Stellantis seeks Chinese investors in secret... and Maserati could soon be theirs

According to several corroborating sources, Stellantis is said to be in discreet talks with Chinese carmakers to strengthen its European activities. Among the scenarios discussed: the entry of Asian investors into the capital of some of the Group's brands. And one in particular is attracting a great deal of attention: Maserati.

The information, revealed by Bloomberg and picked up by Reuters, illustrates the strategic tensions facing the Italo-Franco-American group in Europe, between costly energy transition, Chinese competition and industrial overcapacity.

Discussions with Xiaomi and XPeng

According to available information, Stellantis executives have met with representatives of several Chinese manufacturers, including Xiaomi and XPeng. The aim of these discussions is to explore different forms of cooperation around the Group's European activities.

Options under consideration include direct investment in Stellantis' European operations, access to certain production capacities on the continent... but also the acquisition of stakes in certain brands.

It's against this backdrop that Maserati's name comes up in discussions. Sources are talking about the possibility of Chinese partners buying a stake in the Italian luxury carmaker, a prospect which, if confirmed, would represent a major turning point in the brand's history.

For the time being, discussions remain preliminary and there is no guarantee that they will lead to a concrete agreement. Stellantis reacted cautiously, simply stating that it is normal for a global group to regularly exchange views with various players in the automotive industry.

Europe, Stellantis' Achilles heel

If these discussions do take place, they are taking place against a particularly delicate backdrop for Stellantis in the European market. The group has to contend with increasingly stiff competition, particularly from Chinese manufacturers who are making rapid progress in the electric sector with competitive products.

At the same time, the transition to electric vehicles represents a colossal investment. Stellantis recently announced more than 22 billion euros in exceptional charges in particular due to the review of certain electrical projects and the abandonment of battery factories.

Added to this is a structural problem: industrial overcapacity in Europe. Today, many plants are producing less than their potential, while demand remains uncertain and the price war rages on.

In this context, the idea of bringing in industrial partners capable of contributing capital, technology and additional production volumes may appear to be a pragmatic solution.

A strategic opportunity for Chinese manufacturers

For Chinese groups, such a partnership would also represent a major strategic opportunity.

Manufacturers such as Xiaomi and XPeng have a significant lead in certain technologies, notably on-board software and the digital ecosystem for electric vehicles. By teaming up with Stellantis, they could accelerate their presence in Europe, a market that has become crucial against the backdrop of price wars on the Chinese market.

Access to the Group's European factories would also be a considerable advantage for bypassing trade barriers and producing directly on the continent. This logic is already in evidence with Stellantis partner Leapmotor, which is to produce some of the Group's models in Europe. at a Group plant in Spain.

A different strategy in Europe and the United States

These strategic reflections also illustrate the growing divergence between Stellantis' European and North American activities.

In the United States, the Group is investing heavily to relaunch its brands and renew its product ranges. Nearly $13 billion has been committed to support Jeep and Ram, two particularly profitable brands.

Europe, on the other hand, appears today to be a more complex market, with lower margins, demanding regulations and intense competition. Some of the scenarios studied even suggest a more pronounced operational separation between European and American activities, although Stellantis has categorically denied any idea of splitting up the Group.

Carlos Tavares' prophecy coming true?

These discussions also echo a landmark statement by the former CEO of Stellantis, Carlos Tavares, a few months after his departure from the Group.

In his view, Europe was in danger of «handing over its automotive industry to the Chinese». He mentioned a scenario where certain European plants, weakened by the energy transition and international competition, could end up being bought out by Chinese investors.

The former executive even described an explosive situation: plant closures, social tensions and, finally, the takeover of industrial sites by Asian groups promising to preserve jobs.

At the time, these comments were considered alarmist. Today, however, the idea of Chinese manufacturers investing directly in European brands or industrial capacities seems far less theoretical.

Maserati, symbol of a possible changeover

If Maserati were ever to open its capital to Chinese investors, the symbolism would be powerful. The brand with the trident represents one of the icons of Italian motoring. But in recent years, its sales performance has been disappointing, despite the launch of new models and the ambition to reposition itself in the luxury segment.

In a group as vast as Stellantis, Maserati remains a brand apart: prestigious but economically fragile. The arrival of a partner capable of providing capital and technology could appear as a solution to secure its future... or as a sign of a profound shift in the balance of the European automotive industry.

Stellantis' forthcoming strategic announcements, expected at the Group's Investor Day in the USA in May, could provide further details on the direction the Group will really take.

One thing is certain: the idea of a European automotive industry increasingly linked to Chinese manufacturers is no longer just a theoretical scenario. It is now at the heart of the strategic thinking of major groups.