Ford F-150 Lightning on the 2022 New York Auto Present.
Scott Mlyn | CNBC
DETROIT – Ford Motor on Tuesday mentioned its gross sales within the third quarter elevated about 16% in contrast with a 12 months earlier, regardless of a larger-than-expected decline in September.
The Detroit automaker, which reviews gross sales month-to-month, mentioned it offered 142,644 automobiles final month, an 8.9% decline from a 12 months earlier. The drop brought on the automaker to overlook quarterly gross sales expectations of Cox Automotive and Edmunds, which forecast positive factors of 19% and 17.8%, respectively.
Ford’s inventory was up about 7% in noon buying and selling Tuesday, outpacing a broader uptick available in the market. The automaker’s crosstown rival, Basic Motors, was additionally up about 7%.
New automobile demand “stays sturdy” with retail orders “quickly increasing,” in response to Andrew Frick, Ford vp of gross sales, distribution and vans — regardless of rising rates of interest and fears of an financial downturn or recession.
Ford’s quarterly gross sales outpaced the business, which auto analysts forecast to be down by lower than 1% in contrast with a 12 months earlier. Automakers proceed to cope with provide chain points, from semiconductors and wire harnesses to smaller components such as automobile and firm logos.
Financial and provide chain points brought on Cox Automotive final month to decrease its 2022 new automobile gross sales forecast to 13.7 million, representing a decline of greater than 9% from 2021 and the bottom quantity in a decade.
Ford’s automobile gross sales by way of the quarter elevated, however had been down by about 4% in contrast with the second quarter, as the corporate manages by way of provide chain issues.
Ford’s September gross sales report comes weeks after the automaker informed traders that components shortages affected roughly 40,000 to 45,000 automobiles, primarily high-margin vans and SUVs, that have not been capable of attain sellers. The corporate additionally mentioned on the time that it expects to e book an additional $1 billion in surprising provider prices throughout the third quarter.
Gross sales of Ford’s worthwhile F-Collection pickups had been down by 27% final month from September 2021, contributing to a roughly 13% decline by way of the third quarter. The corporate offered 8,760 fashions of its all-electric F-150 Lightning pickup by way of September, together with 1,918 automobiles final month.
Ford’s 2022 electrical automobile gross sales totaled greater than 41,200 items by way of September. A majority of these gross sales are Mustang Mach-E crossovers, which have elevated 49% in contrast with final 12 months to greater than 28,000 items.
12 months-to-date gross sales of all of Ford’s automobiles, together with its luxurious Lincoln model, totaled greater than 1.38 million items by way of September, a 1.2% lower from a 12 months in the past.