Fiat Chrysler U.S. auto sales fall 10% on coronavirus hit

(Reuters) – Fiat Chrysler Automobiles NV on Wednesday posted a 10% 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 4.2% to $6.80 in early trade.

The 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 7%.

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

(Reporting by Rachit Vats and Sanjana Shivdas in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva)