Ford new vehicle sales slow in August, in line with expectations

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2023 Ford F-150 Raptor R

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DETROIT — Ford Motor said Friday its U.S. sales last month were up double digits from a year earlier, but were down about 4% from the previous month, as the company and the automotive industry continue to deal with significant supply chain issues.

The Detroit automaker announced August sales of 158,088 new vehicles in the United States, a 27% increase from August 2021, when the company’s production and sales were significantly affected by a shortage semiconductor chips. Sales last month were down 3.6% from July, including an 8% drop in its F-Series pickups.

However, these sales were in line with analysts’ expectations. The company said its Ford brand was the top-selling brand in the United States for a second straight month.

Sales of Ford’s profitable F-Series pickup trucks rose 1.7% for the month from August 2021, but were down 10.7% for the first eight months of the year from the same period last year. The company has sold 6,842 models of its all-electric F-150 Lightning pickup as of August 31, including 2,373 vehicles last month.

“The F-Series was America’s best-selling truck, top-selling hybrid truck, and top-selling electric truck with the F-150 Lightning in August. Ford’s overall portfolio of electric vehicles quadrupled in July, while conquering competitors at a rate of more than 60%,” Andrew Frick, Ford vice president of sales, distribution and trucks, said in a statement.

Ford’s electric vehicle sales in 2022 totaled more than 36,500 units through August. That included sales of about 5,900 vehicles in August, down 23% from the previous month but up more than 300% from a year ago.

Year-to-date sales of all Ford vehicles, including its luxury brand Lincoln, totaled more than 1.2 million units through August, down 0.2% from to a year ago. At the end of last month, the automaker’s U.S. vehicle inventory, including dealer stock and vehicles in transit, was about 259,000 units, down from 245,000 in July.

JD Power and LMC Automotive estimate that total new vehicle sales in the United States last month topped 980,000 units, down 2.6% from August 2021 – the first month that vehicle inventories in the automotive industry have been significantly affected by an ongoing shortage of semiconductor chips.

RBC Capital Markets said the seasonally adjusted annual rate, or SAAR, for new vehicles was 13.4 million, slightly above its forecast of 13.2 million and in line with July’s 13.5 million. SAAR is a metric closely watched by analysts and investors.

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