Cars and Drivers
Fiat Chrysler January Sales Tumble on Slow Jeep Sales
Published:
Last Updated:
Year over year, sales dropped 11% at Fiat Chrysler Automobiles N.V. (NYSE: FCAU) in January to 152,218 units. The Jeep brand posted a sales drop of 7% year over year as the Jeep Compass showed a year-over-year sales decline of 50% and the Patriot posted a sales drop of 45%. Grand Cherokee sales rose 24% and Renegade sales increased by 52%.
According to industry researcher firm ALG, FCA’s incentive spending came in at $4,291 per unit, up 22% year over year and up 0.5% compared with November 2016. Unit incentive spending totaled $4,190 at Ford and $4,611 at GM, up 34% and 14%, respectively, year over year.
Analysts at Kelley Blue Book (KBB) had projected January sales at 147,000 units, a 14.2% year-over-year decrease. KBB also estimated average selling price of $36,236 for January, down 2% year over year in sales and down 1.1% month over month in average selling price.
The company’s Jeep brand sold a total of 58,415 units in January. The all-new Jeep Renegade sold 9,365 units in January.
Ram pickup sales increased 4% in January to 33,769 units. Last year, Ram sold 32,564 pickups in January.
Year over year, sales of the company’s Chrysler brand dropped 39% as sales of the Chrysler 200 fell 60% to 1,861 in January. FCA is doing its best to sell all dealer inventory on this discontinued model. Sales of the Chrysler 300 fell 17% to 4,708 units. The all-new Pacifica minivan posted January sales of 6,670, and it has sold more than 69,000 since first becoming widely available in April 2016.
The company’s Dodge brand sales fell 17% year over year in January, while sales of the Dodge Caravan dropped 2% to 10,770 units in the month. The company’s Journey compact SUV saw sales rise 9% year over year to 12,636 units sold in January.
Passenger car and minivan sales were down 30% year over year, utility vehicle sales were down 6% and total truck and light commercial vehicle sales rose 5%. Maserati sales jumped 69% year over year from 525 in January 2016 to 889.
Chrysler’s shares traded down about 1.5% Wednesday morning, at $10.82 in a 52-week range of $5.45 to $11.32. The consensus price target on the stock is $15.39.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
