Jeep, Ram Lift FCA’s October Sales 16%
Jeep and Ram got help in October from both the Dodge and Chrysler brands and pushed Fiat Chrysler's sales up 16% year over year.
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Fiat Chrysler Automobiles N.V. (NYSE: FCAU) reported Thursday that October sales increased by 16% year over year to 177,391 vehicles, compared with October 2017 sales of 153,373. The Jeep brand posted a sales increase of 9% year over year, as sales of the new Cherokee rose 15% to 18,598 units and Compass sales jumped 26% to 14,083 units.
The Ram brand of pickups and other light trucks saw sales jump of 14% to 54,542 units. For the first 10 months of the year, Ram has sold 471,203 units, up 1% compared to 2017 sales for the same period.
Analysts at Cox Automotive had projected October sales at 176,000 units, a 14.8% year-over-year increase. Kelley Blue Book estimated an average selling price of $38,668 for October, up 1.6% year over year and up 0.9% month over month.
Retail sales totaled 141,200 vehicles and fleet sales accounted for 20.4% of overall sales, down from 25% in September.
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Ram’s light-duty 1500 model drove truck sales, with a 20% increase in retail sales, and Ram trucks combined for a total sales increase of 12% to 42,138 units.
Chrysler brand sales rose 21% year over year to 13,289 units and Fiat brand sales tumbled 35% to just 1,151. For the first 10 months of the year, Chrysler sales are down 9% and Fiat sales have plummeted 43%.
Alfa Romeo brand sales rose 44% in October to 1,737 vehicles. Stelvio accounted for the majority of those sales with 902 vehicles sold. Alfa sales are up 133% for the first 10 months of the year to 19,917.
Dodge brand sales soared 38% to 33,872 units in October. Sales of the Journey rose 24%, and Challenger sales rose 34%. Caravan sales totaled 11,110 units in the month and are up 20% for the year to date.
FCA’s shares traded up about 2.7% Thursday morning, at $15.52 in a 52-week range of $14.97 to $24.95. The 12-month consensus price target on the stock is $24.60.
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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.
