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DETROIT – Ford Motor’s US auto sales last month showed notable improvements in volumes and truck availability, following a fire at a supplier’s plant in Japan that hurt its sales last year.
The Detroit automaker said Wednesday that new vehicle sales rose 36.6% in July from a year earlier, compared with industry sales that were forecast to fall 10.5%. Ford’s July sales of 163,942 vehicles were up 7.7% from June.
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A year ago, Ford’s car production and sales fell more than other automakers because of a fire at one of its chip suppliers in Japan that forced production cuts in the first half of 2021.
Ford F-150 Lightning at the 2022 New York Auto Show.
Scott Mlyn | CNBC
Ford stock rose as much as 6.5% in intraday trading on Wednesday before closing at $15.69 a share, up 3.5%. Despite having last month’s best performance since the Great Recession, the stock remains down about 25% in 2022.
Sales of Ford’s most profitable F-Series pickups reached 63,341 in July – marking the first time units have topped 60,000 this year. Sales were up 21.1% from a year ago and about 10% from last month.
Ford said its share of the US electric vehicle market last month hit a record 10.9%, as the company increased production and availability of the F-150 Lightning pickup, Mustang Mach-E crossover and E-Transit van.
Ford said electric vehicle sales reached 30,648 units through July. That includes sales of about 7,700 vehicles in July, which is a 169% increase from last year.
Sales of all Ford vehicles, including its Lincoln luxury brand, totaled more than 1 million units through July, a 3.3% decline from a year earlier. At the end of last month, the automaker’s US vehicle inventory was about 254,000 units, up from 160,000 in July 2021.
Cox Automotive expects total US auto sales to be 14.4 million units in 2022, down from a previous forecast of 15.3 million, due to larger-than-expected supply chain issues. At current sales rates, new car sales this year will finish below 2020, when the coronavirus pandemic forces dealers and factories to temporarily close.
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