11 months ago
Fiat Chrysler has reported record profits for the third quarter as production has nearly returned to pre-pandemic levels.
The news comes as the company’s merger with PSA Group to form Stellantis is revealed to be on track following adjustments made to the numbers following the impact of the coronavirus crisis.
Fiat Chrysler said the merger with PSA should be finalised by the end of the first quarter of 2021, as planned.
To meet regulatory concerns, the French group is selling a small stake in a components maker to get below 40 per cent ownership.
FCA reported a net profit in the three months ending on September 30 of £1.09bn. That compares with a loss of £162m a year earlier.
Fiat reported adjusted profit before tax and interest in North America of £2.2bn which offset deepening losses in Europe, Asia and at its Maserati luxury marque.
FCA made a £112m loss in Europe in the third quarter.
Latin America, the only other region to post a profit, saw it narrow by two-thirds to £41m.
Overall, Fiat said global earnings before tax and interest were a record £2.09bn despite a six per cent fall in revenues to 26 billion euros (£23 billion).
Global shipments were down three per cent, due largely to plant retooling in North American to produce the new Jeep Grand Wagoneer in the luxury SUV segment and the discontinuation of the Dodge Grand Caravan.
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