Stellantis targets profit margin of 5.5% to 7.5% this year

Europe

MILAN — Stellantis said it is aiming for a margin on its adjusted operating profit of 5.5 percent to 7.5 percent this year as the auto industry is expected to grow in 2021 in all regions where the automaker operates.

With 14 brands under one roof, including Fiat, Peugeot, Opel, Jeep, Ram and Maserati, Stellantis was formed in January through the merger of former Fiat Chrysler Automobiles and Peugeot maker PSA Group.

“Stellantis gets off to a flying start and is fully focused on achieving the full promised synergies,” CEO Carlos Tavares said in a statement on Wednesday, announcing last year’s results for FCA and PSA.

Tavares described the results  as “strong.”

Stellantis targets over 5 billion euros a year in savings from the merger, without closing any plants. Tavares has also pledged not to cut jobs.

The margin target for the combined group compares with 4.3 percent reached by FCA last year and 6.1 percent by PSA and assumes no further significant COVID-19 related lockdowns, the statement said.

The automaker proposed the distribution of a 1 billion euro ($1.2 billion) dividend to its shareholders.

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