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Summary

  • Cheap valuation – absolute and especially on relative basis vs General Motors and Ford.
  • A very solid CEO - Sergio Marchionne was the 5th CEO in just 2 years before he took over in 2004.
  • Boost from recent Chrysler acquisition - Fiat is now the 7th largest auto company in the world.
  • Bad economic conditions in Southern Europe - have affected the company negatively.
  • New premium strategy - less vulnerability to cyclical economic downturns.

Ticker: F.MI, FIATY OTC (lowest brokerage fee), FSOR.PA & FIAT.DE (less liquid)

Main points

· Cheap valuation - Fiat S.p.A (FIATY) has a low valuation on an absolute and especially on a relative basis vs General Motors (NYSE:GM) and Ford (NYSE:F)

· A very solid CEO - Sergio Marchionne was the 5th CEO in just 2 years before he took over in 2004

· Boost from recent Chrysler acquisition - Fiat is now the 7th largest auto company in the world. The US government's main priority was to save jobs and Chrysler, and not to make a lot of money on the sale. Fiat paid a total of $3.65 B for Chrysler; a lot less than the $9 B investment firm Cerberus paid for it in 2007; which in turn was a lot less than the $57 B previous owner Daimler paid for it in 1998.

This acquisition enables the company to move its main operations and production away from Italy. According to Italian labor law, "Economic Reasons" is not a sufficient motive to lay-off an employee and an employee cannot be laid off simply because he/she is not performing as expected. This leads to unproductivity in Italian plants. In Italy's worst performing plant, output per worker is 15 automobiles per year while at Fiat's plant in Tychy (Poland), it is 100 per year. Even in Italy's most efficient plant, productivity is half of that of the Tychy plant.

· Bad economic conditions in Southern Europe - have affected the company negatively

· New premium strategy - less vulnerability to cyclical economic downturns

- Maserati

2013 Annual Report: "In addition, the premium strategy announced in 2012 in response to difficult market conditions has yielded promising initial results. The first fruits of this decision to expand into the more profitable premium end of the market are evident in Maserati's outstanding results.
The brand closed the year with a particularly strong fourth quarter following the introduction of the new Ghibli in October, building on the success of the new Quattroporte launched in March. For the full year, vehicle shipments were up 148%, revenues up 120%, trading profit up €114 million to €171 million and trading margins exceeded 10%."

Maserati is currently enjoying a very high growth. Fiat sold 15,000 Maseratis in 2013. Currently at the time of writing, According to Maserati CEO Harald Wester, they are receiving 3,500 orders per month, annualized that is roughly 40,000 orders. By 2015, Marchionne wants to be selling 50,000 Maseratis.

- Ferrari
2013 Annual Report: "Ferrari also turned in an excellent performance. Despite production volumes being held below the 2012 level to preserve the brand scarcity and exclusivity, revenues were 5% higher at €2.3 billion and trading profit was up 9% to €364 million with trading margins increasing to 15.6%."

Ferrari has a very high and steady profit margin: 11%+ last 5 years => recently 14-16% 2012-2013 (In April 2011, Marchionne told bankers pushing him to pursue an IPO of Ferrari that the division may be worth 5 B EUR)

· US car sales (Chrysler) below trend for some time now - Peter Lynch said: "after 4 or 5 years below trend, it usually takes 4 or 5 years above trend for the car market to catch up."

The average age of vehicles on U.S. roads has hit a record of 11.4 years last year, up from 11.2 years in 2012 and 10.9 years in 2010. It will remain above 11 years at present and could rise to 11.5 years by 2018. This is good news for automakers as a high average vehicle age creates pent-up demand for vehicle replacement, and is usually followed by higher sales.

· NYSE listing - scheduled for end of 2014. Many US funds are probably very interested in getting exposure toward Chrysler but up until NYSE listing won't be able to.

