Fiat Chrysler Automobiles N.V. (NYSE: FCAU) reported January sales plunged 13% year over year to 132,803 vehicles, compared with January 2017 sales of 152,218. The Jeep brand posted a sales increase of 2% year over year as sales of the all-new Compass soared 222% to more than 10,000 units.
The Jeep Patriot showed a year-over-year sales decline of 97%, and the Renegade posted a sales drop of 29%. Grand Cherokee sales fell 5% and Cherokee sales rose 16%. The Patriot badge is being retired, and the Compass is now Jeep’s single entry in the compact sport utility vehicle (SUV) market.
Analysts at Kelley Blue Book (KBB) had projected January sales at 140,000 units, an 8% year-over-year decrease. KBB also estimated an average selling price of $37,588 for January, up 3.7% year over year and down 1.5% month over month.
FCA continues to implement a strategy of reducing sales to daily rental car companies. January fleet sales were down 50% year over year to account for 16% of the month’s sales or about 21,250 units.
The company’s Jeep brand sold a total of 59,703 units in January. The Jeep Wrangler sold 11,739 units in the month, while Grand Cherokee sales slipped to 16,364 units.
Ram pickup sales decreased 16% in January to 32,039 units. Last year, Ram sold 38,045 pickups in the month.
Year over year, sales of the company’s Chrysler brand dropped 21% as sales of the Chrysler 200 fell 87% to 251. FCA continues to try to sell all dealer inventory on this discontinued model. Sales of the Chrysler 300 plunged 51% to 2,320 units. The new Pacifica minivan posted January sales of 8,011 units, up 20% for the month.
The company’s Dodge brand sales fell 31% year over year in January. Dodge Caravan sales slipped 3% to 10,409 units in the month. The company’s Journey compact SUV saw sales drop by 73% to 3,362 units sold.
Retail sales rose 2% year over year in January and represented 84% of all unit sales. Alfa Romeo sales rose 1,426% in January, as sales of the new Giulia pushed the total to 1,648 for the month.
FCA’s shares traded down about 0.8% Thursday morning, at $23.99 in a 52-week range of $9.60 to $24.95. The 12-month consensus price target on the stock is $27.47.