Alfa Romeo’s future product plans have been slashed, according to the brand’s third-quarter earnings report – with the proposed new GTV and 8C sports cars axed.
FCA boss Mike Manley told investors during a conference call that Alfa’s portfolio plan has been “significantly scaled back, with a corresponding reduction in capital spending”.
The plan was quietly released in a financial results presentation to investors yesterday (Thursday) and discussed during an earnings call today. It appears to show that the Italian brand’s range has been ‘rationalised’ down to four future models: replacements for the Giulia and Stelvio, the Tonale and a new smaller 'B-SUV', which has yet to be detailed.
This means the new GTV coupé and 8C replacement, announced in a five-year plan in June 2018, have been shelved or pushed back, alongside a rumoured BMW 5 Series saloon rival to sit above the Giulia. It's not yet clear if these models have been delayed or shelved entirely, but all signs point to the latter for the time being.
Last year's five-year plan was drawn up under the leadership of former FCA boss Sergio Marchionne, who passed away last year. Since taking the reins, Manley has changed tack, responding to significant losses posted by Alfa and FCA's wider European arm.
It's likely that the decision to cut spending on Alfa Romeo's future line-up is influenced by the recently announced merger between FCA and the PSA Group, which was confirmed shortly before the financial results were released. The merger creates the fourth-largest car-making group in the world, but PSA CEO Carlos Tavares – who is set to be named CEO of the new merged group – is famed for bringing in wide-ranging cost-cutting measures to increase efficiency and profits.