FCA Reports Q3 2024 Total U.S. Sales

Rhea-AI Summary

FCA US reports total sales of 305,294 vehicles in Q3 2024, a 20% decrease year over year. Despite the decline, the company's total market share increased from 7.2% in July to 8% in September. Key highlights include:

- Jeep Compass sales increased 71% year over year
- Ram brand's heavy-duty commercial fleet sales up 26%
- FIAT brand sales rose 118% with the launch of the all-electric 500e
- Jeep Wrangler 4xe and Grand Cherokee 4xe remain top-selling plug-in hybrids in the U.S.
- Inventory reduced by 50,000 units (-11.6%) during Q3

The company introduced aggressive incentives across its U.S. brand portfolio, which will continue through the end of the year, to drive sales and prepare for 2025 models.

Positive

• Market share increased from 7.2% in July to 8% in September
• Jeep Compass sales up 71% year over year
• Ram brand's heavy-duty commercial fleet sales increased 26%
• FIAT brand sales rose 118% with the launch of the all-electric 500e
• Jeep Wrangler 4xe and Grand Cherokee 4xe remain top-selling plug-in hybrids in the U.S.
• Inventory reduced by 50,000 units (-11.6%) during Q3

Negative

• Total U.S. sales decreased 20% year over year in Q3 2024
• Overall sales decline of 305,294 vehicles compared to previous year
• Jeep Wrangler sales down 14% year over year
• Ram pickup truck sales decreased 19% year over year
• Chrysler brand sales declined 47% year over year
• Dodge brand sales fell 43% year over year

Insights

Financial Analyst

FCA's Q3 2024 U.S. sales report reveals a 20% year-over-year decline in total sales to 305,294 vehicles. This significant drop is concerning, especially in a key market like the U.S. However, there are some positive aspects to consider:

• Market share increased from 7.2% in July to 8% in September
• Inventory reduced by 50,000 units (-11.6%), potentially improving efficiency
• Strong performance in electrified vehicles, with Jeep Wrangler 4xe and Grand Cherokee 4xe leading plug-in hybrid sales
• FIAT brand sales increased 118% year-over-year, albeit from a low base

The aggressive incentive program implemented during Q3 seems to have helped manage inventory but may impact profitability. The company's focus on electrification is promising, but the overall sales decline suggests challenges in the competitive U.S. auto market.

Automotive Industry Expert

The Q3 results highlight FCA's transition towards electrification amidst a challenging sales environment. Key observations:

• Jeep brand's resilience with Compass sales up 71% and Wagoneer up 3%
• Ram brand showing strength in commercial fleet sales, with heavy-duty sales up 26%
• Dodge Hornet gaining traction, especially the R/T hybrid variant
• Chrysler Pacifica Hybrid maintaining a strong position in the plug-in hybrid market

The company's strategy to reduce inventory and focus on higher-margin vehicles like SUVs and trucks is evident. However, the sharp declines in iconic models like Charger (-70%) and Challenger (-67%) are concerning. The transition to electric vehicles, exemplified by the upcoming Dodge Charger Daytona EV, will be important for future competitiveness. FCA needs to navigate this transition carefully while maintaining profitability in its core segments.

AUBURN HILLS, Mich., Oct. 2, 2024 /PRNewswire/ --  

• Third-quarter 2024 total U.S. sales decreased 20% year over year
• Company's total share grows in consecutive months during Q3, from 7.2% in July to 8% in September
• During the company's third quarter, inventory was reduced by 50K units (-11.6%)
• Incentive offerings to continue through the end of the year across the U.S. brand portfolio, including Chrysler, Dodge, FIAT, Jeep® and Ram
• Jeep Wrangler 4xe, Jeep Grand Cherokee 4xe, Dodge Hornet R/T and Chrysler Pacifica Hybrid take four of top-five spots for best-selling hybrids in the U.S. (source: S&P Global Mobility U.S. State Registrations database through July 31, 2024)

FCA US LLC reports total sales of 305,294 vehicles in the third quarter of 2024. Overall, third-quarter 2024 total U.S. sales declined 20% year over year. Total market share increased month over month during the third quarter from 7.2% in July to 8% in September while inventory was reduced by 50K units (-11.6%).

