PSA, Fiat Chrysler in the black despite decline in sales

PSA, Fiat Chrysler in the black despite decline in sales

3/3/2021 9:36:00 PM

PSA, Fiat Chrysler in the black despite decline in sales

PARIS: US-Italian automaker Fiat Chrysler and France's PSA, now merged in the Stellantis group, both managed to chalk up a 2020 profit despite falling...

Fiat Panda and Fiat 500 mild-hybrid cars are seen in piazza Maggiore, in Bologna, Italy, on Feb 4, 2020. Fiat Chrysler eked out a net profit of just €24 million last year. – REUTERSPIXPARIS:US-Italian automaker Fiat Chrysler and France's PSA, now merged in the Stellantis group, both managed to chalk up a 2020 profit despite falling sales due to the coronavirus pandemic, company results showed on Wednesday.

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The two automakers, which completed their merger in January, bring together marques such as Peugeot, Citroen, Fiat, Chrysler, Jeep, Alfa Romeo and Maserati.Fiat Chrysler (FCA) eked out a net profit of just €24 million (RM117.4 million) last year, according to a Stellantis statement, holding up against multiple virus lockdowns which devastated the economy. In 2019, Fiat Chrysler posted a net profit of €2.7 billion.

For the fourth quarter of 2020, the company said net profit was €1.56 billion, down just 1% compared with the same period a year earlier as the industry picked up after virus restrictions were eased.Sales however plunged 20% to €86.7 billion for the year, with volume down 22% to 3.43 million vehicles, reflecting the damage caused earlier in the first wave of the pandemic. headtopics.com

PSA meanwhile had a 2020 consolidated net income of €2.0 billion (RM9.78 billion), according to Netherlands-based Stellantis.PSA revenues plunged to €60.7 billion, from €74 billion in 2019, with volumes slumping nearly 28% 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% at FCA and 6.1% at PSA.“These figures demonstrate the financial soundness of Stellantis, bringing together two strong and healthy companies,“ group boss Carlos Tavares said.

“Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies” of the merger, estimated at €5 million a year, said Tavares, who previously headed up PSA.The new company is targeting an operating profit margin of between 5.5% and 7.5% this year – as long as there are no further significant lockdowns.

If that is the case, there should be a market rebound of 10% in Europe, 8.0 percent in North America, 20% in South America and 5.0% in China, it added.Like nearly all its auto peers, Stellantis is aiming to up its offer of electric vehicles – currently 29 models, to be increased by 10 this year – which it wants to make more affordable for the middle classes. headtopics.com

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Stellantis, based in Amsterdam, has nearly 300,000 employees worldwide. – AFP Read more: theSun »

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