Tuesday, 02 January 2024 12:17 GMT

Ford Reports Near 4% Jump In US Vehicle Sales In August


(MENAFN- AsiaNet News)

Ford Motor Co. (F) on Wednesday said that it sold 190,206 vehicles in the U.S. in August, marking a growth of 3.9% year-on-year, owing to strong demand for its SUVs and trucks.

While internal combustion engine vehicles continue to dominate the company's sales numbers, electric vehicle sales jumped 19.3% to 10,671 units in August, while hybrid vehicle sales jumped 14.5% to 18,773 units. The company's best-selling F series truck, however, witnessed its sales drop 3.4% last month to 68,318 units.

The automaker sold 105,432 trucks and 81,539 SUVs last month, accounting for a lion's share of its overall sales.

On Stocktwits, retail sentiment around Ford stock fell from 'neutral' to 'bearish' territory over the past 24 hours, while message volume stayed at 'low' levels.

Among SUVs, the Ford Explorer was the best seller, marking a 22% increase in sales to 20,617 units. The Lincoln brand contributed 8,379 units to the company's overall sales, representing a 14.9% year-over-year decline.

Among the company's three electric vehicles, the Mustang Mach-E SUV was the best-seller, with 7,226 units sold. The company also sold 3,217 units of its electric truck, the F-150 Lightning.

In the second quarter, Ford's EV segment, known as Model e, saw its operating loss widen to $1.3 billion, pressured by tariffs and ramp-up costs at its new Marshall, Michigan, battery plant. For the full year, the company expects an overall net tariff-related headwind of about $2 billion.

Ford stated last month that it plans to introduce a new group of affordable electric vehicles starting in 2027 to expand its EV lineup. The first in line would be a midsize pickup truck assembled at Ford's Louisville Assembly Plant with an expected starting price of $30,000, the company added.

F stock is up by about 17% this year and by about 6% over the past 12 months.

Read also: Waymo To Begin Testing Robotaxis In Seattle, Denver

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