"At the beginning of Q3, we introduced an aggressive incentive program across our U.S. brand portfolio that with significant competitive updates made in August and September resulted in the reduction of dealer inventory by over 50,000 units through the end of the quarter, down 11.6%," said Matt Thompson, head of U.S. retail sales. "These cross-brand incentives, which will continue through the end of the year, also helped to deliver consecutive month total share growth in Q3 from 7.2% in July to 8% in September. We continue to take the necessary actions to drive sales and prepare our dealer network and consumers for the arrival of 2025 models."

Jeep Brand

• Jeep Compass total U.S. sales increased 71% in Q3 year over year
• Jeep Wagoneer total U.S. sales increased 3% in Q3 year over year
• Jeep brand's retail U.S. sales increased 4% in Q3 2024 over Q2 2024

The Jeep brand's Wrangler 4xe and Grand Cherokee 4xe remain the No. 1 and No. 2 best-selling plug-in hybrids in the U.S., respectively.

• Jeep Wrangler 4xe sold 10,866 units (30%) of total Jeep Wrangler third-quarter total 2024 U.S. sales
• Jeep Grand Cherokee 4xe accounted for 3,019 units (6%) of Grand Cherokee total third-quarter 2024 U.S. sales

Ram Brand
Ram brand's heavy-duty (2500/3500) commercial fleet channel's Q3 total sales increased 26% year over year.

The Ram brand's total and retail U.S. sales increased 3% and 7%, respectively, in Q3 2024 over Q2 2024.

• ProMaster van total U.S. sales increased 29% Q3 2024 over Q2 2024
• Heavy Duty total U.S. sales increased 4% Q3 2024 over Q2 2024
• Light Duty retail U.S. sales increased 11% Q3 2024 over Q2 2024
• ProMaster van retail U.S. sales increased 40% Q3 2024 over Q2 2024

FIAT Brand
FIAT brand total U.S. sales increased 118% year over year in the third quarter with the launch of the all-new, all-electric 2024 Fiat 500e.

Following the spirit of the original Cinquecento, the FIAT brand just announced a new incentive offering for the all-new, all-electric Fiat 500e to further democratize mobility.

Dodge Brand

• Dodge Hornet R/T placed No. 5 among top-selling plug-in hybrids in the U.S.
• Total Dodge Hornet retail sales increased 109% in Q3 year over year, marking its best retail sales quarter since vehicle went on sale in April 2023
• The brand's first muscle-inspired crossover, the Hornet R/T, accounted for 1,396 units (36%) of total third-quarter Dodge Hornet sales

Dodge will deliver the world's first and only electric muscle car, 2024 Dodge Charger Daytona, this year. 

Chrysler Brand

• Chrysler Pacifica Hybrid placed No. 4 among the top-selling plug-in hybrids in the U.S. 
• Chrysler Pacifica Hybrid accounted for 3,009 units (14%) of total Chrysler Pacifica sales in the third quarter of 2024

Alfa Romeo Brand
The Alfa Romeo Tonale, the brand's first electrified offering introduced to the market in the second half of 2023, sold 1122 units.  

For the methodology of determining FCA US LLC monthly sales, click here. These statements are based on current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: volatility and deterioration of capital and financial markets, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, weather, floods, earthquakes or other natural disasters, changes in government regulation, production difficulties, including capacity and supply constraints, and many other risks and uncertainties, most of which are outside of our control. 
U.S. fleet business includes three channels – rental, governmental and commercial.

*Per S&P Global July 2024 year-to-date vehicle registrations (most current data available); PC + light-duty trucks

Stellantis North America
Stellantis (NYSE: STLA) is one of the world's leading automakers, aiming to provide clean, safe and affordable freedom of mobility for all. In North America, it's best known for producing and selling vehicles in a portfolio of iconic, innovative and award-winning brands, including Jeep®, Chrysler, Dodge//SRT, Ram, Alfa Romeo and Fiat. Stellantis is executing its Dare Forward 2030, a bold strategic plan that paves the way to achieve the ambitious target of becoming a carbon net zero mobility tech company by 2038, while creating added value for all stakeholders. 

