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U.S. authorities investigate Fiat Chrysler over sales figures

U.S. authorities investigate Fiat Chrysler over sales figures

Amid announcing changes to the way it reports USA auto sales, Fiat Chrysler said Tuesday it was conducting a similar review on this side of the border.

FCA will cease producing the Dodge Dart or Chrysler 200 in the U.S.by the first quarter of next year, and will instead use the production capacity to churn out more profitable Ram and Jeep vehicles. However, quarterly net revenues and worldwide shipments declined from a year ago. However when including a one-time charge of €414 million related to the Takata airbag recall, net income slid 14 percent to €1.1 billion ($1.2 billion). For the full year, the consensus estimates call for $1.55 in EPS and revenues of $124.23 billion.

Chief Financial Officer Richard Palmer said the company is hedged this year against the fall of the British pound following the U.K.'s vote last month to leave the European Union, but if sterling remains weak into next year it would have an adverse impact on financial results. Past 5 years growth of Fiat Chrysler Automobiles NV (NYSE:FCAU) observed at 49.41%, and for the next five years the analysts that follow this company are expecting its growth at 76.63%.

Ultimately, this was a solid second quarter for FCA, with its margins improving, debt rating being upgraded, and full-year estimates moved higher.

North America accounted for almost 85 percent of FCA's quarterly profit, reflecting robust demand for its Jeep SUVs and pickup trucks.

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FCA is retooling several plants in the United States to boost production of more profitable SUVs and trucks, improve its model line-up and strengthen its finances before the US market comes off its peak.

The company, in a lengthy statement issued Tuesday, said it would change the way it reports monthly sales retroactively to the start of 2011.

The vehicle unit sales data reported by FCA US is comprised of three main components: (a) sales made by dealers to retail customers; (b) sales of vehicles shipped directly by FCA US to fleet customers and (c) other retail sales including sales by dealers in Puerto Rico, limited deliveries through distributors and a small number of vehicles delivered to FCA employees and retirees and vehicles used for marketing.

The Italian-American automaker with US operations based in Auburn Hills, Michigan, has reported 75 straight months of year-over-year sales increases since April of 2010, a lengthy string for any automaker. He also asserted that the changeover, which will result in some downtime at affected plants, will help ensure UAW employment going forward.

- Dealers sign paperwork to sell a vehicle and then report it as a sale to Fiat Chrysler. The company believes its goal of 500,000 annual Jeep sales in China is achievable by 2018. "The whole house is tuned to a different level now, not just in terms of products in the marketplace, but also products that are in development", the CEO said.

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