By Canadian Press

Fiat Chrysler, PSA profits dropped in pandemic before merger

Mar 3, 2021 | 9:59 AM

MILAN — 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.

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.

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

The Associated Press

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