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Electric Ford F-150 Lightning
Andrew Evers / CNBC
DETROIT – Ford Motor on Tuesday reported a slight increase in new vehicle sales for the second quarter that missed automotive analysts’ expectations.
The company said sales rose 1.8% to 483,688 new vehicles in the second quarter compared with a year earlier, but noted that results had improved in June and were up 31.5% for the month. Analysts expect the Detroit automaker’s sales to rise between 3.3% and 5.1%.
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Ford’s results easily outperformed the industry in the quarter, as total sales are forecast to decline between 19% and 21% from a year ago. Automakers are scrambling to rebuild dealer inventories that have been hit hard by production cuts amid global shortages of semiconductor chips and other key automotive components.
Ford shares hit a 52-week low of $10.61 on Tuesday. The stock was around $10.90 in afternoon trading, down more than 3%. The automaker’s shares are down 47% in 2022.
Ford was hit hard a year ago by a chip shortage, largely the result of a fire at one of its suppliers in Japan that forced production cuts in the first half of 2021.
“Amid industry-wide supply constraints, Ford outperformed the industry driven by strong F-Series, Explorer and new Expedition and Navigator SUV sales,” said Andrew Frick, vice president of sales, distribution and Ford trucks, in a release.
The company said demand remains strong, with a record 50% of retail sales coming from customer orders in June, rather than from purchases from dealer inventories. Automakers push customers to order vehicles, which helps companies better gauge demand and plan accordingly. Ford said its retail sales rose 30.3% last month compared to a year earlier.
Notably, Ford’s sales of F-Series pickups improved to 57,673 units in June – their highest monthly total in 2022. Sales include the F-150, including an all-electric version, and larger pickup iterations.
Sales of the company’s electric F-150 Lightning continue to climb. Ford said it has sold 2,296 of the trucks since it went on sale in late May, including 1,837 in June.
Ford said sales of its electric vehicles — F-150 Lightning , Mustang Mach-E and E-Transit — jumped 76.6% to 4,353 in June from a year ago. For the first half of the year, it said EV sales reached 22,979 units, up 77% from the same period in 2021.
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