Why Fiat (FIATY) Stock Is Up Today

NEW YORK (TheStreet) -- Shares of Fiat  (FIATY) are higher by 2.47% to $9.97 in late afternoon trading after its Chrysler unit reported a 20% increase of vehicle sales in the U.S. to 198,379 units in August from 165,552 units reported in August of last year, above the 12% growth analysts' estimated.

Watch the video below for a closer look at U.S. auto sales for August:

WATCH: More market update videos on TheStreet TV | More videos from Brittany Umar

The third largest U.S. auto maker, Chrysler which merged with the Italian automaker Fiat S.p.A, reported the best August sales since 2002.

Fiat said the better than expected sales are due to the company's primary global Jeep brand, with a 49% surge in unit sales, and the Ram pickup trucks with a 33% growth in unit sales.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

FIATY Chart FIATY data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

If you liked this article you might like

Lyft and Waymo Launch Self-Driving Car Testing Partnership

Volkswagen Loses Market Share as European Car Sales Inch Up in August

European Markets End Day Mixed; Car Makers Slide

Will Amazon.com (AMZN) Stock be Affected Today by EU Tax Case?

How Will Fiat Chrysler Automobiles (FCAU) Stock Respond in Its Wall Street Debut Today?