Italian-American carmaker Fiat Chrysler Automobiles (FCA) returned to profit in the third quarter. The automotive industry around the world has recovered from a slump in the first half of the year caused by the covid-19 epidemic, and results in North America have been record-breaking.
–
Net profit was EUR 1.205 billion (CZK 33.1 billion), compared to a loss of EUR 179 million in the same period last year. The company, which is now preparing a merger with the French PSA, said this in today’s statement.
Operating profit rose 16.2 percent to 2.28 billion euros. The results exceeded the estimates of analysts polled by Reuters, who expected an operating profit of 1.152 billion euros. In North America, operating profit rose 26 percent to a record 2.544 billion euros. In Latin America, the company reported a modest operating profit, in other regions it made a loss. The Maserati division also reported an operating loss. However, revenues fell by 5.5 percent to 25.81 billion euros.
–
–
At the beginning of the year, the FCA withdrew its full-year financial outlook. However, she has now said that she expects operating profit without extraordinary items in the range of three to 3.5 billion euros. At the same time, however, she warned that the outlook does not anticipate another possible significant disruption of the economy caused by covid-19.
PSA announced today that it has returned to revenue growth in its main automotive division in the third quarter. It thus recovered from the decrease caused by coronavirus. Although total sales decreased by 0.8 percent to 15.5 billion euros, sales of the automotive division rose by 1.2 percent to 12 billion euros, when they fell by 35.5 percent in the first half of the year.
–
–
The FCA and PSA today also confirmed progress in completing their merger. The fourth largest carmaker in the world, called Stellantis, is to be established. The agreement brings together the brands of the French group Peugeot, Citroën, Opel and DS with the brands Fiat, Chrysler, Jeep, Dodge, Maserati, Alfa Romeo and Ram. The combined sales of the merged group should reach approximately 8.7 million cars and sales of almost 170 billion euros. The companies agreed on the merger last December and it is due to be completed by the end of March 2021.
– .
