Ford Sales Fall 10% in October on Weakness in Trucks, SUVs
November 02 2022 - 11:30AM
Dow Jones News
By Dean Seal
Ford Motor Co. said Wednesday that U.S. sales fell 10% in
October as it sold twice as many electric vehicles as it did a year
ago, but fewer trucks and sport-utility vehicles.
The Dearborn, Mich., auto maker said truck sales, which made up
more than half of overall revenue for the month, were down 7.7%
compared with October 2021.
Truck sales fell in September as well, marking a turnaround from
three months of steady gains in the category over the summer.
Ford warned in September that due to supply constraints, it had
to delay the delivery of about 40,000 to 45,000 vehicles that are
missing parts. The held vehicles are expected to be completed and
delivered in the fourth quarter.
Sales of SUVs also had been surging over the summer before
nearly flatlining in September and then dropping 14.1% in October.
Sales of the Ford Explorer, its best seller in the category, were
down 23.3%, though its second-best seller, the Ford Bronco, saw a
48% lift in sales.
Electric vehicle sales continued to be a bright spot for the
auto giant, more than doubling from last year and outpacing the
rest of the electric vehicle industry. The company's all-electric
F-150 Lightning truck had its best monthly performance since
launching in the spring, Ford said.
Ford said it ranks behind only Tesla in electric vehicle sales,
with its share of the market growing 2.2 percentage points to 8.9%
in October despite tight inventory and limited production.
Shares edged half a percentage point lower to $13.35 in early
trading. They are down more than 35% this year.
Ford said late last month that it swung to a loss in the third
quarter, which ended Sept. 30, due to a hefty charge associated
with the shuttering of its autonomous-driving venture. Revenue
meanwhile rose 10%.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 02, 2022 11:15 ET (15:15 GMT)
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