2021 Dodge Durango SRT Hellcat
Fiat Chrysler
DETROIT – Stellantis’ second-quarter U.S. new vehicle sales increased by 6.4% compared to the same period last year, driven by higher sales of the Chrysler Pacifica minivan and Jeep Compass and Dodge Durango SUVs.
This surge in sales is a positive indicator of the recovering demand for new vehicles, as inventories of cars and trucks improve from their historically low levels during the coronavirus pandemic and supply chain issues.
Although Stellantis’ sales increase is projected to be one of the lowest in the second quarter, industry forecasters expect overall industry sales to have increased by 16% to 18% compared to last year.
“We witnessed increased demand this quarter as market conditions continue to improve and our dealer network adapts to drive sales growth across our brand portfolios,” said Jeff Kommor, Stellantis’ U.S. head of sales, in a release on Monday.
Following the news, shares of Stellantis rose by approximately 1.5%.
During the second quarter, sales of the Durango more than tripled compared to the subdued results of the same period in 2022. Other vehicles that performed well include the Pacifica minivan with a 40% jump in sales and the Jeep Compass with a 28% increase. However, most of the company’s other vehicles experienced declines in sales compared to last year.
Stellantis reported second-quarter sales of 434,648 vehicles, up from 408,521 cars and trucks in the same period a year ago.
Cox Automotive recently revised its full-year new vehicle sales forecast to 15 million for the broader industry, representing almost an 8% increase from 2022. This revision accounts for low inventory levels and inflated transaction prices that impacted sales last year.
Stellantis’ results align with other legacy automakers reporting second-quarter sales increases, and electric vehicle makers such as Tesla and Rivian surpassing analyst expectations for quarterly deliveries.
Honda Motor and Nissan Motor both reported double-digit second-quarter sales increases of approximately 45% and 33% respectively, compared to the same period last year. Hyundai Motor stated that its sales from April through June grew by about 14% compared to a year ago.
General Motors and Ford Motor are expected to announce their second-quarter sales later this week.
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