous year.
Tavares believes the brand’s fundamental cost structure should be sufficient to ensure Maserati’s long-term viability, but he admits that its positioning as a true luxury brand has been lacking. “We haven’t done enough to establish Maserati as a pure luxury brand,” Tavares told reporters after inaugurating Stellantis’ new global hub for its commercial vehicle division, Pro One, in Turin.
Despite improvements in vehicle quality and a diverse powertrain lineup—including full-electric Folgore variants—Maserati is failing to connect with potential buyers. The brand isn’t reaching the right audience with an effective message, Tavares explained. “We need to work on the acquisition funnel, generate more leads, and if we do that, sales will follow,” he added.
Recognizing the marketing shortcomings, Maserati appointed Giovanni Perosino as Chief Marketing Officer in January. Perosino brings experience from Volkswagen Group, Audi, Lamborghini, and ITA Airways, but turning Maserati’s fortunes around remains a significant challenge.
A Disappointing First Half
Maserati is the only Stellantis brand for which the company reports individual financial results, and they have been underwhelming so far in 2024.
“The first half has been disappointing,” Stellantis CFO Natalie Knight said in a call with journalists on July 25. She attributed much of the decline to the discontinuation of several models. At the end of 2023, Maserati ceased production of the Ghibli midsize sedan and the Quattroporte large sedan, and by the end of March, it halted production of the Levante, its largest crossover.
Tavares confirmed that Maserati will continue to develop its current range, which now consists of the Grecale midsize crossover—its only high-volume model—the niche GranTurismo sports coupe and GranCabrio convertible, as well as the carbon-fiber MC20 supercar, available in both coupe and roadster forms.
The Grecale remains Maserati’s best-selling model in Europe, but even its performance has faltered. Sales of the crossover dropped 42% to just 2,360 units from January to July, according to Dataforce figures. Since the Grecale accounts for roughly three-quarters of Maserati’s European sales, its decline dragged the brand’s overall European sales down by 41%, falling to 3,187 units compared to 5,381 in the same period last year.
In the U.S., Maserati’s sales fell 21% in the third quarter to 770 units. However, for the first nine months of the year, its total deliveries actually rose by 6.3% to 4,870 vehicles, according to estimates from Automotive News Data & Research Center.
Profitability Under Threat
Maserati managed to maintain steady annual sales at around 26,000 vehicles in both 2024 and 2023, but its profitability has been under pressure since the second half of last year. The brand’s operating margin fell to just $22 million, or 1.9%, signaling financial instability.
With declining demand, Maserati appears to be scaling back production and has no plans for volume increases until new models arrive, expected to start in 2027. According to figures from the FIM-CISL union and supplier sources, Maserati produced just 7,572 vehicles in the first nine months of 2024—a massive 74% drop from the same period the previous year. If this trend continues, total production for the year will likely remain below 10,000 units, as third-quarter output was just 1,428 vehicles.
However, Stellantis’ internal planning documents, seen by Automotive News Europe, suggest that Maserati is aiming to build approximately 26,000 vehicles in 2025 and over 17,000 in 2026. While the 2025 target aligns with its 2023 production of 27,166 units, it remains a significant leap from the current production slump.
Maserati’s upcoming models include the Folgore full-electric version of the MC20, set to debut next year. However, given its high-performance niche status, it is unlikely to significantly boost overall sales volume.
In January, Maserati announced that the next-generation Levante crossover, which will be fully electric, is now scheduled to arrive in 2027—two years later than originally planned. Meanwhile, the next-generation Quattroporte luxury sedan, also an EV, has been delayed until 2028, three years past its initial due date. According to sources familiar with the matter, Maserati is even considering launching the Levante successor after the Quattroporte, further extending the delay to more than four years.
An Uncertain Future
With Maserati reporting sharply declining sales and substantial financial losses in the first half of the year, CFO Knight hinted on July 25 that Stellantis may need to reconsider the brand’s long-term future. “There could be some point in the future when we assess what is the best home for Maserati,” she said.
That same day, Tavares made it clear that struggling brands within Stellantis’ vast 15-brand portfolio will not be given unlimited time to recover. With the group facing high inventories, particularly in North America, he warned that unprofitable brands might not be sustainable in the long run.
“If they don’t make money, we’ll shut them down,” Tavares stated bluntly. “That’s very simple. We are navigating an extremely challenging transition period, and we cannot afford to sustain brands that do not generate profits.”
As Maserati grapples with declining sales, production cuts, and marketing challenges, its future within Stellantis remains uncertain. If the luxury brand fails to regain momentum in the coming years, it could face tough decisions—including a potential sale or even closure.