PSA, Fiat Chrysler in black despite fall in sales

Paris, March 3 (AFP/APP): 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 Wednesday.

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

Fiat Chrysler (FCA) eked out a net profit of just 24 million euros 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 euros.

For the fourth quarter of 2020, the company said net profit was 1.56 billion euros, down just one percent compared with the same period a year earlier.

PSA meanwhile had a 2020 consolidated net income of 2.0 billion euros even as sales plunged nearly 19 percent, according to Netherlands-based Stellantis. PSA revenues came in at 60.7 billion euros, falling from 74 billion euros in 2019 as the pandemic slashed demand, Stellantis said.

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