Fiat Chrysler, PSA profits dropped in pandemic before merger
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.
Fiat Chrysler Automobiles and PSA Peugeot on Mar. 3 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.
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.