Ford F-150 Electric Lightning
Andrew Evers / CNBC
DETROIT – Ford Motor reported on Tuesday a slight increase in new vehicle sales for the second quarter that exceeded automotive analysts ’expectations.
The company said sales rose 1.8% to 483,688 new vehicles in the second quarter compared to the previous year, but noted that results improved in June and increased 31.5% during the year. month. Analysts had expected the Detroit automaker’s sales to rise between 3.3% and 5.1%.
Ford’s sales easily outperformed the industry during the quarter, as overall sales were forecast to fall by between 19% and 21% over last year’s period. Automakers have struggled to rebuild dealership inventories that have been hit hard by production cuts amid a global shortage of semiconductor chips and other key car components.
Ford shares reached a 52-week low on Tuesday morning. The stock was trading at about $ 10.75 per share, down 5%. Shares of the carmaker have fallen by almost 46% in 2022.
Ford was hit hard a year ago by a shortage of chips, which was largely the result of a fire at one of its suppliers in Japan that forced production cuts during the first half of 2021.
“Amid industry-wide supply constraints, Ford overcame the industry driven by strong sales of the F-Series, Explorer and new sales of SUV Expedition and Navigator,” said Andrew Frick, vice president of sales, Ford distribution and trucks in a statement.
The company said demand remains strong, with a record 50% of retail sales from customer orders in June, rather than purchases from distributors ’inventories. Car manufacturers have pushed customers to order vehicles, which helps companies better measure demand and plan accordingly. Ford said its retail sales increased 30.3% last month compared to the previous year.
In particular, sales of Ford’s F-Series pickup trucks improved to 57,673 units in June, their highest monthly total since 2022. Sales include the F-150, including an all-electric version, and larger versions of the van.
Sales of the company’s electric F-150 Lightning continue to rise. Ford said it has sold 2,296 trucks since it went on sale in late May, including 1,837 in June.
Ford said sales of its electric vehicles (F-150 Lightning, Mustang Mach-E and E-Transit) increased 76.6% from a year ago, to a total of 4,353 during the month.