Automaker Chrysler Group LLC reported Tuesday a 14 percent increase in total U.S. sales for the month of August, marking the 29th-consecutive month of year-over-year sales gains, reflecting sales growth across its brands. The month also recorded the best August sales since 2007.
The other two of Detroit's big three, Ford Motor Co. (F) and General Motors Corp. (GM) are scheduled to come out with their sales for August later in the day.
Chrysler, which was once part of German automotive company Daimler AG, emerged from Chapter 11 reorganization in August 2009 and was bought by Italian automaker Fiat S.p.A. (FIATY.PK) in a U.S. government-brokered deal.
"Our Iron Man streak continued last month as we posted our 29th-consecutive month of year-over-year sales growth. Our hard work over the past few years is starting to pay some dividends in our sales growth, quality awards and profitability. Not to mention, an incredibly resilient U.S. new vehicle sales industry doesn't hurt either," said Reid Bigland, President and CEO - Dodge Brand and Head of U.S. Sales.
The Auburn Hills, Michigan-based company reported total U.S. sales of 148,472 units, up 14 percent from 130,120 units in sold in August 2011. The company attributed the sales growth to a strong sales of the all-new Dodge Dart compact sedan that was launched in July.
Total car sales for the month of August increased 21 percent to 40,895 units, and total truck sales rose 12 percent to 107,577 units from the same period last year.
The Fiat brand of vehicles led the sales increase with a 34 percent growth, followed by Chrysler brand with a 25 percent increase, Ram Truck brand with a 18 percent growth, Dodge brand with a 13 percent growth, and Jeep brand with a 5 percent rise.
Chrysler Group finished the month of August with a 66-days supply of inventory at 362,407 units. The company also estimated the U.S. industry sales figures for August at a seasonally adjusted annualized rate (SAAR) of 14.6 million.
The company also revealed that sales of the all-new 2013 Dodge Dart compact sedan soared nearly 300 percent sequentially after it was launched in July.
In Tuesday's regular trading session, FIATY is currently trading at $5.41, down $0.02 or 0.37% on a volume of 15,435 shares.
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