Cars and Drivers
Fiat Chrysler August Sales Up 2%, but Short of Estimates
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Year over year, sales rose 3% at Fiat Chrysler Automobiles N.V. (NYSE: FCAU) in August to 196,756 units. The Jeep brand posted a sales gain of 12% year over year as the Jeep Cherokee posted a sales gain of 41%, the Compass posted a monthly sales gain of 29% and Grand Cherokee sales rose 12%. The Jeep Wrangler saw sales decline by 16% year over year in August.
In July Fiat Chrysler announced a change to its method of reporting monthly sales and restated sales totals back to 2011. The July report was the first prepared under the changes.
Analysts at Kelley Blue Book (KBB) had projected August sales at 202,000 units, up 0.2% year over year. Edmunds.com analysts estimated that the company would sell 202,783 units last month, a 0.6% increase. KBB also estimated an average selling price of $35,455 for August, up 3.4% year over year and down 0.4% month over month.
The company’s Jeep brand sold 86,468 units in August and has sold an eight-month total of 639,393, up 16% year over year. The all-new Jeep Renegade has sold 71,328 units for the year to date, up 156% compared with the same period last year.
Ram pickup sales increased 2% again in August to 44,426 units, and it posted a year-to-date sales increase of 8%. Last year, Ram sold 43,709 pickups in August.
Year over year, sales of the company’s Chrysler brand dived 22% as sales of the Chrysler 200 fell 66% year over year in August to 4,210. Sales of the Chrysler 300 rose 22% to 5,275 units. The all-new Pacifica minivan posted August sales of 7,459, and has sold 26,693 since first becoming widely available in April.
The company’s Dodge brand sales rose 5% year over year in August, while sales of the Dodge Caravan rose 2% to 10,572 units in the month. The company’s Journey compact sport utility vehicle got a sales boost of 40% year over year to 11,732 units sold in August.
Chrysler did not publish an estimate for the industry’s seasonally adjusted annual rate (SAAR), nor did it publish its days of inventory on hand.
Chrysler’s shares traded down about 2% late Thursday morning, at $6.74 in a 52-week range of $5.45 to $10.89.
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