Ford sales fell 10% in October due to weakness in trucks and SUVs | Rare Techy
By Dean Seal
Ford Motor Co. reported Wednesday that U.S. sales fell 10% in October as it sold twice as many electric vehicles as a year ago, but fewer trucks and commercial vehicles.
The Dearborn, Ill.-based automaker said truck sales, which accounted for more than half of total revenue for the month, fell 7.7% from October 2021.
Truck sales also fell in September, marking a turnaround from the category’s three months of steady gains over the summer.
Ford warned in September that it had to delay the delivery of about 40,000 to 45,000 vehicles with missing parts due to supply constraints. The stored vehicles are expected to be completed and delivered in the fourth quarter.
SUV sales had also risen sharply over the summer before falling almost flat in September and then down 14.1% in October. Sales of the category’s best-selling Ford Explorer fell 23.3%, although sales of its best-selling model, the Ford Bronco, rose 48%.
Electric vehicle sales continued to be a bright spot for the auto giant, more than doubling year-over-year and outperforming the rest of the EV industry. According to Ford, the company’s all-electric F-150 Lightning truck had its best monthly performance since its launch in the spring.
Ford said it was trailing only Tesla in electric vehicle sales, whose market share rose 2.2 percentage points to 8.9% in October despite tight inventory and limited production.
Shares were down half a percentage point at $13.35 in early trading. They are down more than 35% this year.
Ford announced late last month that it swung to a loss in the third quarter ended Sept. 30, thanks to a hefty charge related to the shutdown of its autonomous driving business. Turnover increased by 10% at the same time.
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