Chrysler Group LLC posted a 4.1 percent increase in its U.S. vehicle sales for February over the previous year. It’s the best February growth in the last five years for the company. The Dodge brand of cars and SUVs led the pack with a 30 percent increase in February sales. Chrysler sold 139,015 vehicles in February 2013, compared to 133,521 cars and light trucks in the previous year.
The Auburn Hills said it was a record setting month for eight of its products. The company’s U.S. sales chief Reid Bigland praised the strong performance, especially when the company was ramping up some of its most popular products that limited inventory. Now Reid Bigland aims to correct the inventory gaps over the next 90 days.
Dov Gertzulin's DG Capital is having a strong year. According to a copy of the hedge fund's letter to investors of its DG Value Partners Class C strategy, the fund is up 36.4% of the year to the end of June, after a performance of 12.8% in the second quarter. The Class C strategy is Read More
February proved to be the best month for Dart small car since its launch in June 2012. Dart sales were up 8 percent month-over-month. The Dodge Challenger sales reached new highs by growing 34 percent in February. Dodge Avenger February sales soared 52 percent, while Dodge Journey sales rose 21 percent.
The unit sales of Dodge Durago increased by 38 percent, the best February figure since 2006. Chrysler 200 February sales jumped 18 percent, while the February sales of Ram pickup trucks rose 3 percent.
The only disappointment was its Jeep brand, which saw February sales plunging 16 percent from a year ago. The company said it was due to stopping the Jeep Liberty production in August, and the launch of Jeep Grand Cherokee to replace Liberty. However, Jeep Compass sales were up 36 percent, and Patriot recorded a 24 percent gain in February.
New car buyers have benefited from the all-time low interest rates and easily available credit. Just a few years ago they were shunned by lenders. Auto sales are rebounding at much faster pace than expected, boosting the economy.
On the other hand, General Motors Company (NYSE:GM) February sales rose 7 percent. The company sold 224,314 vehicles in the United States last month. Though car sales dipped 4 percent, truck sales more than made up for the decline by growing at 14 percent. The company didn’t mention anything about Chevrolet Malibu, which made headlines after being redesigned. General Motors Company (NYSE:GM) recently lost the World No.1 position to Japan’s Toyota Motor Corporation (NYSE:TM) (TYO:7203).
Brand-wise, Buick sales increased 15 percent, GMC rose 10 percent, Cadillac was up 20 percent, while Chevrolet posted just 5 percent gain. The crossover SUV sales soared 17 percent, and full-size pick up sales gained 28 percent. Fleet sales were up 7 percent.