The House of Maserati: A Trident Tarnished, A Future Contested
Amanah Capital’s Proposal to Acquire Maserati | Karim Al-Mansour | June 30, 2025
Disclosure: On June 25, 2025, Amanah Capital submitted a formal expression of interest to Stellantis N.V. (STLAM.MI) (STLA) (STLAM) (STLAP) regarding the acquisition of 100% of Maserati, inclusive of brand rights, intellectual property, and operating assets. This piece outlines our perspective on Maserati's strategic challenges and the rationale behind our proposal. We are not affiliated with Stellantis and currently do not hold any position in the company, and this article does not constitute a formal tender or binding offer. It is intended as a public articulation of intent, transparency, and belief in Maserati’s potential.
Il passato è il prologo
In the annals of automotive history, few names resonate with the evocative power and visceral allure of Maserati. The very utterance conjures images of wind-swept Italian roads, the roar of a potent engine, and a design language that speaks of artistry as much as engineering. Yet, today, the once-glorious House of Maserati finds itself not in the hallowed halls of automotive innovation, but in the distressed portfolio of Stellantis, a conglomerate now openly weighing its divestiture. This is not merely a transaction of assets; it is a reckoning for a century of automotive passion, a test of whether a storied brand can rise from obsolescence in a brutally competitive, technologically accelerating global market.
The recent pronouncements from Stellantis, confirming its exploration of options for its struggling luxury unit and then backtracking, are a stark admission of Maserati's profound crisis. The numbers paint a grim picture, one that has only worsened in recent months. In the first quarter of 2025, Maserati's global shipments plummeted by a staggering 48% to a mere 1,700 units, while revenues halved to just €157 million from €313 million in the prior year's first quarter. This accelerating decline compounds the catastrophic full-year 2024 performance, which saw sales fall over 50% and the brand post an adjusted operating loss of €260 million. This sustained haemorrhage of capital has transformed Maserati into a significant financial drag, placing immense pressure on Stellantis's overall profitability, which itself saw a 9% drop in shipments and a 14% decline in net revenues for Q1 2025, leading to the suspension of its own financial guidance.
The appointment of the brilliant Antonio Filosa as Stellantis's new CEO, effective this month, underscores the urgency of the situation. Filosa, renowned for his turnaround success with Fiat in Latin America and his operational acumen, steps into a company whose stock has moved down from Eur 18.5 (27 Jun 2024) to Eur 8.85 (30 Jun 2025), indicative of deep market skepticism. The outsourcing of strategic advice for Maserati and Alfa Romeo to external consultants like McKinsey is a telling sign; it demonstrates Stellantis's apparent inability to internally resolve the fundamental issues plaguing these brands, confirming Maserati's non-core status and readiness for divestiture.
Our recent formal offer for Maserati, extended in good faith and following all proper protocol, was met with a perplexing and frankly dismissive response. According to an individual with close visibility across both Amanah Capital and Stellantis, a source he identified only as “close to the CEO” — notably not the CEO directly — denied that our proposal had been received. This unnamed interlocutor went further, suggesting that Stellantis receives such expressions of interest “almost daily” and does not necessarily respond to them, implying that some funds pursue such offers merely for media attention.
This insinuation is not only deeply insulting — it is factually misaligned with who we are and how we operate. Amanah Capital is a third generation privately held investment firm headquartered in London (Amanah Holdings Trust - HMRC -1549477669), with a strategic presence and roots across Zurich, Doha, Dubai and Singapore. Our firm focuses on thematic, high-conviction investments across private equity, real assets, infrastructure, and commodities. We have played a quiet but influential role as a limited partner in several major European infrastructure platforms and were early backers of a now $9 billion European credit strategy and a $1.4 billion venture platform in New York. We do not seek headlines — we build platforms.
To have such an offer — backed by institutional capital, grounded in diligence, and expressed with discretion — publicly dismissed (if indeed the source was accurately quoted) raises serious questions about Stellantis’s internal communication channels, its corporate transparency, and its fiduciary duty to shareholders. More troublingly, it reinforces the very thesis that led us to consider this acquisition: that Maserati, for all its heritage, is trapped inside a governance framework that may be misinformed, structurally opaque, or worse — institutionally indifferent to outside capital committed to long-term revival.
While Maserati is a proud Italian institution, the revival we envision will be powered by a uniquely international collaboration. As an investment platform with British roots, Amanah Capital brings with it the discipline, regulatory rigor, and long-term stewardship principles embedded in the British financial system. We have initiated briefing relevant UK government stakeholders on our interest in Maserati, and believe this effort reflects the very best of Britain’s global financial leadership: patient capital, operational expertise, and a principled approach to value creation. We are proud to extend that legacy to Modena, Turin, and Cassino.
