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Fiat Chrysler, PSA profits dropped in pandemic before merger


Nepalnews
2021 Mar 03, 15:22, MILAN
The Stellantis sign is seen outside the Chrysler Technology Centre, Tuesday, January 19, 2021, in Auburn Hills, Michigan. Carlos Tavares, the CEO of Stellantis, the carmaker created from the merger of PSA Peugeot and Fiat Chrysler, said Tuesday that the tie-up will help preserve jobs, factories and the 14 storied brands as billions in annual savings are achieved. (Photo via AP)

Fiat Chrysler Automobiles and PSA Peugeot on Wednesday reported their last financial statements as independent companies, each contributing full-year profits of around 2 billion euros to the new company, Stellantis, formed in January.

Fiat Chrysler reported adjusted net profits in the pandemic year of 1.9 billion euros ($2.3 billion), down 57% from 2019. PSA reported earnings of 2.2 billion euros, a drop of 32%.

The Italian-American carmaker and the French mass-market automotive company completed their merger on January 16, creating Stellantis, the world’s fourth-largest carmaker.

Fiat Chrysler reported fourth-quarter adjusted earnings before interest and taxes of 2.3 billion euros, a record 2.2 billion euros of those generated in North America. Maserati made a positive contribution for the first time in nearly three years.

The French mass carmaker said second-half operating margins hit 9.4% at record levels.

“These figures demonstrate the financial soundness of Stellantis, bringing together two healthy companies,” Stellantis CEO Carlos Tavares said in a statement.


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