October 25, 2021

Info IEC

Business & Finance Information

Ford’s gross sales enhancing however nonetheless down by 27.4% within the third quarter

Hundreds of Ford F-150s with out chips are saved at Kentucky Speedway in Sparta, Kentucky, U.S., September 8, 2021.

Jeff Dean | Reuters

DETROIT – Ford Motor’s U.S. automobile gross sales confirmed indicators of enchancment through the third quarter, however nonetheless fell by 27.4% from final 12 months as an ongoing scarcity of semiconductor chips interrupted automobile manufacturing.

The drastic decline was narrower than auto forecasters anticipated, however wider than the general trade that was estimated to be down between 13% and 14% from the identical time final 12 months. Cox Automotive anticipated Ford’s gross sales to be down by 37.3% through the third quarter, whereas Edmunds forecast a 29.3% decline.

A silver lining is Ford’s gross sales improved through the quarter from losses of greater than 30% in July and August to 17.7% in September, signaling higher provide of semiconductor chips. Its automobile stock additionally improved to 236,000 automobiles and vehicles, up 21,000 items in contrast with the beginning of September.

Shares of Ford have been up by greater than 4% in buying and selling Monday morning.

Ford bought 400,843 automobiles within the third quarter, together with greater than 156,600 in September. Its gross sales heading into October have been practically 1.4 million, down by 7% in contrast with the primary three quarters of 2020.

Ford mentioned reservations for its upcoming F-150 Lightning electrical pickup have topped greater than 150,000. That compares with 100,000 reservations on the finish of the second quarter, in response to the corporate.

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