Ford Motor Co. (F) - Get Ford Motor Company Report posted another significant decline in September U.S. car sales Monday, but noted a huge increase in EV interest and said reservations for the new F-150 Lightning have topped 150,000.
Ford said its overall U.S. vehicle sales were down 17.7% from last year at 156,614 units over the month of September. Truck sales, Ford said, fell 22.6% 83,554 units. Sales of its electrified cars, however, were up 91.6% from last year at 9,150.
Ford also managed to boost its overall inventory by 21,000 vehicles over the month, despite plant closures and delays linked to the global shortage in semiconductors, to reach a gross stock total of 236,000 units.
“New products and improved inventories made Ford America’s best-selling automaker in September. Retail sales gained 34 percent, compared to August, and we expanded our retail share 3.8 percentage points. Inventory turn rates are at the highest we’ve ever seen, with 31 percent of our retail sales coming from filling customer orders," said Ford's vice president for U.S. sales Andrew Frick. "The highly anticipated Maverick had a successful launch at month’s end, while the new Bronco is flowing to dealers with in-transit vehicles up 200 percent compared to a month ago.”
Ford shares rose 5.5% higher to $16.36 after hours Wednesday.
Last week, Ford's larger U.S. rival, General Motors (GM) - Get General Motors Company Report, said third quarter deliveries were down 32.8% from the same period last year, with an overall tally of 446,997 vehicles shifted in the United States. That puts the industry one pace for full-year sales of 13.4 million units, GM said, down from a pace of 15.5 million at this point in October of 2020.
Tesla (TSLA) - Get Tesla Inc Report, meanwhile, delivered 241300 new cars over the three months ended in October, the company said in a Saturday statement, up 73.2% from last year and nearly 20% higher than the 201,250 reached in the second quarter.
The third quarter total was comprised of 323,025 Model 3 and Model Y sedans, Tesla said, and 9,275 of its higher-priced Model S and Model X. Analysts were looking for an overall total of around 230,000.