Introduction

Exposure toward

Fiat, Chrysler, Jeep, Dodge, Ram, Alfa Romeo, Lancia, Ferrari, Maserati, a great CEO, Southern European recovery, US car sales recovery

CEO - I recommend some further research into this guy as he is big part of the thesis

Sergio Marchionne took over in 2004 (then Fiat had lost 6 B in the past 3 years) Fiat now runs with a 1-2 B profit. He has picked up Chrysler at a bargain price as described above.

In my opinion, this is the type of guy that can really motivate people in a way that very few people can. Here are some examples on how he communicates with his employees:

Marchionne, in an e-mail to Chrysler employees Wednesday, expressed confidence that Fiat will be able to turn Chrysler around.

He wrote that he stepped into a similar situation five years ago at Fiat, which at the time was perceived as a failing, bureaucratic automaker that made low-quality cars. Yet most of the people capable of remaking Fiat were there all the time, he wrote.

"We have remade Fiat into a profitable company that produces some of the most popular, reliable and environmentally friendly cars in the world," he wrote. "We created a far more efficient company while investing heavily in our technologies and platforms. And, importantly, we created a culture where everyone is expected to lead. We can and will accomplish the same results here."

"The hardest, the most difficult moments, when we feel lost and beyond hope - are also the most meaningful at shaping our character. Because they ultimately change us forever. Those who survive, who find strength and the courage to stand and fight, will never be as before."

-Sergio Marchionne

Undervalued why?

Slump in Fiat product cycle, European economy, former problems in management, recent Chrysler and premium strategy structural changes not priced in.

Risks

  • The very obvious risk is the cyclicality of the business - a recession might come down hard on the company
  • The company completely fails in its business plan and execution
  • Chrysler Pension Liabilities - Buffett mentions US business pension problem in recent shareholder letter, mitigated by recent (Feb. 10, 2014) 5 B financing to pay off bankruptcy debt

Business

Breakdown 2013 EBIT by region and brands (car sales and financial services contribute to EBIT)

NAFTA (US, Canada, Mexico) 2.2 B

LATAM (South & Central America) 0.6 B

APAC (Asia & Pacific countries) 0.4 B

EMEA (Europe, Russia, Middle East & Africa) -0.5 B

Luxury Brands 0.54 B (incl. spending 250 M EUR per year on Formula 1 racing)

Components 0.2 B

TOTAL EBIT 3.4 B

EV/EBIT 20/3.4 = 5.9 => Yield 17%

NAFTA: design, engineering, development, manufacturing, distribution and sale of passenger cars, utility vehicles, minivans and light commercial vehicles, under the Dodge, Jeep, Ram, Chrysler, and Fiat brand names, and sale of the related parts and accessories (under the Mopar brand name) in the United States, Canada and Mexico.

LATAM: design, engineering, development, manufacturing, distribution and sale of passenger cars and light commercial vehicles and related spare parts under the Fiat and Fiat Professional brand names in South and Central America, excluding Mexico, and distribution of Chrysler brand cars in the same region; in addition, supply of financial services to the dealer network in Brazil and Argentina, and to the dealer network and end-customers of the CNH Industrial Group for the sale of trucks and commercial vehicles in those countries.

APAC: distribution and sale of cars and related spare parts under the Chrysler, Jeep, Dodge, Fiat, Alfa Romeo and Abarth brands mostly in China, Japan, Australia, South Korea and India, carried out in the region through both subsidiaries and joint ventures; financial services to the dealer network and end-customers of Fiat Group and CNH Industrial Group, in China only.

EMEA: design, engineering, development, manufacturing, distribution and sale of passenger cars and light commercial vehicles under the Fiat, Alfa Romeo, Lancia, Abarth and Fiat Professional brand names and sale of the related spare parts in Europe, Russia, the Middle East and Africa, and distribution of Chrysler Group vehicles in the same areas; supply of financial services related to the sale of cars and light commercial vehicles in Europe, primarily through the 50/50 joint venture Fiat Group Automobiles Capital S.p.A. (FGA Capital) with the Crédit Agricole Group.

Luxury Brands: design, engineering, development, manufacturing, distribution and sale of luxury sport cars under the Ferrari and Maserati brands, management of the Ferrari racing team and supply of financial services offered in conjunction with the sale of Ferrari branded cars.

