Jeep Sales Drop 11% in June, FCA Sales Dip 7% Overall
Fiat Chrysler June sales fall 7% as Jeep brand dipped 11% and Chrysler dropped 15%. Ram pickups helped save the day, along with other trucks under the Ram brand.
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Year over year, sales dropped 7% at Fiat Chrysler Automobiles N.V. (NYSE: FCAU) in June to 187,348 units. The Jeep brand posted a sales drop of 11% year over year as the Jeep Patriot showed a year-over-year sales decline of 55% and the Cherokee posted a sales drop of 27%. Grand Cherokee sales rose 21% and Renegade sales increased by 2%.
Analysts at Kelley Blue Book (KBB) had projected June sales at 187,000 units, a 7.6% year-over-year decrease. KBB also estimated an average selling price of $36,971 for June, up 5.6% year over year and down 0.6% month over month.
The company’s Jeep brand sold a total of 73,153 units in June. The Jeep Wrangler sold 18,839 units in the month, while Grand Cherokee sales rose to 20,176 units.
Ram pickup sales increased 5% in June to 43,073 units. Last year, Ram sold 41,089 pickups in June.
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Year over year, sales of the company’s Chrysler brand dropped 15% as sales of the Chrysler 200 fell 76% year over year in May to 1,945. FCA continues to try to sell all dealer inventory on this discontinued model. Sales of the Chrysler 300 rose 47% to 5,355 units. The all-new Pacifica minivan posted June sales of 12,399 (up 59% year over year) and has sold nearly 60,000 units since the beginning of the year.
The company’s Dodge brand sales fell 14% year over year in June, as sales of the Dodge Caravan rose 9% to 16.210 units in the month. The company’s Journey compact sport utility vehicle saw sales decline by 51% year over year to 6,073 units sold in June.
Retail sales fell 5% year over year in June and represented 75% of all unit sales. Alfa Romeo sales rose to 1,017 in June, up 2725% year over year as sales of the new Giulia have taken off.
Chrysler’s shares traded up about 4.4% Monday morning, at $11.09 in a 52-week range of $5.45 to $11.65. The consensus price target on the stock is $11.06, according to MarketWatch.
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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.
