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Fiat Chrysler narrowly overcomes the crisis

Fiat Chrysler narrowly overcomes the crisis

The automaker Fiat Chrysler publishes its results for the year 2020 and generates a net profit of 24 million euros.

 

The Italian-American car manufacturer Fiat Chrysler reports a net profit of 24 million euros for the year 2020, ending the year with positive results despite the economic crisis linked to the pandemic.

 

Nevertheless, this profit seems very low compared to its results for 2019, which amounted to 2.7 billion euros. Its partner PSA, owner of Peugeot and Citroën, with which Fiat Chrysler joined forces last January, is far ahead with a profit of 2 billion euros.

 

For the fourth half of the year, while the market is gradually recovering from the economic consequences of the health crisis, Fiat Chrysler posted a more advantageous profit of 1.56 billion euros, down 1% according to the results published yesterday by the automaker.

 

Regarding its annual turnover, the owner of Fiat, Jeep, Chrysler, Alfa Romeo, Maserati, Dodge, and Ram reported a loss of 20% to 86.67 billion euros. The decline was limited in the last quarter, down 4% to 28.58 billion euros.

Over the year 2020, the automaker sold nearly 3.43 million vehicles, a 22% drop that the group attributes to “disruptions in production and demand” during the Covid-19 pandemic.

On the delivery side, Fiat Chrysler announced 1.16 million units delivered, a result close to that of the previous year. The manufacturer’s operating profit (Ebit) reached “record results” according to Fiat Chrysler, at 2.2 billion euros for the fourth quarter, a rebound of 8%.

 

Adjusted EBITDA for all the Group’s brands rose 11% to 2.3 billion euros in the fourth quarter, with an operating margin of 4.3% for the year. Its luxury brand Maserati recorded a profit of 12 million euros, with nearly 5,200 vehicles sold.

 

See Also


In the Europe-Middle East-Africa (EMEA) region, the automaker sold 999,000 vehicles during the year, 273,000 less than in 2019. In this region, Adjusted EBITDA increased by 43% to 66 million euros, due to the launch of new electric vehicles and a reduction in costs.

The marriage between the Fiat Chrysler and PSA groups resulted in Stellantis, which ranks sixth in terms of car sales worldwide, although the group had anticipated fourth place.

According to both groups, this alliance would save 5 billion euros per year in research and manufacturing costs.

 

Read also > LUXURY: THE NEW CONSUMER TRENDS OF THE FRENCH PEOPLE

 

Featured Photo : © Press

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