Components: production and sale of lighting components, engine control units, suspensions, shock absorbers, electronic systems, and exhaust systems and activities in the plastic molding components and in the after-market carried out under the Magneti Marelli brand name, cast iron components for engines, gearboxes, transmissions and suspension systems, and aluminum cylinder heads (Teksid), design and production of industrial automation systems and related products for the automotive sector (Comau).

Financials per Dec. 31, 2013 (Chrysler consolidated)

Comparison of Ford, General Motors, Fiat in EUR

Balance Sheet

Valuation

Pension Liabilities

Ford:Obligation 80 B - Fair Value of Plan Assets 65 B = Liability 15 B

GM: Obligation 77 B - Fair Value of Plan Assets 64 B = Liability 13 B

Fiat: Obligation 23 B - Fair Value of Plan Assets 19 B = Liability 4 B

For FIAT roughly 1.5 B will be paid out per year going forward, payouts already incl. in current financials - The Group recognizes the cost for defined contribution plans over the period in which the employee renders service and classifies this by function in Cost of sales, Selling, general and administrative costs and Research and development costs. In 2013 this costs totaled €1,288 million (€1,087 million in 2012).

FIAT Revenues / Operating Profit from where Marchionne took over 2004-2011

Source: www.beyondproxy.com

FIAT Financial Ratios (t12m)

FIAT

Industry Avg

S&P 500

FIAT 5Y Avg*

Data as of 04/08/2014, *Price/Cash Flow uses 3-year average.

Price/Earnings

7.7

11.1

18.0

14.6

Price/Book

1.1

1.5

2.6

0.8

Price/Sales

0.1

0.6

1.7

0.2

Price/Cash Flow

1.8

3.8

10.9

0.9

Dividend Yield %

-

-

2.4

-

Source: Bloomberg

Outlook

The net industrial debt target in the €9.8 billion to €10.3 billion range takes into account the €2.7 billion payment to the VEBA Trust in January 2014 to acquire the remaining 41.5% interest in Chrysler.

As already announced and now increasingly relevant following the acquisition of the minority stake in Chrysler previously held by the VEBA Trust, the Group will be presenting an updated business plan in early May 2014 that will give increased visibility of the Group's strategic direction and execution priorities.

Notwithstanding that process, the Group indicates the following guidance for 2014:

· Revenues: ~€93 billion, representing a 7% increase over reported revenues for 2013.
It is expected that the increase will be primarily driven by commercial activities in NAFTA where, as illustrated in the financial results presentation given on 29 January 2014, the market is expected to register continued growth, albeit at a lower rate than for prior years, and where the Group expects revenue growth as sales of new models introduced over the past 12 months gain increased momentum, mainly the Jeep Cherokee and also the new Chrysler 200, which will be available in the second quarter of 2014. The year-over-year revenue contribution from APAC is also expected to be higher in 2014, driven by both increased market demand and penetration in the Group's key markets in the region, particularly China and Australia. For EMEA, the Group's volumes and revenues are expected to be substantially in line with 2013, primarily due to the industry outlook that overall demand will remain flat and that competitive pricing pressures, particularly in the mass-market segments, will continue to be a key factor. In Latin America, it is expected that overall car demand will remain at 2013 levels, with the Group expecting to maintain its market position substantially unchanged despite increased competition. The Group's luxury brands are also expected to contribute to revenue growth in 2014 on the strength of volume growth for new models launched in 2013, particularly for Maserati.

· Trading profit (cash from operations): ~€3.6 to €4.0 billion, up 10% from 2013.

· Net income: ~€0.6 to €0.8 billion, with EPS to improve from ~€0.10 (ex-unusuals) to ~€0.44-€0.60.
Includes increased deferred tax charge of ~€0.5 billion due to the recognition of net deferred tax assets at year-end 2013 related to Chrysler.

