Ford reports best sales volume since April in October despite 4% drop
By Yashasvini on Nov 04, 2021 | 05:34 AM IST
• The U.S. sales of Ford Motor Co. fell 4%, in October, from a year ago
• Along with a drop in car sales, Ford also reported a 7% drop in truck sales to 94,449
The U.S. sales of Ford Motor Co. fell 4%, in October, from a year ago, fueled by a 74.3% drop in car sales, to 3,142.
Ford sold 175,918 vehicles in October amid an ongoing semiconductor chip shortage. Along with a drop in car sales, Ford also reported a 7% drop in truck sales to 94,449.
Despite the shortfall in sales, October’s sales have been the automaker’s best sales by volume since April. Also, its the first time since May that the company hasn’t reported a double-digit monthly loss compared with 2020.
The automaker said that Ford sports utility vehicles (SUVs) reported their best retail sales month in 21 years, up by 12.8% to 78,327. driven by sales of the new Bronco Sport, Bronco, and Mustang Mach-E.
Sales of its electric vehicles nearly tripled to a new monthly record, rising 195% to 4,062, with E-Transits sold out and electric F-150 Lightning trucks having more than 160,000 reservations.
ALSO READ: Ford partners with battery recycling startup to recycle EV batteries
Ford said vehicle inventories increased by 7,000 units from a month earlier to 243,000 cars and trucks. Due to the semiconductor chip shortage, the automaker’s inventories have been at record lows.
The stock has soared 104.4% year to date, while shares of rival General Motors Co. GM, have rallied 33.1% and the benchmark index S&P 500 has gained 23.2%.
ALSO READ: Hyundai to develop own chips to reduce dependency on chipmakers
Inputs from CNBC