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PSA, Fiat Chrysler in black despite weaker sales

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PARIS: US-Italian automaker Fiat Chrysler and France’s PSA, now merged in the Stellantis group, managed to post a 2020 profit despite weaker sales during the coronavirus pandemic, company results showed.


The two automakers, which completed their merger in January, combine brands such as Peugeot, Citroen, Fiat, Chrysler, Jeep, Alfa Romeo and Maserati.


Fiat Chrysler (FCA) eked out a net profit of just 24 million euros ($29 million) last year, a Stellantis statement said, holding up against multiple virus lockdowns that devastated the economy. In 2019, Fiat Chrysler reported a net profit of 2.7 billion euros.


For the fourth quarter of 2020, the company said net profit was 1.56 billion euros, down just one per cent from the same period a year earlier as the industry picked up after virus restrictions were eased.


Sales however plunged 20 per cent to 86.7 billion euros for the year, with volume down 22 per cent to 3.43 million vehicles, reflecting the damage caused earlier in the first wave of the pandemic.


PSA meanwhile had a 2020 consolidated net income of 2.0 billion euros, according to Netherlands-based Stellantis.


PSA revenues plunged to 60.7 billion euros, from 74 billion euros in 2019, with volumes slumping nearly 28 per cent to 2.5 million vehicles, Stellantis said.


It said that despite the problems caused by Covid-19, both parts of the group had managed to keep prices steady, producing a profit margin of 4.3 per cent at FCA and 6.1 per cent at PSA. — AFP


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