· The net industrial debt target for year-end 2014 is between €9.8 and €10.3 billion.
Excluding disbursements for the purchase of the VEBA interest in Chrysler, totaling €2.7 billion and the €0.3 billion negative effect from the consolidation of the debt related to joint operations due to the application of the new accounting standard IFRS 11(1) cash used in investing activities for the period is expected to exceed cash from operating activities (2) in a range between €0.1 and €0.6 billion. The targeted increase in EBITDA reflects the expectation for higher trading profit together with an increase in depreciation and amortization. Working capital is expected to generate positive cash flow for the period, although below the 2013 level. The year-over-year comparison reflects an expected increase in export activity, resulting in higher finished inventories, and exceptional seasonality in 2013, which resulted in higher sales volumes and production levels for Chrysler in the fourth quarter, primarily relating to the launch of the new Jeep Cherokee.

Other notes

Peter Lynch on Auto Industry

"If there is anything as certain as death, it is that Americans will always have to buy cars. Until someone invents a reliable hovercraft for home use, it's a certainty that cars will continue to be Americans most beloved personal possession."

"The autos, often misidentified as blue chips, are classic cyclicals."

"One useful indicator for autos is used-car prices. If used-car prices are falling, the outlook for automakers is even worse; but if they are rising, it's a good sign for automakers.

An even better indicator is 'units of pent-up demand' = difference between actual sales and forecasts based on demographics, previous year sales, age of cars on the road etc. After 4 or 5 years below trend, it usually takes 4 or 5 years above trend for the car market to catch up."

From Articles

"So why is Fiat doing this? Even though the company wouldn't talk to me, I think it's clear what's going on. Total ownership of Chrysler makes it easier for Fiat to move its headquarters from business-unfriendly Italy to England. In addition, allocating costs, doing taxes, and shifting money around between a wholly owned Fiat and a partly owned Chrysler would be hideously complex. This way, things are simpler."

"Maserati's high-end sedans, starting from $66,000 to $142,000, will attack the top of the Germans' lineups, while a rejuvenated Alfa Romeo will take on their mid-level offerings. Ferrari will continue to make its hyper-horsepower racers, and Fiat's new 500 will round out the mix with small cars featuring the same combination of pizzazz and retro-cool as BMW's Mini."

"The company ended up on its knees through years of missteps. Fiat relied too heavily on Europe and, especially, Italy. It was burdened by rigid union contracts and a stiff corporate culture that saw its competitive edge erode. Few would deny that Marchionne has revived Fiat. When the Italian-born manager, who grew up in Canada, took the helm in 2004, Fiat had lost more than 6 billion euros in the previous three years and was flirting with bankruptcy. Marchionne, the fifth CEO in two years at the time, returned the company to profit in 2005 after wringing $2 billion from General Motors to end a failed alliance."

"Fiat still lost 470 million euros in Europe last year. To limit Fiat's dependence on Europe, which accounted for some 90 percent of revenue in 2004, Marchionne looked for an international partner, finally teaming up with Chrysler."

Guy Spier from Graham & Doddsville Fall 2013 Interview

"What I think is interesting about Fiat is that what the Italians and the Europeans see is some also-ran European automobile manufacturer. They see a company that is a much smaller automobile manufacturer with sales skewed to Southern Europe, which has been much worse hit than Northern Europe. They don't have a clue what Chrysler is but people here in the United States understand that Chrysler is a substantial business, they have some blockbuster brands, and it has a real franchise value. But they can't invest in Chrysler because it's all owned by the VEBA, this voluntary employee benefits association, and Fiat. I think that is one of those unusual situations."

"Chrysler does an amazing thing for Fiat. Fiat's business has already improved dramatically because they now have the ability to allocate costs and production around the planet. Fiat used to be very heavily under the thumb of the Italian government and Italian unions. Now Fiat can say, 'Yeah, we're headquartered in Turin but we don't have to manufacture cars in Turin. We'll produce them in Brazil and we'll import them to you...' Chrysler has given them a global base from which to really allocate production across different factories. I think that takes three or four years to play out."

