Fiat Chrysler Automobiles (FCA) has doubled its profits over 2017, despite global shipments remaining still at 4.7m units.

Net profits for 2017 were €3.5bn (£3bn), up 93% from 2016.

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The US tax reform weighed for a cost of €100m, in contrast to the boost they gave to American manufacturer Ford.

The Europe, Middle East and Africa (EMEA) region saw a 4% growth in revenues, and a rise to 3.2% for margins (2016: 2.5%).

Latin America saw the biggest growth, with shipments up 14% to 521,000 units and revenues up 29% to €8bn.

The North American and Asia Pacific markets, meanwhile, shrank noticeably, partially due to negative foreign currency fluctuations.

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A decrease in fleet volumes pushed shipments in North America down 7% to 2.4m units, with net revenues also shrinking 4% to €66bn.

In the Asia Pacific region, meanwhile, shipments for the group grew 24% to 290,000 units, but revenues shrank 11%, to €3.2bn.

Guidance for 2018 aimed at net revenues of €125bn, up from 2017’s €111bn.