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DETROIT – Higher sales of the Chrysler Pacifica minivan and Jeep Compass and Dodge Durango SUVs pushed Stellantis’ second-quarter U.S. new vehicle sales up 6.4% from a year earlier.
The uptick is another sign of demand for new vehicles rebounding, as inventories of cars and trucks improve from historically low levels during the coronavirus pandemic and supply chain problems.
Stellantis’ sales increase is expected to be among the lowest of the second quarter, according to auto industry forecasters who project industry sales to have increased 16% to 18% during that time compared to a year earlier.
“We saw increased demand this quarter as market conditions continue to improve and our dealer network makes the necessary adjustments to drive sales growth across our brand portfolios,” Stellantis U.S. head of sales Jeff Kommor said in a release Monday.
Shares of Stellantis were up about 1.5% after the news.
Sales of the Durango more than tripled compared to subdued results during the second quarter of 2022, while sales of the Pacifica minivan jumped 40% and sales of the Jeep Compass increased 28%. Most of the company’s other vehicles experienced sales declines compared to a year earlier.
Stellantis reported second-quarter sales of 434,648 vehicles, up from 408,521 cars and trucks a year earlier.
Cox Automotive recently increased its full-year new-vehicle sales forecast to 15 million for the broader industry, a gain of nearly 8% from 2022, when sales finished at 13.9 million due to low inventory levels and inflated transaction prices.
Stellantis’ results come after other legacy automakers reported second-quarter sales increases, and electric vehicle makers Tesla and Rivian reported deliveries that topped analyst quarterly expectations.
Honda Motor and Nissan Motor on Monday both reported double-digit second-quarter sales increases of roughly 45% and 33%, respectively, compared to a year earlier. Hyundai Motor said Saturday its sales from April through June were up about 14% compared to a year earlier.
Other automakers such as General Motors and Ford Motor are expected to report second quarter sales later this week.