Conclusion

Cars are pretty much commodities and I see no reason why there should be such a huge valuation discrepancy between Fiat Chrysler Automobiles and General Motors / Ford, especially now after the Chrysler deal that enables Fiat to enhance efficiency all over the company. Furthermore, there seem to be a couple of other tailwinds - as outlined in the summary - working for Fiat currently.

It is very difficult to determine Fiat's intrinsic value, so I will not try. I think it suffices to be familiar with the following quote: "You don't need to know a person's exact weight to know whether he is fat or not".

Sources

http://wardsauto.com

http://www.autonews.com/article/20130806/RETAIL/130809922/average-age-of-u.s.-car-light-truck-on-road-hits-record-11.4-years#

http://www.gwinvestors.com/

http://www.beyondproxy.com/fiat-spa-investment-case

http://www.forbes.com/sites/halahtouryalai/2014/01/07/the-story-behind-chrysler-and-fiat-and-why-the-stock-is-so-cheap/

http://abcnews.go.com/Business/story?id=7804697

http://www.washingtonpost.com/business/economy/the-new-fiat-chrysler-faces-a-rougher-road-than-many-think/2014/02/06/af088988-8f71-11e3-b227-12a45d109e03_story.html/

http://washpost.bloomberg.com/Story?docId=1376-N00DPJ6TTDS701-5UJOQV4FGCKCH3CDILPCVJCSUL

http://www4.gsb.columbia.edu/filemgr?&file_id=7314104

http://finance.fortune.cnn.com/2014/02/05/fiat-chrysler-pensions/

Disclaimer

This report does not constitute advice to buy or sell any shares in companies mentioned. I have to the best of my ability tried to gather correct data but there may still be errors present. Daniel Glaser and Zen Capital does not take any responsibility for share purchases based on this report.

Appendix US Car Sales Data (Chrysler #4 most popular company after GM, Ford, Toyota and gaining market share lately)

US Market Share

US Sales & Market Share per company (per April 1, 2014)

SALES

YTD SALES

% MARKET SHARE

March
2014

March
2013

% Chg

2014

2013

% Chg

March
2014

March
2013

YTD
2014

YTD
2013

General Motors Corp.

256,047

245,950

4.1

649,637

664,963

-2.3

16.7

16.9

17.4

18.0

Total Cars

105,065

96,651

8.7

265,438

256,807

3.4

6.8

6.6

7.1

7.0

Domestic Car

104,818

96,410

8.7

264,669

256,128

3.3

6.8

6.6

7.1

6.9

Import Car

247

241

2.5

769

679

13.3

...

...

...

...

Total Light Trucks

150,982

149,299

1.1

384,199

408,156

-5.9

9.8

10.3

10.3

11.1

Domestic Truck

150,982

149,299

1.1

384,199

408,156

-5.9

9.8

10.3

10.3

11.1

Import Truck

...

...

...

...

...

...

...

...

...

...

Ford Motor Company

243,417

235,643

3.3

580,260

596,816

-2.8

15.8

16.2

15.5

16.2

Total Cars

86,791

84,611

2.6

196,493

211,436

-7.1

5.6

5.8

5.2

5.7

Domestic Car

86,791

84,611

2.6

196,493

211,436

-7.1

5.6

5.8

5.2

5.7

Import Car

...

...

...

...

...

...

...

...

...

...

Total Light Trucks

156,626

151,032

3.7

383,767

385,380

-0.4

10.2

10.4

10.3

10.4

Domestic Truck

156,626

151,032

3.7

383,767

385,380

-0.4

10.2

10.4

10.3

10.4

Import Truck

...

...

...

...

...

...

...

...

...

...

Chrysler LLC

193,915

171,606

13.0

475,964

428,352

11.1

12.6

11.8

12.7

11.6

Total Cars

48,292

62,137

-22.3

128,876

158,230

-18.6

3.1

4.3

3.4

4.3

Domestic Car

46,870

62,137

-24.6

125,924

158,230

-20.4

3.0

4.3

3.4

4.3

Import Car

1,422

...

