Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Chrysler Group LLC, wholly owned by Fiat SpA, reported on Friday that its US sales surged by 20% in July from a year earlier as its Jeep brand posted a whopping 41% surge in sales, compared to the companys projections of an 8% average growth for the industry.

Although analysts had expected a 25.5% jump in Chryslers sales, this was still the companys best July since 2005, having sold 167 667 vehicles in the US, compared to 140 102 during July 2013. This was the third-biggest US car manufacturers 52nd consecutive month of sales growth.

Chrysler said that car sales contracted by 1% but truck sales, which made up 78% of Julys total sales, jumped by 27%. Its main growth driver was the Jeep brand which posted a 41% jump in sales, led by the Cherokee and Wrangler SUVs. This was Jeeps best July on record.

The Ram pickup truck, a competitor to Fords best-selling model, the F-150, saw purchases rise by 14%. Sales at the Chrysler brand rose by 17%, while the Dodge brand was up 3%.

Reid Bigland, head of Chrysler Group U.S. sales, said in a statement, cited by Bloomberg: “Chrysler Group had a solid July as each brand recorded sales gains on our way to a 20 percent year-over-year increase, our strongest July sales in nine years.”

Other US automakers are expected to report their July performance throughout the day. Each major market participant, except Volkswagen AG, is expected to log a year-on-year jump in sales as well.

General Motors Co is projected to post a sales increase of 11%, according to a Reuters survey of analysts. Toyota Motor Corp is likely to post an 11% jump as well, while Ford Motor Cos sales are expected to have jumped by 9%.

Earlier, Hyundai Motor Co announced that it sold 67 011 vehicles, a growth of 1.5% and an all-time record high for a July. Nissan Motor Co.s sales rose by 11%, trailing projections for a 14% growth.

Chrysler predicted the industrys July sales to be a seasonally adjusted annualized rate of 16.8 million vehicles, topping analysts forecasts for 16.7 million and the 15.8 million pace achieved during the comparable period a year earlier.

Fiat SpA was down 0.62% at 13:26 GMT to trade at 7.20 euros per share in Milan, marking a one-year change of +17.46%. Shares had fallen to a daily low of 6.92 euros earlier in the trading session. The car maker is valued at 9.06 billion euros. According to the Financial Times, the 24 analysts offering 12-month price targets for Fiat SpA have a median target of 7.05 euros, with a high estimate of 11.00 euros and a low estimate of 4.00 euros. The median estimate represents a -2.69% decrease from the last close of 7.25 euros.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: EUR/USD daily trading forecastForex Market: EUR/USD daily trading forecast Yesterday’s trade saw EUR/USD within the range of 1.1567-1.1796. The daily low has also been the lowest level since November 12th 2003. The pair closed at 1.1630, losing 1.35% on a daily basis.At 8:20 GMT today EUR/USD was up 0.04% for the […]
  • Outlook for AUD/USD during the upcoming weekOutlook for AUD/USD during the upcoming week Australian dollar traded slightly higher against its US counterpart during late US session on Friday, after an official report showed employment in the United States increased at a lesser than expected pace in January, while unemployment rate […]
  • Forex Market: CAD/MXN daily trading forecastForex Market: CAD/MXN daily trading forecast Yesterday’s trade saw CAD/MXN within the range of 11.9762-12.0471. The pair closed at 12.0384, gaining 0.13% on a daily basis.At 11:23 GMT today CAD/MXN was down 0.03% for the day to trade at 12.0329. The pair touched a daily low at […]
  • Gold trading outlook: futures rebound as market players reassess Fed rate outlookGold trading outlook: futures rebound as market players reassess Fed rate outlook On Tuesday (in GMT terms) gold for delivery in December traded within the range of $1,336.0-$1,348.5. Futures closed at $1,346.7, edging up 0.40% compared to Monday’s close. It has been the 148th gain in the past 312 trading days and also the […]
  • Apple Inc. share price down, withdraws latest iOS update after customer complaintsApple Inc. share price down, withdraws latest iOS update after customer complaints Apple Inc. withdrew its latest update for the iOS operating system as the new software was reported to have caused problems that resulted in some customers losing cellular service. According to some users, the fingerprint reading Touch ID […]
  • EUR/USD slightly higher before German IFO business climateEUR/USD slightly higher before German IFO business climate The euro edged higher against the US dollar on Tuesday, but upward movement seemed limited, following the speech by ECB President Mario Draghi yesterday and in expectation of the crucial German business climate indicators, scheduled for […]