Fiat Chrysler posts record Q3 revenue thanks to U.S. trucks and Jeep

MILAN — A rebound in car production in Fiat Chrysler on Wednesday reported record third-quarter earnings as manufacturing returned to nearly pre-pandemic levels.

The Italian-American automaker, that is finalizing its full merger with French competing PSA Peugeot, reported a net revenue within the 90 days ending Sept. 30 of $1.4 billion (1.2 billion euros). That compares with a loss of 179 million euros per year earlier.

The carmaker reported adjusted profits before income tax and fascination with North America of 2.5 billion euros. That offset deepening losings in European countries, Asia and at its Maserati luxury marquee. Latin America, the only real other region to post a profit, saw it slim by two-thirds to 46 million euros.

“Our record results were driven by our team’s tremendous performance in united states,” CEO Mike Manley stated in a declaration.

In general, the carmaker said global profits before tax and interest were a record 2.3 billion euros despite a 6percent autumn in profits to 26 billion euros.

Global shipments had been down 3percent, due mostly to grow retooling in us to create the newest Jeep Grand Wagoneer inside luxury SUV segment while the discontinuation of Dodge Grand Caravan classic minivan.

Fiat Chrysler announced earlier in the day Wednesday that its merger with PSA Peugeot is on course become finalized by the finish regarding the first quarter of 2021, as prepared. To generally meet regulatory concerns, the French carmaker is offering a small stake in a components maker to obtain below 40% ownership.

The brand new automaker, to be called Stellantis, would be the fourth biggest producer on earth.

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