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Ford has reported a big jump in July sales, including for trucks and electric vehicles

Ford F-150 Lightning at the 2022 New York Auto Show.

Scott Mlyn | CNBC

DETROIT – Ford Motor Co.’s U.S. vehicle sales showed significant improvements in volumes and truck availability last month after a fire at a supplier’s factory in Japan hurt last year’s sales.

The Detroit-based automaker said Wednesday its new vehicle sales rose 36.6 percent in July from a year ago, compared with an industry estimate of a 10.5 percent drop in sales. Ford’s July sales of 163,942 vehicles were up 7.7% from June.

A year ago, Ford’s vehicle production and sales fell more than other automakers after a fire at one of its Japanese chip suppliers forced production cuts in the first half of 2021.

Ford shares rose 6.5% in intraday trading Wednesday, before closing at $15.69 per share, up 3.5%. Despite last month’s best return since the Great Recession, the stock remains down about 25% in 2022.

Sales of Ford’s profitable F-Series pickups reached 63,341 in July – the first time this year they’ve topped 60,000 units. Sales were up 21.1% from a year ago and up roughly 10% from the previous month.

Ford said last month its share of the U.S. electric vehicle market hit a record 10.9 percent as the company ramps up production and availability of the F-150 Lightning pickup, Mustang Mach-E crossover and E-Transit van.

Ford said electric vehicle sales were 30,648 units through July. This included sales of around 7,700 vehicles in July, 169% more than a year ago.

Sales of all Ford vehicles, including its luxury Lincoln brand, topped one million units through July, down 3.3% from a year ago. At the end of last month, US vehicle inventory stood at about 245,000 units, up from 160,000 in July 2021.

Cox Automotive predicts total U.S. vehicle sales will be 14.4 million units in 2022, down from a previous forecast of 15.3 million, due to bigger-than-expected problems. At current sales rates, new vehicle sales this year would finish below 2020, when the coronavirus pandemic forced dealerships and factories to temporarily close.

Ford has reported a big jump in July sales, including for trucks and electric vehicles

Source link Ford has reported a big jump in July sales, including for trucks and electric vehicles

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