(Bloomberg) -- Stellantis NV plans to shift production of Maseratis to one of its most underused factories as Chairman John Elkann continues efforts to repair relations with the Italian government, according to people familiar with the situation.
The move from Turin to the smaller Modena site is part of a push to make the latter a hub for high-end models such as Maserati’s GranTurismo and GranCabrio, said the people, asking not to be identified discussing private information. Stellantis’ plan to accelerate production of hybrid Fiat 500s in Turin will more than make up for lost output there, the people said.
More may be announced in the days leading up to March 19, when Elkann is scheduled to address parliament in Rome, the people said. A spokesperson for Stellantis declined to comment.
Stellantis is working to turn around Maserati after the luxury brand’s deliveries slumped by more than half last year due to gaps in its lineup and a misguided electric push. Moving Turin’s Maserati output to Modena is part of Elkann’s attempt to better utilize the group’s Italian factories after last year’s dramatic production declines, the people said.
The changes highlight the chairman’s efforts to rebuild ties with Prime Minister Giorgia Meloni’s government after relations soured under former Chief Executive Officer Carlos Tavares. Stellantis has pledged to invest $2 billion in Italy this year and vowed not to shut down any factories in the country in a pivot from Tavares’ stringent cost cutting.
Elkann is under pressure to find a new CEO who can turn around the struggling automaker. Stellantis faces tariff risks in the US, where its Jeep, Chrysler, Ram and Dodge brands aren’t selling as well as expected. In the second half of 2024, enlarged Europe trumped North America in terms of shipments, revenue and earnings.
“A bigger focus on Italy may allow Stellantis to partially shield itself against troubled times in the US,” said Pierre-Olivier Essig, a London-based equities analyst at AIR Capital.
Stellantis in recent weeks announced plans to hire more than 100 engineers at its Mirafiori site in Turin, and produce electrified dual-clutch gearboxes at a factory in Termoli. Elkann this month toured Mirafiori with a cardinal, part of his efforts to improve local relations, the people said.
The Modena site could use new models. It made just 260 cars last year after output slumped 79%, according to the Fim-Cisl labor union. It’s one of the most underutilized Stellantis factories in Europe, Bernstein analysts said in a note this month.
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