US-Italian carmaker Fiat Chrysler and France’s PSA, now merged in the Stellantis group, both managed to chalk up a 2020 profit despite falling sales due to the coronavirus pandemic, company results showed on Wednesday.

The two carmakers, which completed their merger in January, bring together producers such as Peugeot, Citroen, Fiat, Chrysler, Jeep, Alfa Romeo and Maserati.

The two carmakers, which completed their merger in January, bring together producers such as Peugeot, Citroen, Fiat, Chrysler, Jeep, Alfa Romeo and Maserati

Fiat Chrysler (FCA) eked out a net profit of just €24 million last year, according to a Stellantis statement, holding up against multiple virus lockdowns which devastated the economy. In 2019, Fiat Chrysler posted a net profit of €2.7 billion.

For the fourth quarter of 2020, the company said net profit was €1.56 billion, down just one per cent compared with the same period a year earlier.

PSA meanwhile had a 2020 consolidated net income of €2.0 billion even as sales plunged nearly 19 per cent, according to Netherlands-based Stellantis.

PSA revenues came in at €60.7 billion, falling from €74bn in 2019 as the pandemic slashed demand, Stellantis said.

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