Fiat Chrysler (FCAU) Stock Falls Today on Plans to Shutter Chrysler Brand in Europe
NEW YORK (TheStreet) -- Fiat Chrysler (FCAU) - Get Report shares are down 1.84% to $16.41 in trading on Tuesday after the auto company announced plans to shutter its Chrysler brand in Europe also reporting an 11.7% year over year increase in February sales today.
The company's market share in February 2015 increased to 6.9% from 6.6% a year ago and from 6.2% in January. The company sold a total of 66,000 vehicles in Europe in the month, though less than 10% of those vehicles, 6,000, were Chrysler brand.
The company saw the biggest jump in sales in Spain, which increased 40.9% versus an industry wide 26.1% increase, while sales in Italy and Germany increased 13.4% and 9.6%, respectively.
The company's Jeep brand will continue to be available in Europe however, after seeing a 182.4% year over year increase in sales.
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