General

Ford reports big jump in July sales, also for trucks and electric vehicles

Ford reports big jump in July sales, also for trucks and electric vehicles

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

Scott Mlyn | CNBC

DETROIT – Ford Motor’s US car sales last month saw notable improvements in truck volumes and availability, following a fire at a supplier’s factory in Japan that damaged sales from a year ago.

The Detroit automaker said Wednesday that new-vehicle sales rose 36.6% in July from a year ago, compared with industry sales estimated to have fallen 10.5%. Ford sales of 163,942 vehicles in July were 7.7% higher than in June.

A year ago, Ford’s car production and sales had fallen more than other automakers as a result of a fire at one of its chip suppliers in Japan, forcing production to stop in the first half of 2021.

Ford’s stock rose a whopping 6.5% during trading Wednesday morning to $16.15 a share. Despite last month’s best performance since the Great Recession, the stock will remain about 24% lower in 2022.

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

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

Ford said electric vehicle sales totaled 30,648 units through July. That included sales of about 7,700 vehicles in July, up 169% from a year ago.

Sales of all Ford vehicles, including the Lincoln luxury brand, totaled more than 1 million units through July, down 3.3% from a year ago. At the end of last month, the automaker’s U.S. vehicle inventory was about 245,000 units, up from 160,000 in July 2021.

Cox Automotive expected total vehicle sales in the US will reach 14.4 million units by 2022, down from an earlier forecast of 15.3 million, due to larger-than-expected supply chain issues. At current sales figures, new vehicle sales this year would end below 2020, as the coronavirus pandemic forced dealers and factories to temporarily close.