The narrative emerging from Stellantis surrounding Maserati's future under Antonio Filosa, while seemingly optimistic, is met with considerable skepticism when juxtaposed against the brand’s deep financial and operational woes. Reports suggest the new CEO has visited Modena and engaged with Italian unions, purportedly outlining a "new plan" to revive Maserati. However, the track record of Stellantis's strategic misfires, including Carlos Tavares’s own past acknowledgements of "unclear brand positioning" and "ineffective marketing" for Maserati, casts a long shadow. It is difficult to reconcile the rapid emergence of a transformative plan with the immense capital requirements and deep-seated issues at Maserati. The idea that Stellantis shareholders would willingly continue bleeding hundreds of millions of euros into a brand, demanding billions more in investment, without a fundamental shift in strategy is questionable, unless the plan delivers a long-term return consistently absent until now.
Furthermore, the broader relationship between Stellantis, powerful Italian unions, and the Meloni government introduces another layer of significant complexity and potential leverage. Italian autoworkers have been on strike, protesting job cuts and the company's decisions to shift production to lower-cost countries. The Italian government, led by Prime Minister Giorgia Meloni, has publicly accused Stellantis of slashing Italian production by nearly 70% over the past 17 years, expressing deep concerns over long-term industrial strategy and job security. This adversarial backdrop means any Maserati turnaround plan, particularly one involving substantial investment or restructuring in Italy, will be subject to intense political and labor scrutiny. The unions' and the government's issues with Stellantis are not superficial; they stem from fundamental concerns over national industrial heritage and employment. This inherent conflict may paradoxically push Stellantis further towards divesting underperforming assets, even if it means publicly downplaying external interest.
We deeply respect the principled position taken by Prime Minister Giorgia Meloni and her government in defense of Italy’s industrial base. Her consistent advocacy for preserving Italian automotive jobs, restoring balance in cross-border corporate governance, and promoting long-term value creation rather than short-term cost arbitrage, reflects a rare and commendable alignment of national interest and industrial pragmatism. We believe that any credible plan for Maserati’s revival must begin not in a boardroom abroad, but with a deep and enduring commitment to Italy. Our strategy is fully aligned with the government’s stated objectives: protect jobs, invest in innovation, and preserve the essence of Italian industrial excellence. That is exactly what we intend to do.
Maserati’s current predicament is a complex tapestry woven from a century of evolution. The brand was founded in 1914 by the Maserati brothers in Bologna, initially as a racing car manufacturer. The iconic Trident emblem, inspired by the Fountain of Neptune, quickly became a symbol of performance and elegance. The transition from pure racing to road cars, driven by commercial necessity, saw the emergence of beautiful, potent machines that appealed to a discerning clientele seeking exclusivity and an emotional driving experience. This golden era, however, was punctuated by ownership changes that often dictated its strategic direction.
The acquisition by Citroën in 1968 marked a period of technical cross-pollination. Maserati's potent engines, like the Tipo C114 V6, found their way into Citroën's flagship SM, while Maserati benefited from Citroën's advanced hydraulic technologies. This era, though brief, allowed Maserati to expand production and introduce models like the Quattroporte II, characterized by innovative engineering for its time. Yet, financial instability ultimately led to its sale to Alejandro De Tomaso in 1975. The De Tomaso era, while ambitious in its attempts to broaden Maserati's appeal with models like the Biturbo, struggled to balance mass-market volume with the brand's inherent luxury and performance identity, often compromising quality and alienating purists.
The subsequent return to Fiat ownership in 1993, and later its integration into the Fiat Chrysler Automobiles (FCA) and then Stellantis, was characterized by attempts at revival. There were glimpses of renewed success, such as the record 3,000 units sold in a single month in 2014, driven by models like the GranTurismo, Ghibli, and Levante. A global production cap of 75,000 vehicles was set, aiming to preserve exclusivity. However, this period also saw the brand’s critical dependency on Ferrari for its engines, a relationship that formally expired in December 2023, leaving Maserati to shoulder its own powertrain development.
Today, Maserati's product portfolio is in dire need of a complete overhaul. The sedans, Ghibli and Quattroporte, are aging and no longer competitive in a declining segment. The Levante SUV, while a past success, is long overdue for a refresh. Even newer models like the Grecale and GranTurismo, though recently introduced, are significantly underperforming; Grecale production plummeted 58% in 2024. The lack of any new significant model launches scheduled in the immediate future signals a critical strategic vacuum that will further erode market relevance.
