Sales are down over 35% compared with the same period last year, from 13,400 units to 8700 units. Net revenues have dropped even further, nearly halving from €1.07bn (around £952m) to €568m (around £505m).
FCA cites the impact of a recently imposed import duty reduction in China, with potential customers apparently waiting until it was put in place to get a lower purchase price. However, there were lower shipments and sales “across all markets” despite many markets growing in size, suggesting there are other factors at play.
The Italian luxury brand’s latest model, the Levante SUV, was introduced in 2016 into a popular market sector and was promoted as its most important model in years. It almost doubled Maserati’s sales in 2017, but demand has fallen sharply, while older models such as the Quattroporte and Ghibli saloons have also experienced big drops.
The poor performance of Maserati comes despite a boost in fortunes for other FCA brands, such as Jeep. The 4x4 maker reported a 21% year-on-year increase in global sales, with models such as the Cherokee and Renegade proving popular.
The FCA Group's overall adjusted net profits are up 35% in 2018 over the same period last year, to nearly €2.02bn (around £1.80bn). Gains in markets such as Brazil and the US have contributed to this, as have lower financial charges and tax expense.