Maserati reiterates all-electric ‘Made in Italy’ strategy in wake of delays, rifts with local gov’t
Italian automaker Maserati is doubling down on its roots and letting the world know that its vehicles will continue to be 100% designed, developed, and manufactured in Italy. That said, some of those Maserati vehicles in the pipeline, particularly the 100% electric ones, continue to face development hurdles. Meanwhile, Stellantis CEO Carlos Tavares is in a battle with the Italian government over EV sales support.
Maserati currently operates as the only luxury brand under the Stellantis umbrella and has a 109-year history in automotive development in Italy – a country with a fair share of household names in fast cars… and Fiat.
As a wholly-owned Stellantis marque, Maserati has joined the former’s “Dare Forward 2030” electrification plans, which entails all-new Maserati models arriving 100% electric under a new “Folgore” nomenclature.
In the past two years, we’ve seen Maserati introduce four all-electric models to the world: GranTurismo Folgore, Grecale Folgore, GranCabrio Folgore, and Quattroporte Folgore. However, the first two models above were slotted for 2023 launches and missed their target. GranTurismo Folgore deliveries are now underway, but while we await an all-electric Grecale SUV, Maserati shared news of more delays, this time involving the Quattroporte.
With additional all-electric models now in its pipeline, Maserati wants to reiterate its dedication to BEVs but, more importantly, its native Italy, where it intends to continue to build them, despite the quarrels its parent company’s CEO is stirring up with the local government regarding tax incentives.
Maserati vows to go electric and remain 100% Italian
Via press release today, Maserati confirmed that while its vehicle powertrains are shifting to electric, it is business as usual for its development and production footprints in Italy, with Modena, its home for over 80 years, remaining the “beating heart” of its operations. Per Maserati CEO Davide Grasso:
Driven by our Modena heart, we are going full throttle to lead change on electrification, with two of our iconic models already available for purchase in their 100% electric versions, and another on the way this year. We will offer our preferred customers the most powerful Maseratis ever, pushing the boundaries of driving pleasure to a new era. With our long-term strategic vision and plan, we want to make a mark in the luxury world with unique Italian manufacturing excellence, constantly pushing distinctive quality and building our future with a dedicated business model that guarantees our customers the best products that reflect the Trident’s values.
While Maserati’s CEO still has much love for Italy, parent company Stellantis’ CEO Carlos Tavares is in a bit of a quarrel in the country – particularly with its government over weak incentives. Aside from Maserati, Stellantis owns other marques and production operations in Italy, including Fiat.
Tavares continues to criticize the Italian government for spending less money than the rest of the EU in supporting EVs. During a recent visit to Stellantis’ van-making facility in central Italy, Tavares said the OEM has been asking the Italian government for the last nine months to support EV sales to help keep the lights on at its Mirafiori plant in Turin, where the 500e is built:
Italy is spending much less money than any other great European country to support EVs. The consequence is that we are losing manufacturing products in Italy that we could manufacture (…) We already wasted nine months of production, of additional production in Mirafiori.
According to Reuters, the Italian government appears to have heard the always polarizing Stellantis CEO and will present a new incentives strategy on February 1st, which is expected to be worth over 900 million euros.
Meanwhile, Maserati says its team of approximately 130 engineers and technicians will continue their work in Italy to help develop electric powertrains and “contribute to steering the brand to a higher luxury positioning.”
It appears Maserati has pushed the Quattroporte three years to 2028 and will prioritize an all-electric of the MC20 instead. Here’s the automaker’s current BEV pipeline:
- GranTurismo Folgore – Deliveries underway
- Grecale Folgore – Deliveres scheduled for Q2 2024
- GranCabrio Folgore – Launch expected in 2024
- MC20 Folgore – 2025
- Large E-UV BEV – 2027
- Quattroporte Folgore – 2028 (originally 2025)
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The US Department of Energy (DOE) today announced $1.2 billion in financing to replace Puerto Rico’s fossil fuel plants with solar and battery storage through 2032.
