Year over year, sales dropped 10% at Fiat Chrysler Automobiles N.V. (NYSE: FCAU) in July to 161,477 units. The Jeep brand posted a sales drop of 12% year over year, as the Jeep Patriot showed a year-over-year sales decline of 70% and the Cherokee posted a sales drop of 23%. Grand Cherokee sales rose 14% and Compass sales increased by 8%.
FCA continues to implement a strategy of reducing sales to daily rental car companies. July sales were down 35% year over year.
Analysts at Kelley Blue Book (KBB) had projected July sales at 168,000 units, a 6.9% year-over-year decrease. KBB also estimated average selling price of $36,834 for July, up 3.5% year over year and down 0.8% month over month.
The company’s Jeep brand sold a total of 69,351 units in July. The Jeep Wrangler sold 18,698 units in the month while Grand Cherokee sales rose to 19,024 units.
Ram pickup sales were flat in July at 39,708 units. Last year, Ram sold 39,809 pickups in June.
Year over year, sales of the company’s Chrysler brand dropped 30% as sales of the Chrysler 200 fell 65% year over year in July to 1,899. FCA continues to try to sell all dealer inventory on this discontinued model. Sales of the Chrysler 300 rose 31% to 3,090 units. The all-new Pacifica minivan posted July sales of 8,288 (up 5% year over year) and has sold nearly 68,000 units since the beginning of the year.
The company’s Dodge brand sales fell 12% year over year in July, as sales of the Dodge Caravan fell 25% to 7,503 units in the month. The company’s Journey compact sport utility vehicle saw sales rise by 7% year over year to 6,800 units sold in July.
Retail sales fell 6% year over year in July and represented 90% of all unit sales. Alfa Romeo sales rose to 1,225 in July, up 2,749% year over year as sales of the new Giulia continue to rise.
Chrysler’s shares traded about 0.2% Tuesday morning, at $12.11 in a 52-week range of $6.01 to $12.17, and the high was posted at the opening bell this morning. The consensus price target on the stock is $15.62.