Ford sales jump as supply chain issues improve
Ford Motor’s February sales increased by more than 20% from subdued results a year earlier, as the automaker ratchets up production of its F-Series pickups and electric vehicles.
The Detroit automaker Thursday reported February sales of 157,606 vehicles, up 22% from a year earlier and a 7.7% increase from January. Ford’s sales were hampered by supply chain problems in February 2022, making for one of its worst months since 2021.
Sales of Ford’s F-Series pickups jumped 22% last month compared with a year earlier, increasing to about 55,000 units, including 1,336 units of its electric F-150 Lightning. So far this year, sales of F-Series pickups are up 15%.
Ford’s electric vehicle sales — a major focus of Wall Street — continue to increase, up 88% from a year earlier. However, EV sales still only represent 2.9% of the automaker’s sales through February.
The automaker sold 3,600 electric F-150 Lightning vehicles through February. However, sales were off 41% compared with January as the automaker halted production and shipments of the vehicle last month due to a battery fire.
Wall Street analysts estimate U.S. auto sales last month were better than expected, reaching a seasonally adjusted selling rate of about 15 million units. BofA Securities estimated sales were up by 8.5% last month compared with February 2022.
Ford’s February sales outpaced other automakers who reported monthly sales. Toyota Motor’s sales last month were down by 8.5% compared with a year earlier, while Hyundai-Kia’s sales increased by 16.2%. Many automakers have moved to quarterly sales reporting instead of monthly.
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