AutoBeta(AutoBeta.net)08/06 Report--

According to foreign media reports, FCA released results for the second quarter of this year, with Maserati luxury revenue of 343 million euros, down 40% from the same period last year, and adjusted profit before interest and tax (EBIT) of-119 million euros ($132 million). The loss was mainly due to production cuts by Maserati to reduce dealer inventory by 3000 vehicles and write down inventory in the US market.

Maserati cut shipments to dealers by 46 per cent to 4200 in the second quarter, while sales fell 17 per cent to 7200. On the bright side, Maserati's sales fell in the second quarter, an improvement from a 32 per cent decline in the first three months of this year and the smallest decline for the brand in the past 10 quarters. Mr McMinkay added that Maserati's profit margins in North America also improved in the second quarter.

Richard Palmer, chief financial officer of FCA, said: executives at FCA, the parent company of Maserati, said the losses of the troubled Maserati brand had deepened. Maserati will not be able to return to profitability until the next product offensive begins in 2020. The luxury car brand plans to launch 10 new or modified models between 2020 and 2023.

In addition, dealer inventory of Maserati's aging models will be further reduced in the second half of 2019. By the end of the year, Maserati hopes to have enough inventory to meet demand for two to two-and-a-half months, down from five months at the end of 2018.

Maserati unveiled the latest product roadmap in FCA's second-quarter earnings report. The brand will launch 10 models between 2020 and 2023, including seven new models, and a new Levante, Ghibli, Quattroporte (president) and a new sports model in 2020.

The new model plan lists two unnamed "brand new" sports cars-the two-door version and the convertible version-to go on sale in 2020 and 2021, respectively, and FCA said Maserati's new and revised models are expected to offer plug-in hybrids.

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