Ford Sales Jump but lower than Analyst Expectations
Jul 5, 2022 By MarketDepth
Ford (F:NASDAQ) announces U.S. June sales results and increasing Year over Year sales was not enough to beat analyst expectations.With an 11% decline in industry sales Ford beat the trend but still fell short of expectations. Ford’s U.S. Market share improved too 12.9%.
Ford said truck sales for the month increased 26.4% to 79,823 vehicles, sport-utility vehicle (SUV) sales climbed 36.1% to 67,788 vehicles and electric vehicle (EV) sales hiked up 76.6% to 4,353 EVs.
Ford stock is down almost 4% on the day and is down 48% on the year.
“Amid industry-wide supply constraints, Ford outperformed the industry driven by strong F-Series, Explorer and new Expedition and Navigator SUV sales. Combined, these vehicles represented just over 56 percent of our sales in June – up about 8 percentage points from May. F-150 Lightning was America’s best-selling electric truck in June in its first full month of sales, while our overall electric vehicle sales were up 77 percent over last year.”Andrew Frick, vice president, Sales, Distribution & Trucks, Ford Blue
Ford Sales are up 31.5% from last year despite ongoing semiconductor and supply chain issues.