Stellantis has issued its first earnings report, covering the full year 2020 for FCA and PSA. The latter was considerably more profitable, with Peugeot, Citroën, and Opel bringing in a 7.1% adjusted operating margin in their automotive operations. The second half operating margin hit a record at 9.4%.
At FCA, the adjusted earnings before interest and taxes (EBIT) was €3.7 billion, with a 4.3% margin. The adjusted net profit for the year was €1.9 billion; the actual net profit was €24 million. Fourth quarter results hit a record; every region (and Maserati) was profitable in the fourth quarter.
For 2020, global volume was down 22% from 2019, with 3.4 million vehicles delivered.
North America was once again the driver of profit at FCA, with an adjusted EBIT margin of 8.9% from 1.8 million unit sales ( €60 billion); while sales were considerably lower, the margin was quite close to 2019’s level. The Asia-Pacifica region also ended up in the green, with a 0.1% adjusted EBIT margin, from €5.3 billion in revenues (475,000 sales).
Dragging the numbers down were Europe/Middle East/Africa (EMEA) and APAC (Asia-Pacific), with negative margins—(–5.6%) in EMEA and (–4.9%) in APAC. FCA lost €918 million in EMEA and lost €116 million in APAC.
Maserati is counted as a global brand; it had a –17% margin, losing €232 million on around 16,900 sales. Maserati had lost €33 million in 2019.
For 2021, Stellantis expects an adjusted operating income margin of 5.5% to 7.5%, assuming no significant lockdowns. The industry is expected to grow in every region.