Chrysler continues US incentives through January
CHICAGO, Jan 3 (Reuters) - DaimlerChrysler AG's (DCXGn.DE: Quote, Profile , Research) Chrysler Group will offer consumer incentives of up to $5,000 on some 2007 Dodge Ram light duty pickup trucks through January to maintain sales momentum, executives said on Wednesday.
Chrysler will also offer low-rate financing and consumer cash incentives of $1,000 to $1,500 on some vehicles including the Charger and Chrysler 300, executives said in a conference call with analysts and reporters.
Executives also said Chrysler reduced the number of unassigned vehicles in inventory to below 10,000 at the end of December, exceeding a target to cut the "sales bank" to the low five-digits. It had swelled to 100,000 at one point in 2006.
Chrysler Group, which includes the Chrysler, Dodge and Jeep brands, said U.S. sales rose 1 percent in December. The results were supported by incentives offered to reduce inventories, analysts said.
In December, Chrysler Group spent $4,400 on incentives per vehicle, their highest level ever, mainly to get rid of excess 2006 inventory, including more than $6,400 per large truck, said Alex Rosten, an industry analyst with Edmunds.com.
Chrysler Group ended 2006 with inventory of 538,000 vehicles, a 74-day supply, down about 10 percent from the end of 2005, meeting a target to reach the low- to mid-500,000 range by the end of the year, it said.
Market View
| DCXGn (Daimlerchrysler ) | |
| Last: | €46.82 |
| Change: |  -0.68 (-1.43%) |
| Revenue (ttm): | €149,776.0M |
| EPS: | 2.80 |
| Market Cap: | €47,650.48M |
| Time: | 10:14am ET |
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