Cars and Drivers
Jeep, Ram Lift Fiat Chrysler's September Sales 15%
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Fiat Chrysler Automobiles N.V. (NYSE: FCAU) reported Tuesday that September sales increased by 15% year over year to 199,819 vehicles, compared with September 2017 sales of 174,266. The Jeep brand posted a sales increase of 14% year over year as sales of the new Cherokee rose 87% to nearly 22,000 units and Compass sales jumped 46% to 16,339 units. The company said this September was its best in 18 years.
The Ram brand of pickups and other light trucks had a sales jump of 9% to 56,447 units. For the first nine months of the year, Ram has sold 375,583 units, flat compared to 2017 sales for the same period.
Analysts at Cox Automotive had projected September sales at 190,000 units, a 9% year-over-year increase. Kelley Blue Book estimated an average selling price of $38,373 for September, up 0.6% year over year and up 0.5% month over month.
Retail sales of 149,713 vehicles reached the highest level since 2000 when sales hit 189,794. Fleet sales accounted for 25% of overall sales, up from 15% in August.
Ram’s light-duty 1500 model drove truck sales, with an 11% increase in retail sales and a total sales increase of 18% to 36,658 units.
Chrysler brand sales dropped 7% year over year to 14,683 units and Fiat brand sales tumbled 46% to just 1,185. For the first nine months of the year, Chrysler sales are down 12% and Fiat sales have plummeted 43%.
Alfa Romeo brand sales rose 29% in September to 1,639 vehicles. Stelvio accounted for the majority of those sales with 864 vehicles sold. Alfa sales are up 147% for the first three quarters of the year to 18,160.
Dodge brand sales soared 41% to 42,101 units in September. Sales of the Journey rose 48% and Challenger sales rose 14%. Caravan sales totaled 13,829 units in the month and are up 12% for the year to date.
FCA’s shares traded down about 0.5% Tuesday morning, at $17.90 in a 52-week range of $15.33 to $24.95. The 12-month consensus price target on the stock is $25.78.
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