FCA Canada posts further sales decline in October
- Author: Delia Davidson Nov 02, 2016,
Nov 02, 2016, 1:14
Its average sales price of $43,988 was a record for October.
GM reported that it's getting strong prices for its vehicles.
Autodata estimated that electric-vehicle maker Tesla Motors' sales rose 86.4% to 4,100 units in October.
Fiat Chrysler reported a 10 percent drop in total sales.
US auto sales remain near their all-time highs, but after six years of growth following the Great Recession, they're tapering off. October was the fifth month of year-over-year sales drops in 2016, a sign this year could fall short of last year's USA record of 17.5 million sales.
Ford Motor Co. said its sales figures would be delayed until later in the week due to an electrical fire at its headquarters that stopped dealers from reporting sales. US dealer inventory also hit an all-time September record, as attempts to reduce vehicle stocks failed to keep up with sliding sales.
While recently discussing this decision, Richard Palmer, FCA's chief financial officer said "Going into 2018, having more pickup capacity will allow us also to satisfy the fleet customers' demand on pickup, which we struggle to do today because we favor retail in the USA and Canadian volume, which have higher margins". GM has been shunning low-profit sales to rental vehicle companies in favor of more lucrative retail sales.
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-Toyota Motor Corp.'s sales fell 8.7 per cent to 186,295.
Vetr lowered shares of Fiat Chrysler Automobiles NV (NYSE:FCAU) from a hold rating to a sell rating in a research report sent to investors on Monday morning. Sales of its pickups climbed 6.9 percent in October, while sales of its large ProMaster commercial vans almost doubled and sales of its smaller ProMaster City van rose 14 percent.
GM's results exceeded estimates, declining just 1.7 percent instead of the average 6.9 percent drop projected in a Bloomberg survey of 11 analysts.
MITSUBISHI MOTOR C NPV (OTC: MMTOF) bucked the trend to report 2.8 percent growth in total unit sales. Sales of the Prius hybrid were down 46.5 percent despite a recent redesign.
New auto sales declined broadly in October, hurt by fewer selling days compared with a year earlier and by falling demand for passenger cars.
Nissan Motor Co.'s sales declined 2.2%, as an 11% rise in truck sales tempered a 13% decline in auto sales. Deliveries fell 10 percent at Fiat Chrysler and 2.2 percent at Nissan, both a bit more than forecasters predicted. Frontier pickups sales rose 34 percent. In addition, Jeep Patriot sales increased 2 percent year over year in October. The all-new 2017 Chrysler Pacifica - Cars.com's Best Minivan of 2016 - posted sales of 7,758 units in October.
Honda's sales were also down 4.2 percent while Volkswagen, which recently concluded a $14.7 billion settlement over its diesel emissions scandal, saw sales drop 18.5 percent for the month.