Fiat Chrysler, PSA profits dropped in pandemic before merger

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 Jan. 16, creating Stellantis, the world’s fourth- largest carmaker.

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.

Be the first to comment

Leave a Reply

Your email address will not be published.


*