...

2,952

...

...

0.1

...

0.1

...

Total Light Trucks

145,623

109,469

33.0

347,088

270,122

28.5

9.5

7.5

9.3

7.3

Domestic Truck

145,623

109,469

33.0

347,088

270,122

28.5

9.5

7.5

9.3

7.3

Import Truck

...

...

...

...

...

...

...

...

...

...

Toyota Motor Sales USA Inc.

215,348

205,342

4.9

520,997

529,444

-1.6

14.0

14.1

13.9

14.3

Total Cars

120,275

120,015

0.2

285,454

310,214

-8.0

7.8

8.3

7.6

8.4

Domestic Car

77,560

76,010

2.0

185,233

198,400

-6.6

5.0

5.2

4.9

5.4

Import Car

42,715

44,005

-2.9

100,221

111,814

-10.4

2.8

3.0

2.7

3.0

Total Light Trucks

95,073

85,327

11.4

235,543

219,230

7.4

6.2

5.9

6.3

5.9

Domestic Truck

75,757

70,892

6.9

188,655

179,581

5.1

4.9

4.9

5.0

4.9

Import Truck

19,316

14,435

33.8

46,888

39,649

18.3

1.3

1.0

1.3

1.1

American Honda Motor Co Inc.

133,318

136,038

-2.0

325,354

337,651

-3.6

8.7

9.4

8.7

9.1

Total Cars

71,817

76,651

-6.3

175,827

191,537

-8.2

4.7

5.3

4.7

5.2

Domestic Car

65,322

69,099

-5.5

159,195

172,037

-7.5

4.2

4.8

4.3

4.7

Import Car

6,495

7,552

-14.0

16,632

19,500

-14.7

0.4

0.5

0.4

0.5

Total Light Trucks

61,501

59,387

3.6

149,527

146,114

2.3

4.0

4.1

4.0

4.0

Domestic Truck

61,501

59,377

3.6

149,527

146,059

2.4

4.0

4.1

4.0

4.0

Import Truck

...

10

-100.0

...

55

-100.0

...

...

...

...

Nissan North America Inc.

149,136

137,726

8.3

354,966

318,281

11.5

9.7

9.5

9.5

8.6

Total Cars

94,867

87,682

8.2

220,010

203,974

7.9

6.2

6.0

5.9

5.5

Domestic Car

79,558

73,733

7.9

184,322

173,248

6.4

5.2

5.1

4.9

4.7

Import Car

15,309

13,949

9.7

35,688

30,726

16.1

1.0

1.0

1.0

0.8

Total Light Trucks

54,269

50,044

8.4

134,956

114,307

18.1

3.5

3.4

3.6

3.1

Domestic Truck

48,096

28,679

67.7

121,020

65,539

84.7

3.1

2.0

3.2

1.8

Import Truck

6,173

21,365

-71.1

13,936

48,768

-71.4

0.4

1.5

0.4

1.3

Hyundai Motor America

67,005

68,306

-1.9

160,013

164,330

-2.6

4.4

4.7

4.3

4.4

Total Cars

52,652

57,078

-7.8

124,456

133,738

-6.9

3.4

3.9

3.3

3.6

Total Light Trucks

14,353

11,228

27.8

35,557

30,592

16.2

0.9

0.8

0.9

0.8

Mazda Motor of America Inc.

34,903

32,028

9.0

78,057

78,283

-0.3

2.3

2.2

2.1

2.1

Total Cars

19,219

18,105

6.2

41,967

44,815

-6.4

1.3

1.2

1.1

1.2

Domestic Car

...

...

...

...

...

...

...

...

...

...

Import Car

19,219

18,105

6.2

41,967

44,815

-6.4

1.3

1.2

1.1

1.2

Total Light Trucks

15,684

13,923

12.6

36,090

33,468

7.8

1.0

1.0

1.0

0.9

Domestic Truck

...

...

...

...

...

...

...

...

...

...

Import Truck

15,684

13,923

12.6

36,090

33,468

7.8

1.0

1.0

1.0

0.9

Mitsubishi Motors N A, Inc.

