FRANKFURT, Germany – Carmaker Stellantis on Wednesday said it made 13.4 billion euros ($15.2 billion) in its first year after being formed from a merger of Fiat Chrysler Automobiles and PSA Group.
Earnings nearly tripled pre-merger profits as two separate companies, as manufacturers Jeep car, Opel and Peugeot cost-effective means of extracting businesses from the union.
The results compared with €4.79 billion aggregated for separate companies in 2020 before the merger, effective January 17, 2021.
Combined business revenue grew 14% to €152 billion.
CEO Carlos Tavares said the results “demonstrate that Stellantis is well positioned to deliver strong performance” and weathered “intense difficulties” during the year.
Automakers have been grappling with shortages of key parts such as semiconductor electronic components and soaring raw material costs as the global recovery from the coronavirus pandemic dents demand. more demand.
The company said the benefits of the merger were worth around 3.2 billion euros for the year. Mergers can lead to reasonable costs as companies combine functions and spread fixed costs over a larger revenue base.
The company has accelerated the market launch of battery-powered vehicles, with low-emission vehicle sales reaching 388,000 – a 160% increase.
Environmental regulations are stricter in Europe and China We push automakers to roll out more electric vehicles with longer range. Stellantis begins to produce hydrogen fuel cells commercial trucks under the Opel brand in December.
Other Stellantis brands include Chrysler, CitroenDS, Fiat, MaseratiRam and Vauxhall.
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