Perhaps most damning is the persistent pattern of quality and technological missteps. The February 24, 2025, recall campaign, affecting over 30,000 vehicles in North America, stands as a stark testament to these issues. The problem, a sporadic rearview camera software malfunction rendering the display inoperable during backup, impacts nearly the entire current lineup, including the Grecale (MY2023-2024), GranTurismo (MY2024), MC20 (MY2022-2025), MC20 Cielo (MY2023-2025), Ghibli (MY2021-2024), Quattroporte (MY2021-2024), and Levante (MY2021-2024). This widespread defect points to systemic flaws in software integration, a critical area where modern luxury vehicles must excel. The reliance on an external software supplier, and Maserati becoming aware of the problem through internal warranty claims, highlights a reactive rather than proactive approach to core technology, severely undermining customer trust and damaging the brand's already fragile image.
The electrification strategy, dubbed "Folgore," has also stumbled. Stellantis's reported €1.5 to €1.6 billion write-off in Maserati EV investments is a colossal failure. Plans for the MC20 Folgore supercar were allegedly scrapped due to "lack of commercial interest," and EV versions of the Quattroporte and Levante have been pushed back to 2028 and 2029. The extremely low sales of current Folgore models, barely 150 units in key European markets in 2024, indicate a fundamental mismatch with market demand or a failure in execution. Furthermore, Maserati dealers are now burdened with meeting costly new BEV standards for specialized work areas and tools, an investment that has not yielded a clear return.
Despite this profound distress, the allure of the Maserati trident remains. It is a brand with a century of deep-seated heritage, renowned for its passionate Italian design and performance. The MC20 supercar, with its impressive Nettuno V6 engine, is a testament to Maserati's intrinsic engineering capabilities, a vital "halo" product that could anchor a future portfolio. Its Modena manufacturing facilities provide a physical base, albeit one requiring substantial modernization. Conceptually, the "Folgore" initiative, despite its missteps, offers a starting point for electrification, potentially saving some initial R&D compared to a greenfield venture.
When we began considering this acquisition, the strategic rationale centered on a classic turnaround play. The objective is to acquire this prized asset from Stellantis, who seems eager and then backtracks to offload a burdensome non-core brand. The key is to secure a purchase price that adequately compensates for the immense, multi-billion-euro capital infusion required for its revival. Our analysis indicates a necessary investment in the range of €4.25 billion to €8.65 billion over an initial 3-5 year "fix" phase, followed by ongoing annual investments potentially exceeding €1 billion for sustained growth and R&D. This massive financial commitment must also account for the complexities of navigating Italian labor relations and government expectations, which could significantly increase operational costs and timeline risks.
This substantial capital would be allocated to critical areas: first, stemming the significant operating losses (an estimated €500 million to €1 billion in the near term); second, a radical overhaul of the product portfolio and R&D. This means designing new flexible platforms capable of accommodating both advanced internal combustion engines and next-generation electric powertrains, a multi-billion euro undertaking alone (€1.5 to €3.0 billion). It requires developing truly competitive powertrains (an additional €0.5 to €1.0 billion) now that Ferrari's supply has ceased, and launching three to four new or heavily refreshed models (€1.2 to €2.0 billion). Crucially, there must be a massive investment in reimagining the interior quality, infotainment systems, and advanced driver-assistance systems (€0.2 to €0.4 billion), directly addressing the deficiencies highlighted by the recent recall.
Beyond product, a new owner must invest aggressively in a comprehensive brand and marketing revitalization campaign (€0.45 to €1.5 billion over 3-5 years) to clarify Maserati's unique identity and rebuild customer trust. This would entail a fundamental redefinition of what Maserati stands for in the 21st-century luxury landscape, blending its heritage with modern expectations of technology, sustainability, and digital experience. Customer experience, from showroom to service, must be elevated to a standard commensurate with a true luxury marque.
Operational excellence and strategic independence are paramount. The new Maserati would need to swiftly decouple from Stellantis's shared infrastructure, especially in IT and supply chain. This means establishing dedicated, tightly controlled internal capabilities for critical software development and robust supplier relationships, ensuring quality and accelerating development cycles. The revived Maserati would need to carve out its niche in the ultra-luxury segment, competing not on volume or price with the surging Chinese EV players like BYD, Xiaomi, and Geely, but on exclusivity, bespoke craftsmanship, and an unparalleled emotional driving experience. As Ferrari's CEO Benedetto Vigna articulated, true luxury creates "an emotional product," not merely a utilitarian means of transport.