8,996

5,286

70.2

19,840

15,996

24.0

0.6

0.4

0.5

0.4

Total Cars

4,266

1,913

123.0

8,777

7,583

15.7

0.3

0.1

0.2

0.2

Domestic Car

80

231

-65.4

122

691

-82.3

...

...

...

...

Import Car

4,186

1,682

148.9

8,655

6,892

25.6

0.3

0.1

0.2

0.2

Total Light Trucks

4,730

3,373

40.2

11,063

8,413

31.5

0.3

0.2

0.3

0.2

Domestic Truck

...

14

-100.0

...

24

-100.0

...

...

...

...

Import Truck

4,730

3,359

40.8

11,063

8,389

31.9

0.3

0.2

0.3

0.2

Kia Motors America Inc.

54,777

49,125

11.5

133,006

126,932

4.8

3.6

3.4

3.6

3.4

Total Cars

41,894

36,386

15.1

99,634

92,986

7.1

2.7

2.5

2.7

2.5

Total Light Trucks

12,883

12,739

1.1

33,372

33,946

-1.7

0.8

0.9

0.9

0.9

Subaru of America Inc.

44,479

36,701

21.2

112,388

92,527

21.5

2.9

2.5

3.0

2.5

Total Cars

23,909

22,812

4.8

59,770

60,169

-0.7

1.6

1.6

1.6

1.6

Domestic Car

14,963

14,853

0.7

37,470

39,430

-5.0

1.0

1.0

1.0

1.1

Import Car

8,946

7,959

12.4

22,300

20,739

7.5

0.6

0.5

0.6

0.6

Total Light Trucks

20,570

13,889

48.1

52,618

32,358

62.6

1.3

1.0

1.4

0.9

Domestic Truck

139

151

-7.9

353

504

-30.0

...

...

...

...

Import Truck

20,431

13,738

48.7

52,265

31,854

64.1

1.3

0.9

1.4

0.9

American Suzuki Motor Corp.

...

2,697

-100.0

...

5,949

-100.0

...

0.2

...

0.2

Total Cars

...

870

-100.0

...

1,602

-100.0

...

0.1

...

...

Domestic Car

...

...

...

...

...

...

...

...

...

...

Import Car

...

870

-100.0

...

1,602

-100.0

...

0.1

...

...

Total Light Trucks

...

1,827

-100.0

...

4,347

-100.0

...

0.1

...

0.1

Domestic Truck

...

200

-100.0

...

451

-100.0

...

...

...

...

Import Truck

...

1,627

-100.0

...

3,896

-100.0

...

0.1

...

0.1

Mercedes-Benz

29,316

26,178

12.0

77,238

73,027

5.8

1.9

1.8

2.1

2.0

Total Cars

17,572

15,396

14.1

48,179

44,271

8.8

1.1

1.1

1.3

1.2

Total Light Trucks

11,744

10,782

8.9

29,059

28,756

1.1

0.8

0.7

0.8

0.8

Domestic Truck

6,185

6,309

-2.0

15,556

16,800

-7.4

0.4

0.4

0.4

0.5

Import Truck

5,559

4,473

24.3

13,503

11,956

12.9

0.4

0.3

0.4

0.3

Saab

...

...

...

...

...

...

...

...

...

...

Total Cars

...

...

...

...

...

...

...

...

...

...

Total Light Trucks

...

...

...

...

...

...

...

...

...

...

Domestic Truck

...

...

...

...

...

...

...

...

...

...

Import Truck

...

...

...

...

...

...

...

...

...

...

Volvo

5,915

5,365

10.3

13,698

15,107

-9.3

0.4

0.4

0.4

0.4

Total Cars

3,345

2,603

28.5

7,633

7,584

0.6

0.2

0.2

0.2

0.2

Total Light Trucks

2,570

2,762

-7.0

6,065

7,523

-19.4

0.2

0.2

0.2

0.2

Volkswagen of America Inc.

