There is concern about the latest results at Maserati. Public sales figures for most European markets, USA-Canada, China, Japan, Korea, Australia, New Zealand, Israel and some emerging markets show that the good results the luxury brand has achieved in recent months are coming to an end.

Maserati is in a renaissance phase since the introduction of the Maserati MC20 in 2020. With an ageing saloon range and the Levante arriving late without ever taking off, the Italian carmaker has launched a new product offensive that has included four sports cars and a new SUV. Between September 2020 and last year, the Maserati MC20, MC20 Cielo, Grecale, GranTurismo and now the GranCabrio were launched.

Global shipments increased from 16,900 units in 2020 to 26,700 units last year. The 58 per cent increase was mainly driven by the Grecale, the brand's smallest and most economical SUV that rivals the Porsche Macan and other mid-size premium SUVs. In 2023, in fact, the Grecale accounted for 53% of the brand's overall volume.

The Grecale cannot do everything

However, the positive impact of the Grecale was offset by the decline of Maserati's older products: the Ghibli, the Quattroporte and, above all, the Levante, which accounted for 53% of global sales in 2022.

Maserati, between rebirth and declining deliveries

The end of the good times? Maserati global deliveries

Preliminary figures for March 2024 reveal that global Grecale volumes were down 24% compared to the same month last year. The drop followed two months of stable sales in January and February. Although we cannot yet conclude that Grecale's sales performance has peaked, it is quite worrying for the brand that sales have not increased this year.

Maserati, between rebirth and declining deliveries

Half of the range is old. Average age of the Maserati range (in years)

In fact, adding up the preliminary results for January, February and March 2024, the Grecale was down 11 per cent on Q1 2023. Add to that the massive declines recorded by the Levante (-71%) and Ghibli (-69%), and the situation is tough for Maserati. The result is that the brand's estimated global sales in the first three months of this year are down 29% to around 4,500 units.

Maserati, between rebirth and declining deliveries

Grecale can't do it all alone. Maserati global quarterly sales 2022-2024

Although Maserati is working on all-electric versions for both the Grecale and GranTurismo, these will not be enough to stop the decline. Part of the negative Q1 results can be explained by the decline in China. Disputed internal issues, technical problems that have led to recent recalls, high maintenance costs and the decline of the Ferrari engine have all contributed to lower sales in the world's largest market.

Balance is needed

Things are also expected to get tougher in the coming months after the introduction of the all-new Porsche Macan. It is a direct rival to the Grecale and can easily take sales away from the Italian SUV. The slowdown in demand for electric vehicles would also affect the recent Grecale and GranTurismo electric variants.

Maserati has great potential in the luxury segments. It just needs more consistency in product planning to avoid situations like the current one where the commercial performance of a new product is offset by declines in older ones.