Strong Jeep SUV and Ram Truck Sales For Fiat Chrysler Automobiles NV (FCAU) In February
There was no slowdown as far as the auto sales were concerned in the United States in February. The sector has been recording significant gains in the recent past after the financial crisis. The February sales growth of 7% indicated 15-year high monthly sales driven by continued consumer confidence on the back of weak gasoline prices, higher wages, and low-interest credit available to the customers. Significant among them was Fiat Chrysler Automobiles NV (NYSE:FCAU) sales of 12% growth fueled by its Jeep SUV, as well as, Ram trucks.
Other Auto Companies Gainers
There were also others who have gained. For instance, Ford Motor Company (NYSE:F) witnessed sales growth of 20% in February was driven by its SUV, as well as, the crossover vehicles that jumped 28%. Similarly, is F-Series pickup trucks, which was a leading brand for over thirty years, recorded 10% uptick? About 36% of its sales were in fleets including the sales to businesses, rental agencies, and government compared to 30% in the previous year month.
However, the biggest automaker in the United States, General Motors Company (NYSE:GM) suffered 1.5% fall in sales. The main reason for its drop was the cut down in its shipments to rental companies by 39% or 16,500 vehicles. Excluding this, it would have also posted higher sales in February. But the Japan-based Toyota Motor Corp (NYSE:TM) recorded 5% sales growth last month.
Down On Month-Over-Month
On an annualized basis, WardsAuto said that sales accounted for 17.43 million vehicles in February, which was marginally down from 17.45 million recorded in the preceding month. However, on a YOY basis, WardsAuto said that February sales grew from 16.32 million. According to it, the last month sales were 6.7% more at 1.34 million units.
On the other hand, Autodata Corp took the number as 1.34 million in sales for February and said that the monthly growth was 6.9%. According to its estimates, the annualized sales rate worked out to be 17.54 million vehicles. There was no trail of any slowdown in the economic data released by the establishment on Tuesday. On the contrary, the recent data suggested that the American economy regained its momentum.
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