36,717

37,704

-2.6

87,323

98,178

-11.1

2.4

2.6

2.3

2.7

Total Cars

33,620

33,635

...

78,850

86,999

-9.4

2.2

2.3

2.1

2.4

Domestic Car

19,128

19,314

-1.0

45,549

48,196

-5.5

1.2

1.3

1.2

1.3

Import Car

14,492

14,321

1.2

33,301

38,803

-14.2

0.9

1.0

0.9

1.1

Total Light Trucks

3,097

4,069

-23.9

8,473

11,179

-24.2

0.2

0.3

0.2

0.3

Audi of America Inc.

14,246

13,253

7.5

35,228

34,186

3.0

0.9

0.9

0.9

0.9

Total Cars

9,297

9,062

2.6

22,365

23,089

-3.1

0.6

0.6

0.6

0.6

Total Light Trucks

4,949

4,191

18.1

12,863

11,097

15.9

0.3

0.3

0.3

0.3

BMW of North America Inc.

32,107

27,078

18.6

72,377

64,902

11.5

2.1

1.9

1.9

1.8

Total Cars

18,904

16,997

11.2

43,119

39,125

10.2

1.2

1.2

1.2

1.1

Domestic Car

...

...

...

...

...

...

...

...

...

...

Import Car

18,904

16,997

11.2

43,119

39,125

10.2

1.2

1.2

1.2

1.1

Total Light Trucks

13,203

10,081

31.0

29,258

25,777

13.5

0.9

0.7

0.8

0.7

Domestic Truck

8,896

7,317

21.6

21,290

20,366

4.5

0.6

0.5

0.6

0.6

Import Truck

4,307

2,764

55.8

7,968

5,411

47.3

0.3

0.2

0.2

0.1

Porsche Cars NA Inc.

3,808

3,487

9.2

10,136

9,650

5.0

0.2

0.2

0.3

0.3

Total Cars

1,946

1,979

-1.7

5,856

5,469

7.1

0.1

0.1

0.2

0.1

Total Light Trucks

1,862

1,508

23.5

4,280

4,181

2.4

0.1

0.1

0.1

0.1

Jaguar *

1,816

1,408

29.0

4,715

3,585

31.5

0.1

0.1

0.1

0.1

Land Rover **

4,399

4,314

2.0

13,079

12,419

5.3

0.3

0.3

0.3

0.3

Mini *

3,655

6,071

-39.8

8,657

14,055

-38.4

0.2

0.4

0.2

0.4

Ferrari *

214

208

2.9

517

498

3.8

...

...

...

...

Maserati *

963

218

341.7

2,367

549

331.1

0.1

...

0.1

...

Bentley *

280

206

35.9

650

574

13.2

...

...

...

...

Rolls Royce *

77

16

381.3

194

64

203.1

...

...

...

...

Maybach *

...

...

...

...

5

-100.0

...

...

...

...

Total Car

763,170

755,254

1.0

1,836,885

1,905,953

-3.6

49.6

51.9

49.1

51.6

Domestic Car

237,010

241,144

-1.7

584,082

621,517

-6.0

15.4

16.6

15.6

16.8

Import Car

526,160

514,110

2.3

1,252,803

1,284,436

-2.5

34.2

35.3

33.5

34.8

Total Truck

774,118

699,244

10.7

1,906,857

1,787,365

6.7

50.4

48.1

50.9

48.4

Domestic Truck

453,231

409,800

10.6

1,115,054

1,063,658

4.8

29.5

28.2

29.8

28.8

Import Truck

320,887

289,444

10.9

791,803

723,707

9.4

20.9

19.9

21.2

19.6

TOTAL LIGHT VEHICLE SALES

1,537,288

1,454,498

5.7

3,743,742

3,693,318

1.4

100.0

100.0

100.0

100.0

Selling Days

26

27

...

75

76

...

...

...

...

...

Editor's Note: This article discusses one or more securities that do not trade on a major exchange. Please be aware of the risks associated with these stocks.

Source: Fiat: An Unusual Investment Opportunity