Jeep, Ram Send FCA's November Sales 17% Higher
Fiat Chrysler Automobiles N.V. (NYSE: FCAU) reported Monday that November sales increased by 17% year over year to 187,310 vehicles, compared with November 2017 sales of 154,919. The Jeep brand posted a sales increase of 12% year over year as sales of the new Cherokee rose 23% to 20,296 units and Compass sales jumped 25% to 11,665 units.
The Ram brand of pickups and other light trucks saw a sales jump of 44% to 57,970 units. For the first 11 months of the year, Ram has sold 529,173 units, up 4% compared to 2017 sales for the same period.
Analysts at Cox Automotive had projected November sales at 180,000 units, a 16.2% year-over-year increase. Kelley Blue Book estimated an average selling price of $39,280 for November, up 4.7% year over year and up 0.6% month over month.
Retail sales totaled 136,704 vehicles, up 6% year over year and the highest November total since 2001, and fleet sales accounted for 24.6% of overall sales, down slightly from 25% in October.
Ram’s light-duty 1500 model drove truck sales, with a 59% increase in retail sales, and Ram trucks combined for a total sales increase of 44% to 57,970 units, a new record for November.
Chrysler brand sales fell 21% year over year to 13,094 units, and Fiat brand sales tumbled 24% to just 1,309. For the first 11 months of the year, Chrysler sales are down 10% and Fiat sales have plunged 41%.
Alfa Romeo brand sales rose 36% in November to 1,957 vehicles. Stelvio accounted for the majority of those sales, with 1,034 vehicles sold. Alfa sales are up 119% for the first 11 months of the year to 21,874.
Dodge brand sales jumped 15% to 33,196 units in November. Sales of the Journey rose 16% and Challenger sales rose 30%. Caravan sales totaled 10,188 units in the month and are up 20% for the year to date.
FCA’s shares traded up about 3.3% Monday morning, at $117.14 in a 52-week range of $14.97 to $24.95. The 12-month consensus price target on the stock is $25.38.