Fiat Chrysler November Sales Plummet 14%
Year over year, sales plunged 14% at Fiat Chrysler Automobiles in November. The Jeep brand posted a sales decline of 12%.
Year over year, sales plunged 14% at Fiat Chrysler Automobiles N.V. (NYSE: FCAU) in November to 160,827 units. The Jeep brand posted a sales drop of 12% year over year as the Jeep Cherokee showed a sales decline of 37% and the Compass posted a monthly sales drop of 24%. Grand Cherokee sales fell 2% and Patriot sales tumbled 14%.
According to TrueCar, FCA’s incentive spending came in at $4,154 per unit, up 17.9% year over year and down 0.7% compared with October 2016. Unit incentive spending totaled $4,154 at Ford and $4,305 at GM, up 23% and 12.7%, respectively, year over year.
Analysts at Edmunds had projected November sales at 159,561 units, a 14.2% year-over-year decrease. KBB had estimated unit sales of 168,000 at an average selling price of $36,244 for November, up 2.4% year over year and down 1.2% month over month.
The company’s Jeep brand sold a total of 67,285 units in November and has sold an 11-month total of 843,217, up 8% year over year. The all-new Jeep Renegade has sold 94,561 units for the year to date, up 81% compared with the same period last year.
Ram pickup sales increased 8% in November to 36,885 units and posted a year-to-date sales increase of 8%. Last year, Ram sold 34,145 pickups in November.
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Year over year, sales of the company’s Chrysler brand plummeted 47% as sales of the Chrysler 200 fell 72% year over year in November to 2,8493. FCA is doing its best to sell all dealer inventory on this discontinued model. Sales of the Chrysler 300 tumbled 45% to 2,566 units. The all-new Pacifica minivan posted November sales of 8,753, and it has sold 52,083 since first becoming widely available in April.
The company’s Dodge brand sales fell 21% year over year in November, while sales of the Dodge Caravan dropped 39% to 6,696 units in the month. The company’s Journey compact sport utility vehicle saw sales slip 11% year over year to 7,133 units in November.
Chrysler’s shares traded down about 0.3% Thursday morning, at $7.64 in a 52-week range of $5.45 to $9.51.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
