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Fiat Chrysler US auto sales fall 10per cent on coronavirus hit

Fiat Chrysler US auto sales fall 10per cent on coronavirus hit

1/4/2020 5:26:00 PM

Fiat Chrysler US auto sales fall 10per cent on coronavirus hit

REUTERS: Fiat Chrysler Automobiles NV on Wednesday posted a 10per cent drop in first-quarter auto sales in the United States, as the ...

Share this contentBookmarkREUTERS: Fiat Chrysler Automobiles NV on Wednesday posted a 10per cent 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 4.2per cent to US$6.80 in early trade.

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AdvertisementAdvertisementThe 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 7per cent.Credit ratings agency Moody's Investor Service expects global auto sales to fall 14per cent in 2020, with light vehicle sales in the United States falling at least 15per cent in the same period.

AdvertisementAdvertisement(Reporting by Rachit Vats and Sanjana Shivdas in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva) Read more: CNA »

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