HomeTrading TipsIncreased Demand for EV Contributes to Ford's Strong August Sales in the...

Increased Demand for EV Contributes to Ford’s Strong August Sales in the U.S.

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Ford Motor Co. (NYSE:F)

August sales at Ford Motor Co. (NYSE:F) rose 27.3% year over year. The carmaker sold 158,088 new cars in March. Ford sales rose 27.5% to 151,695 units while Lincoln sales rose 24% to 6,393 units. Ford EV sales totaled 36,500 units through August.

Ford Motor Co. (NYSE:F) has been America’s best-selling brand for two months.

Ford’s Mustang Mach-E sold 3,120 vehicles in August, increasing 115% year over year. After a four-month suspension due to low availability, the business resumed Mustang Mach-E 2023 bookings.

The reopening of order banks followed the price increase of the battery-electric SUV due to rising material costs and supply chain issues.

Ford truck sales rose 13.2% year-over-year to 83,347 units in August.

F-Series pickup sales were up 1.7% last month but are down 10.7% year to year. The business sold 6,842 all-electric F-150 Lightnings through Aug. 31, including 2,373 in August. F-Series was America’s best-selling truck, best-selling hybrid truck, and best-selling electric truck in the month, with the all-electric F-150 Lightning selling the fastest of any Ford vehicle in just eight days. Maverick and Bronco followed.

Ford Bronco sales surged 268% year over year to 10,032 vehicles in August, expanding more than 1000% year to year compared to last year. Bronco sales boosted Ford brand SUV sales by 50.4% to 64,808 SUVs.

Ford EV sales

Ford EV sales totaled 36,500 units through August, including 5,900 in the month, up 307% year over year. Ford is reportedly working on another electric vehicle after the success of the F-150 Lightning. The second model is due in 2025. The new EV truck will join the Ford Explorer, Mustang Mach-E, and F-150 Lightning.

Ford Motor Co. (NYSE:F) has been preparing to climb the EV ladder for some time. Ford is going the extra mile to bolster its position by announcing battery sourcing initiatives to launch an all-electric Explorer SUV by 2024 and electric versions of the Bronco SUV and Maverick compact pickup. August sales show their efforts are paying off.

In August, Ford Motor Co. (NYSE:F) sold 7,302 hybrids, a 9% year-over-year increase. Ford’s hybrid car share is 13% year-to-date.

Retail orders for 2023MY automobiles totaled 76,000, up 41% over 2022MY orders. This is the seventh month where more than 50% of Ford retail sales came from pre-orders.

In August 2021, Ford Motor Co. (NYSE:F) U.S. sales dropped more than a third year due to a global microprocessor shortage and insufficient dealership inventories.

A year later, the photo looks better. Ford Motor Co. (NYSE:F) has revealed plans to lay off 3,000 salaried and contract workers as cost-cutting measures. The automaker’s U.S. car inventory rose to 259,000 units in August from 254,000 in July.

Ford’s strong results were driven by a combination of factors and rising EV sales from a year ago. Truck and SUV deliveries increased, too.

The long-running semiconductor problem and supply-chain delays have affected the auto industry’s sales. Analysts projected the sales drop, given market volatility.

Despite the blemish, Ford is on a growth path.

Ford Motor Co. (NYSE:F) shares have increased 17.6% over the past year, outperforming their industry’s 4.6% fall.

Featured Image-  Megapixl @Josefkubes 

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