The DOE’s Loan Programs Office announced two conditional commitments and one loan closing to power producers in Puerto Rico. Each supports a project contracted with the Puerto Rico Electric Power Authority. The announcements include:
- The closing of a $584.5 million loan guarantee to subsidiaries of Convergent Energy to finance a 100 MW solar farm with a 55 MW (55 MWh) battery energy storage system (BESS) in the municipality of Coamo and BESS installations in the municipalities of Caguas (25MW/100MWh), Peñuelas (100MW/400MWh), and Ponce (up to 100MW/400MWh)
- A conditional commitment for a loan guarantee of up to $133.6 million to a subsidiary of Infinigen for a 32.1 MW solar farm with an integrated 14.45 MW (4.76 MWh) BESS, and a co-located standalone 50 MW (200 MWh) BESS expansion in the municipality of Yabucoa
- A conditional commitment for a loan guarantee of up to $489.4 million to a subsidiary of Pattern Energy for three stand-alone BESS in the municipalities of Arecibo (50 MW/200 MWh), and Santa Isabel (50 MW /200 MWh and 80 MW/320 MW), and a 70 MW solar farm with an integrated BESS in the municipality of Arecibo.
If all are finalized, these projects would more than double LPO’s support for utility-scale solar generation and battery energy storage in Puerto Rico.
LPO provides low-cost financing and a rigorous due diligence process, making it a valuable resource for Puerto Rico as it works to rebuild an affordable, reliable, and clean energy system. As a result of reliance on imported fuel, the persistent threat of tropical storms, and underinvested infrastructure, Puerto Ricans today face average energy costs that are twice the US average – all while consuming only one-quarter of the energy of the US per capita.
LPO’s initial loan to a power producer in Puerto Rico, Project Marahu, closed in October 2024, and when complete will add more than 200 MW of solar and up to 285 MW of stand-alone energy storage to Puerto Rico’s grid.
Through its September 2023 partial loan guarantee to Project Hestia, LPO also supports virtual power plant (VPP)-ready rooftop solar and battery storage installations in Puerto Rico. As a nationwide project, Hestia’s sponsor is committed to at least 20% of installations under Project Hestia going to homeowners in Puerto Rico.
As part of its procurement plan, Puerto Rico Electric Power Authority seeks to install 1,500 MW of battery storage and requires a minimum capacity of storage to be co-located with each utility-scale solar project. Energy storage systems currently online in Puerto Rico are being dispatched every day.
When including Marahu, LPO’s closed and conditionally committed financing supports over 100% of the capacity Puerto Rico Electric Power Authority aimed to procure under its initial request for energy storage project proposals, the first of six.
Read more: Cleantech investments to top fossil fuels for the first time in 2025
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Chevy just introduced new deals on the Equinox and Blazer EV models to make them even more affordable. With 0% interest and a new trade-in bonus, Chevy is offering over $5,000 in savings.
Chevy adds new Equinox and Blazer EV deals in January
Although the Chevy Equinox EV is already “the most affordable” EV in its class with over 315 miles range, it’s getting even cheaper.
Earlier this week, Chevy launched new deals on the 2024 Equinox and Blazer EV models. According to a note sent to dealers, viewed by CarsDirect, the electric SUVs are now available with 0% APR financing for 60 months. You can also choose from 0.9% AP for 72 months and 2.9% APR for 84 months.
This marks the best financing offer on Chevy’s newest EVs to date. The previous best rates were 0.9% APR for 60 months, 3.9% for 72 months, and 5.9% for the longer 84-month option.
On a 7-year $45,000 loan, online auto research firm CarsDirect estimates the new deals amount to around a $5,200 price cut. The lower APR rates are already offered on the Chevrolet Silverado EV pickup.
In addition, Chevy is offering a trade-in bonus of up to $3,000 on the Silverado EV and $1,000 on the electric Equinox and Blazer models. If you choose to lease, the bonus is cut in half: $1,500 for the Silverado and $500 for the electric SUVs.
Chevy’s new EV deals started on January 14 and run through March 3, 2025. The deals come as rivals like Hyundai and Ford recently launched new EV promotions.
On Thursday, Hyundai launched a new promo on the upgraded 2025 IONIQ 5, which includes monthly leases as low as $199 and a free ChargePoint home EV charger (or $400 charging credit). Meanwhile, Ford extended its “Power Promise” program earlier this month, which also includes a free home charger, among several other benefits.
The 2024 Chevy Equinox EV started at $41,900 with up to 315 miles range. Prices for the electric Chevy Blazer start at $43,690 with up to 279 miles range.
If you are ready to try out Chevy’s new electric SUVs for yourself, we’ve got you covered. You can use our links below to view offers on the Chevy Equinox, Silverado, and Blazer EV models near you.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss non-Tesla EVs getting Supercharger access, Cybertruck sales in the spotlight, Rivian getting some money from Biden, and more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):
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