Maserati is currently the most uncomfortable dossier sitting on the desk of Stellantis’ incoming CEO, and on May 21, the new industrial plan will have to do some heavy lifting to explain why. If the 2025 financial results were a patient, they wouldn’t just be in the ICU; they’d be looking for the exit light.
The net loss has ballooned to a staggering €840.2 million, a “creative” way of saying things got significantly worse than the already painful €701 million hole dug in 2024. Revenue plummeted by 37%, crashing from €803 million to a measly €506.8 million.
The real tragedy, however, is in the showrooms. Maserati managed to move only 5,850 units globally in 2025, a 42% drop from the previous year’s 10,030. With operating costs frozen at a glacial €1.37 billion against an evaporating production value of €544.9 million, the Trident is effectively bleeding cash from every exhaust pipe.
Then there is the “asset massacre”. Maserati had to swallow a massive €462 million devaluation of its industrial foundations. They’ve essentially admitted that the Giorgio platform, the bones of the Grecale, and the Giorgio Sport platform for the GranTurismo and GranCabrio aren’t worth what they thought, wiping hundreds of millions off the books. Even the MC20 wasn’t spared, seeing a €34.4 million write-down.
To keep the lights on, Stellantis has been playing the role of the overly indulgent parent, injecting an €850 million capital increase in 2025 on top of the €350 million from the year before.
While the Group insists Maserati isn’t for sale, keeping it in the family is starting to look like a very expensive act of charity. On May 21, the talking heads need to provide more than just billions in subsidies; they need to provide an identity. Because so far, the money has arrived on time, but the strategy is still stuck in the pits.
