Fiat Chrysler revises sales figures downward

The report suggests sales numbers were inflated in part due to pressure to continue FCA's streak of more than six years of year-over-year monthly sales increases.

A criminal probe could deliver a blow to Fiat Chrysler Automobiles, which has reported record sales since Fiat gained total control of Chrysler in 2014. When news of the investigation broke, FCA said in a statement that it is "cooperating with an SEC investigation into the reporting of vehicle unit sales to end customers in the U.S".

The Italian-American vehicle company said in a statement that it records revenue based on shipments to individuals and dealers, and not reported automobile unit sales to end customers. On Monday, Automotive News reported that the automaker conducted an internal review past year that revealed its sales figures had been overstated by several thousand vehicles.

Before the disclosure, the Italian-U.S. auto maker's U.S. win streak was believed to have stood at 75 months as of June, dating back to 2010. The company said that annual sales volume under the new method is within about 0.7% of previously reported annual sales numbers.

A lawsuit by an IL dealership group alleges that competing dealers got incentives to report false sales.

More news: Zika investigations eating up funds, Florida officials say

The revisions do not affect financial results. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

Fiat Chrysler announced they are investing almost $1.5 billion into the Sterlight Heights Assembly Plant to build the next generation Ram 1500. It replaces production of the Chrysler 200 sedan at that plant.

Currently, the Ram 1500 is being built in the Warren Truck Assembly Plant.

Chrysler 200 production will end in December, allowing the company to quickly implement the retooling program.

(Copyright © 2015. All Rights Reserved.)
 
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