Stellantis made a fast start in their first year after the merger of Fiat Chrysler Automobiles and PSA Group, with the world’s № 4 automaker reporting profitability and benefits from the combination that exceeded targets.
The group say the margin on their adjusted operating profit rose to 11.8 per cent last year, above its target of about 10 per cent, because of strong execution on synergies, which generated around €3.2bn in net cash benefits. CEO Carlos Tavares says “Record results prove that Stellantis is well positioned to deliver strong performance, even in the most uncertain market environments”. Tavares will shortly present the group’s business plan.
Stellantis forecast a double-digit margin again this year. The pro-forma figure for 2020 was 6.9 per cent. Margins in North America climbed to a record 16.3 per cent last year.
