Chrysler momentum builds
WINDSOR, Ont. — May proved to be a stellar selling month for Chrysler Group LLC on both sides of the border as the Auburn Hills, Mich., company reported Wednesday that sales rose by a robust 33 per cent compared to the same period last year.
In fact Chrysler’s monthly sales increase exceeded those of both Ford Motor Co., and General Motors, which posted hikes of 22 per cent and 17 per cent respectively.
“May was another positive sign as sales momentum continues to build for Chrysler Group, exceeding the 100,000 unit threshold for the first time in more than a year,” said Fred Diaz, president and CEO, Ram Truck Brand and Lead Executive for U.S. Sales. “The company continues to show improvement each month, with May being our strongest month this year, exceeding overall industry growth for the second month in a row.”
In Canada, the automaker boasted a 53 per cent hike in sales last month — an increase driven by demand for such vehicles as the Windsor-assembled Dodge Grand Caravan, Chrysler Town and Country as well as the Dodge Journey, Ram pickup, Jeep Wrangler and Brampton-produced Dodge Challenger.
American consumers flocked to both the Caravan and Town and Country, boosting minivan sales by 66 per cent and 68 per cent respectively.
Dodge Caliber, Dodge Avenger Sedan and Dodge Charger sales each increased by triple digit percentages last month compared to May 2009.
Chrysler’s results beat analysts’ forecasts, which pegged the sales hike at 28 per cent.
However, the corporation, which just last year had filed for bankruptcy protection, is falling behind the pack in the race to introduce new products.
Chrysler’s product replacement rate is lower than that of competitors such as Ford, GM and Honda, said a new report by the Bank of America Merrill Lynch.
The report is based on the premise that replacement rate and vehicle showroom age are the major driver of market gains and losses.
“Detroit has replaced its lineup every seven to eight years while the competition has done so about every five years — we believe this is one of the main reasons Ford, Chrysler and GM has lost share,” the report said.
While Chrysler is expected to improve its replacement rate from 14 per cent to 24 per cent over the next four years, the company still lags behind the industry, said John Murphy, the report’s author. Chrysler’s market share is expected to drop two points to 6.9 per cent. “Chrysler products are likely to have a tough time in a competitive market, which may pressure market share,” he said. “A relative lack of investment by previous owners has driven an apparent need to play catchup in a very competitive market.”
Ford is expected to gain two points of market share over the next four years, reaching 17 per cent to 18 per cent, while GM will retain its current share of 18 per cent to 19 per cent. “We believe (Ford’s gain) will be driven by the relative strength of its product launches, which are increasingly leveraging Ford’s global platforms.
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