Maserati returns to the volumes it had 15 years ago... as if nothing had happened

At the beginning of 2026, the Maserati no longer really comes as a surprise. It simply confirms, in figure after figure, what we had been seeing coming for several years. After a conclusive 2025 to just 7,800 cars sold worldwide, With 1,321 registrations in the main markets monitored by Italpassion, the first quarter of 2026 is a continuation of the trend... a decline of -41 % compared with 2025.

An unsurprising fall

In detail, all or almost all markets were down. The United States, long a pillar of the brand, fell by a further -55 %. Italy is down -42 %, Japan -31 %, Germany -28 %. Even normally solid markets such as Australia and Spain are plunging. There are a few exceptions, such as the UK (+2 %) or Switzerland (+128 %), but they remain marginal and do not alter the overall trend: the contraction is global, uniform and structural. This point is essential. Maserati is not suffering from a localized problem, or a simple product blip. The brand is in difficulty everywhere.

Country	Q1 2026	Evolution
United States	466	-55%
Italy	277	-42%
Japan	152	-31%
Germany	107	-28%
United Kingdom	104	2%
Switzerland	66	128%
Australia	54	-39%
Turkey	33	-33%
Spain	45	-42%
France	17	-29%
Austria	3	200%
Netherlands	0	-100%

A trajectory written a long time ago

If the first-quarter pace continues, Maserati could end 2026 between 5,000 and 6,000 units. A level that takes the brand... back to the early 2010s. In other words, the entire growth cycle driven by Quattroporte, Ghibli and Levante has been wiped out. More than ten years of industrial strategy swept away, with the added bonus of a weakened brand image. And yet, it's hard to speak of surprise.

What is happening today at Maserati is no accident. It is the logical outcome of questionable strategic choices accumulated since the beginning of the decade. The brand has introduced 4-cylinder MHEV engines that are totally out of step with the expectations of the luxury segment. At the same time, it failed to anticipate the arrival of high-performance V6 or V8 PHEV hybrids, unlike its direct competitors.

The Folgore range was an attempt to go electric, but it didn't really meet the needs of its clientele. Relying on a wealthy urban clientele for electric 100 % models was more of a gamble than a sound strategy.

On the product side, the picture is just as complex. The supercar MC20 is still interesting on paper, but it's already entering its sixth year without any major changes. The Grecale is a good SUV, but lacks a truly attractive range. As for the new Granturismo and Grancabrio, they are positioned in a segment that has become extremely narrow.

2026: the year of the reset

Against this backdrop, 2026 appears to be a pivotal year. A year of transition, almost reconstruction. The arrival of Jean-Philippe Imparato at the helm of the brand a few months ago marks a turning point. After turning Peugeot around and then stabilizing Alfa Romeo (with the launch of the Tonale and Junior), he has inherited a much more complex task.

The message is already clear: the electric 100 % will not be the only horizon. A strategic rethink is underway. Internally, the message is deliberately positive. COO Santo Ficili insists on team cohesion and the need to move forward together. CMO Cristiano Fiorio talks of trust, a shared vision and a “bright” future. Strong, almost mobilizing words. But at this stage, they stand in stark contrast to the reality of the figures.

The real question is no longer whether Maserati is doing badly. It's what Maserati wants to become. Ultra-luxury à la Ferrari? Volume control à la Porsche? Premium in-between like in the 2010s? Until now, the brand has oscillated between these positions without ever making a clear decision. And it's precisely this vagueness that has brought it to where it is today.

More than two years ago, a question was asked: “Maserati: does Stellantis know what she's doing with this luxury brand?”Looking back, the answer seems obvious. No. This observation is not an attack. It looks more like a form of weariness. For this situation was largely foreseeable. The signals had been there for a long time. To see Maserati today returning to volumes close to 2010 is inevitably frustrating, almost sad, given the brand's potential.

One last chance?

While the brand is currently celebrating the centenary of its emblem, the Trident, the period 2026-2030 will be decisive. With a new management team, a strategy being redefined and a clear desire to start afresh on a sounder footing, Maserati is probably embarking on the most important chapter in its recent history. But make no mistake: 2026 will not be the year of the rebound. It will be the year of reset.