Business

Ford’s new car sales are expected to slow in August

Ford's new car sales are expected to slow in August
Written by admin

2023 Ford F-150 RaptorR

ford

DETROIT – Ford engine on Friday announced that U.S. sales last month were up double-digits year over year but down about 4% month-on-month as the company and the auto industry continue to grapple with significant supply chain issues.

The Detroit-based automaker reported sales of 158,088 new vehicles in the U.S. in August, up 27% from August 2021, when the company began production and sales were significantly impacted due to a lack of semiconductor chips. Last month’s sales were down 3.6% compared to July, including an 8% drop in F-Series pickups.

However, these sales were in line with analysts’ expectations. The company said its Ford brand was America’s best-selling brand for the second straight month.

Sales of Ford’s profitable F-Series pickups increased by 1.7% in the month of August 2021, but by 10.7% in the first eight months of the year compared to the same period last year. The company has sold 6,842 models of his all-electric F-150 Lightning Collection starting Aug. 31, including 2,373 vehicles in the last month.

“The F-Series was America’s best-selling truck, best-selling hybrid truck and best-selling electric truck in August with the F-150 Lightning. Ford’s entire electric vehicle portfolio has quadrupled in July while smashing the competition at a rate of over 60%,” said Andrew Frick, Ford vice president of sales, distribution and trucks, in a press release.

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

Annual sales of all Ford vehicles, including luxury brand Lincoln, totaled more than 1.2 million units through August, down 0.2% from a year earlier. At the end of last month, the automaker’s US vehicle inventory, including dealer inventory and transit vehicles, was about 259,000 units, up from 245,000 in July.

JD Power and LMC Automotive estimate that total new vehicle sales in the U.S. last month topped 980,000 units, which would be 2.6% down from August 2021 — the first month in which the auto industry’s vehicle inventories were significantly affected by an ongoing shortage on semiconductor chips were affected.

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

About the author

admin

Leave a Comment