Ford reports its quarterly US sales with an increase of 10%. The increase in sales comes during its critical F-Series pickups and Bronco SUVs. During the first quarter of the year, the Detroit automaker sold 475,906 vehicles, reflecting a 10.1% increase compared to the previous year’s subdued levels that were impacted by supply chain challenges. This uptick in sales occurs while analysts on Wall Street keep a close eye on vehicle inventories and incentives in the U.S. automotive industry, which have been historically low over the last three years.
During the first quarter of the year, the Detroit-based automaker sold 475,906 vehicles, representing a 10.1% increase from the previous year’s subdued sales levels, which were impacted by supply chain issues. Ford’s namesake brand saw a 10.7% rise in sales, while its luxury brand, Lincoln, experienced a slight decline of 1.1%. The sale of trucks surged by almost 20%, with car sales rising by 5.1% and SUV sales increasing by less than 1%. Sales of Ford’s electric vehicles (EVs) rose by an impressive 41%, although they accounted for only 2.3% of the automaker’s quarterly sales, equivalent to less than 10,900 vehicles.
Sales of Ford’s electric F-150 Lightning totaled 4,291 pickups during the quarter, despite some downtime due to a vehicle catching fire. Ford confirmed that it remains on track to ramp up production of the electric pickup at its Michigan plant to an annual production run rate of 150,000 this year.
EV sales
Among Ford’s top-performing vehicles, the F-Series pickups led the pack with 170,377 units sold, an increase of approximately 21% from the previous year. Other notable sales increases included the Bronco SUV, which rose by almost 38%; the Explorer SUV, up by 36%; and the Expedition, which nearly doubled its sales volume.
Andrew Frick, Ford’s Vice President of Sales Distribution and Trucks, stated in a press release that Ford’s strong sales growth and investments are a result of robust customer demand across its truck, SUV, and electric vehicle segments. According to industry analysts, this surge in sales coincides with a rise in vehicle inventories and incentives in the U.S. automotive industry, which has been historically low over the past three years. Wall Street analysts are closely monitoring this trend, with some speculating that the increasing inventory levels may lead to incentives creeping back in. Morgan Stanley’s Adam Jonas commented in an investor note on Monday night that rising inventory levels may be a sign of cracking industry price discipline, and questioned how much longer car prices can remain so unaffordable.
