Cars and Drivers
Jeep Sales Down 15% in August, FCA Sales Tumble 11% Overall
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Year over year, sales dropped 11% at Fiat Chrysler Automobiles N.V. (NYSE: FCAU) in August to 176,033 units. The Jeep brand posted a sales drop of 15% year over year, as the Jeep Patriot showed a year-over-year sales decline of 77% and the Cherokee posted a sales drop of 50%. Grand Cherokee sales rose 28% and Compass sales increased by 5%.
FCA continues to implement a strategy of reducing sales to daily rental car companies. August fleet sales were down 23% year over year.
Analysts at Kelley Blue Book (KBB) had projected July sales at 190,000 units, a 3.5% year-over-year decrease. KBB also estimated average selling price of $37,361 for August, up 6.1% year over year and down 0.4% month over month.
The company’s Jeep brand sold a total of 73,191 units in August. The Jeep Wrangler sold 16,808 units in the month, while Grand Cherokee sales rose to 23,572 units.
Ram pickup sales were down 7% in August at 37,608 units. Last year, Ram sold 40,265 pickups in August.
Year over year, sales of the company’s Chrysler brand dropped 33%, as sales of the Chrysler 200 fell 78% year over year in August to 941. FCA continues to try to sell all dealer inventory on this discontinued model. Sales of the Chrysler 300 fell 23% to 4,073 units. The Pacifica minivan posted August sales of 7,621 (up 2% year over year) and has sold more than 75,000 units since the beginning of the year.
The company’s Dodge brand sales fell 2% year over year in August, as sales of the Dodge Caravan rose 62% to 17,109 units in the month. The company’s Journey compact sport utility vehicle saw sales drop by 52% year over year to 5,665 units sold in August.
Retail sales fell 7% year over year in August and represented 80% of all unit sales. Alfa Romeo sales rose to 1,140 in July, up 2,981% year over year as sales of the new Giulia continue to rise.
Chrysler’s shares traded up about 5.4% Friday morning, at $15.95 in a 52-week range of $6.05 to $15.95, and the high was posted this morning. The consensus price target on the stock is $20.37. The company’s share price is driven more by rumored acquisitions or asset sales than be vehicle sales.
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