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Wednesday, 12 August 2020
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Wednesday, 01 Apr 2020 09:00 pm

Fiat Chrysler U.S. auto sales fall by 10% over coronavirus crisis

Shares of the company fell 4.2% to $6.80 in early trade.

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Fiat Chrysler Automobiles NV on Wednesday posted a 10% drop in first-quarter auto sales in the United States, as the fast-spreading coronavirus outbreak hurt demand and halted production from mid-March.

Shares of the company fell 4.2% to $6.80 in early trade.

The pandemic has pounded consumer confidence and shuttered dealerships across the country, with sales likely to take a further beating in April as social distancing guidelines remain in place.

The automaker said it sold 446,768 vehicles in the first three months of 2020, compared with 498,425 units a year earlier.

Fiat said the momentum in the first two months of the year was offset by the negative economic impact of the virus in March. However, its Ram pickup trucks were a bright spot as their sales rose 7%.

Credit ratings agency Moody’s Investor Service expects global auto sales to fall 14% in 2020, with light vehicle sales in the United States falling at least 15% in the same period.

Read here

Tags Fiat Chrysler Automobiles Economic slowdown Sales United States COVID-19 crisis

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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