The challenges are immense. The automotive industry is rapidly evolving, with Chinese OEMs like BYD and Chery aggressively expanding into global markets, particularly Europe, through localized production and an emphasis on value-for-money, high-tech EVs. Maserati cannot compete on this battlefield. It must re-establish its unique position. The strategic expertise required to navigate these complexities, from supplier dependencies to product market fit, is rare.
Maserati is a tarnished jewel, buried under layers of underperformance and strategic misdirection by its current custodians. While the brand's latent potential, steeped in a century of Italian heritage, remains undeniable, its current state is too precarious for an immediate, aggressive investment. The projected costs for a credible turnaround are staggering, and the execution risk is exceptionally high.
For Love and Legacy
For many of us, Maserati was not just a car, it was an idea. We grew up seeing the Quattroporte glide through the streets of Milan, watching the roar of the Bora echo through the valleys above Lake Como. The Trident stood for something: not just speed, but soul. An unapologetic Italian statement in a world of sterile, technical perfection. It was never meant to be ordinary.
That is precisely why we cannot and will not allow Maserati to disappear into the anonymity of corporate cost-cutting. It deserves better than a quiet burial in a quarterly earnings report. A brand that once defined emotion in motion should not end in silence.
As of this week, Amanah Capital has formally expressed interest to Stellantis in acquiring 100% of Maserati, inclusive of brand rights, operations, and intellectual property. We have assembled a global consortium of strategic partners, technical experts, and long-term investors prepared to commit the capital necessary to restore Maserati to its rightful place: as a world-class automotive icon, once again standing on its own.
As part of our unwavering commitment to Maserati’s long-term revival, Amanah Capital also intends to endow a €25 million Maserati Employee Future Fund, governed jointly by representatives from the Italian government, key national labor unions, and our consortium. This fund will support the wellbeing, reskilling, and financial empowerment of Maserati’s current and future employees. It is not a symbolic gesture, but a structural pillar of the company’s next chapter. Starting in Year 4 post-acquisition, a fixed percentage of Maserati’s annual profits will be contributed to the fund, in perpetuity. This is not philanthropy; it is a recognition that true brand revival cannot occur without investing deeply in the people who build it. If Maserati is to rise again, it must do so with its workforce at the center, not as mere cost centers, but as co-authors of the legacy.
Until now, we have deliberately refrained from direct outreach to relevant stakeholders in Italy’s institutional ecosystem, including labor unions, regional authorities, and national regulatory bodies. This was out of respect for Stellantis’s internal process and in the hope of engaging in a quiet, good-faith dialogue. Given the recent dismissive response to our formal offer, that outreach will begin in the coming days. Our objective remains clear: to ensure that all parties with a legitimate interest in Maserati’s future, from workers and unions to policymakers and industrial agencies, are aware that credible, well-capitalized alternatives to the status quo exist. We also wish to acknowledge the critical role played by Italy’s automotive unions in safeguarding worker dignity, resisting deindustrialization, and holding firms accountable to the people who make Italian industry possible. Our proposal, including the establishment of the Maserati Employee Future Fund and profit-sharing from Year 4 onward, was designed with these workers and their families in mind. We invite union leadership to engage with us directly in shaping the future of the Fund, ensuring it delivers real, enduring impact. Maserati’s next chapter should be written with its workers, not in spite of them.
At the heart of Maserati’s story today also lies the steady hand of John Elkann — a chairman whose stewardship of legacy brands across Exor has been nothing short of generational. In Ferrari, he preserved the soul of Maranello while transforming it into one of the world’s most admired public companies. In Juventus, he has balanced tradition with reinvention. Under his leadership, Stellantis has become one of the most ambitious consolidations in automotive history. His track record shows a rare understanding: that true value creation in heritage brands comes not from efficiency alone, but from a deep belief in their identity. It is in that spirit — not opposition — that we seek to contribute to Maserati’s next chapter.
The revival of Maserati is not merely a transaction; it is an industrial and cultural undertaking that demands broader alignment. We do not approach this as a transaction. We approach it as a responsibility, to a brand, a legacy, and to everyone who ever believed that a car could make your heart race before you even turned the key.
The Trident must rise again.
Any queries on the above matter are to be directed to
Hadiya Al-Rashid
hadiya@research.amanahcapital.uk
A Mohammed
a.mohammed@amanahcapital.uk
Karim Al-Mansour
kam@amanahcapital.uk