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Fiat Chrysler Up 17 Percent In November As Company Predicts Best Year Ever For Jeeps

GM Was Up 1 Percent, Ford Down 7 Percent

December 03, 2018 - 3:17 pm

(WWJ) November vehicle sales were released today and brought a surprise upswing in numbers. Why, exactly? It's once again a "Tale of the Trucks."  

Per Reuters, Fiat Chrysler rose 17 percent on the strength of its jeeps and SUVs. Staffers are bully on the brand.

"In North America, we're going to sell over a million units in Jeeps. We're going to have the best year ever the history of the brand at retail, best year in the history of the brand total, and we're going to sell a quarter-million Wranglers, and we're going to gain more than point in market share," said Tim Kuniskis head of the Jeep brand in North America.

General Motors posted a roughly 1 percent rise in sales, which may not be impressive until you consider most analysts expected a fall of more than 2 percent.

Ford Motor Co, reported a 7 percent decline in sales, but topped industry expectations by posting $17.5 million in sales, above economists' expectations of 17.2 million.

Shares in both companies rose by more than 4.5 percent in morning trade in New York.

"Anytime the annual sales rate tops $17 million, it's a strong month," WWJ's Auto Beat Reporter Jeff Gilbert said. "But when sales of picks and utilities are up, that generates strong profits." 

Honda and  Toyota both reported declines - of 9.5 and 0.6 percent respectively. 

Analyst Michelle Krebb any drop is on the passenger car side.

"Sales of cars, traditional cars, have not reached their bottom  yet," she told Gilbert. "We do know that sales are down, in part because the inventory is down."

Gilbert said many analysts believe if there was more car inventory, sales would be up.