Follow company news and video on:
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FCA US LLC Sales Summary Q3 2024
	Q3 Sales		Vol %	CYTD Sales		Vol %
Model	Curr Yr	Pr Yr	Change	Curr Yr	Pr Yr	Change
Compass	34,632	20,268	71 %	84,474	71,560	18 %
Patriot	0	0		0	0
Wrangler	35,874	41,909	-14 %	113,078	126,551	-11 %
Gladiator	9,192	14,202	-35 %	32,670	41,528	-21 %
Cherokee	435	3,798	-89 %	2,600	23,017	-89 %
Grand Cherokee	54,188	57,915	-6 %	160,939	182,871	-12 %
Renegade	450	6,412	-93 %	7,776	15,561	-50 %
Wagoneer	7,486	7,248	3 %	37,329	20,883	79 %
Wagoneer S	76	0		98	0
Grand Wagoneer	2,630	2,867	-8 %	10,185	8,135	25 %
JEEP BRAND	144,963	154,619	-6 %	449,149	490,106	-8 %
Ram P/U	89,140	109,391	-19 %	268,666	332,440	-19 %
ProMaster Van	19,781	22,446	-12 %	41,003	60,340	-32 %
ProMaster City	4	2,541	-100 %	49	12,333	-100 %
RAM BRAND	108,925	134,378	-19 %	309,718	405,113	-24 %
200	0	0		-1	1	-200 %
300	978	3,962	-75 %	4,669	11,159	-58 %
Town & Country	0	0		0	0
Pacifica	21,504	38,353	-44 %	92,386	112,198	-18 %
CHRYSLER BRAND	22,482	42,315	-47 %	97,054	123,358	-21 %
Dart	1	0		1	0
Viper	0	0		1	0
Hornet	3,848	1,753	120 %	15,566	4,372	256 %
Charger	5,104	16,915	-70 %	31,980	63,625	-50 %
Challenger	3,657	11,075	-67 %	24,874	35,350	-30 %
Journey	0	1	-100 %	0	13	-100 %
Caravan	0	0		2	2	0 %
Durango	13,949	16,473	-15 %	46,870	53,582	-13 %
DODGE  BRAND	26,559	46,217	-43 %	119,294	156,944	-24 %
500	235	0		439	1	43800 %
500L	0	0		0	3	-100 %
500X	81	145	-44 %	347	422	-18 %
Spider	0	0		0	0
FIAT BRAND	316	145	118 %	786	426	85 %
Giulia	428	863	-50 %	1,724	2,694	-36 %
Alfa 4C	0	0		0	1	-100 %
Stelvio	499	1,280	-61 %	2,365	4,032	-41 %
Tonale	1,122	746	New	2,737	863	New
ALFA ROMEO	2,049	2,889	-29 %	6,826	7,590	-10 %
FCA US LLC	305,294	380,563	-20 %	982,827	1,183,538	-17 %

 

 

 

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SOURCE FCA US LLC

FAQ

What was FCA's total U.S. sales figure for Q3 2024?

FCA US reported total sales of 305,294 vehicles in the third quarter of 2024.

How did FCA's market share change during Q3 2024?

FCA's total market share increased from 7.2% in July to 8% in September 2024.

Which FCA vehicle models saw sales growth in Q3 2024?

The Jeep Compass sales increased 71% year over year, and the FIAT brand sales rose 118% with the launch of the all-electric 500e.

What is FCA's strategy to boost sales for the rest of 2024?

FCA introduced aggressive incentives across its U.S. brand portfolio, which will continue through the end of the year, to drive sales and prepare for 2025 models.

How did FCA's inventory levels change during Q3 2024?

FCA reduced its inventory by 50,000 units, representing an 11.6% decrease, during the third quarter of 2024.