Carlos Tavares poses after the presentation of the Jeep Avenger 4xe Concept at the Paris Auto Show on October 17. ERIC PIERMONT/AFP
STORY – The group born from the PSA-Fiat Chrysler merger has reached a record level of margin. The iron discipline imposed by the boss creates frustrations.
“We never would have imagined reaching such a level of profitability.” The double-digit margin of Stellantis, created in January 2021, surprises the employees of the ex-PSA, married to Fiat Chrysler for two years. The French manufacturer posted an operating margin of 7.1% in 2020, a year marked by the pandemic. FCA’s health was even less flamboyant. At the wedding, the management of the new group was cautiously aiming for a margin of between 5.5% and 7.5% for its first financial year. It was 11.8%, for a turnover of 152 billion euros and a net profit of 13 billion euros.
Records still broken in 2022, with 179.6 billion euros in turnover, 13% operating margin and 16.8 billion net profit. “We owe these results to our employees, who have been remarkable. It’s even moving.”assure Carlos Tavares.
Set unattainable goals
The exception has become the rule. In March 2022, when presenting his strategic plan, Carlos Tavares set his requirements…
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