Stellantis reports $15B profit in first year of merger

  • 📰 therealautoblog
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Stellantis reports $15B profit in first year of merger:

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group.

The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021.CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year.

The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 528. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines