Ford Sales Fall 10% in October on Weakness in Trucks, SUVs

By Dean Seal

Ford Motor Co. said Wednesday that U.S. sales fell 10% in October as it sold twice as many electric vehicles as it did a year ago, but fewer trucks and sport-utility vehicles.

The Dearborn, Mich., auto maker said truck sales, which made up more than half of overall revenue for the month, were down 7.7% compared with October 2021.

Truck sales fell in September as well, marking a turnaround from three months of steady gains in the category over the summer.

Ford warned in September that due to supply constraints, it had to delay the delivery of about 40,000 to 45,000 vehicles that are missing parts. The held vehicles are expected to be completed and delivered in the fourth quarter.

Sales of SUVs also had been surging over the summer before nearly flatlining in September and then dropping 14.1% in October. Sales of the Ford Explorer, its best seller in the category, were down 23.3%, though its second-best seller, the Ford Bronco, saw a 48% lift in sales.

Electric vehicle sales continued to be a bright spot for the auto giant, more than doubling from last year and outpacing the rest of the electric vehicle industry. The company's all-electric F-150 Lightning truck had its best monthly performance since launching in the spring, Ford said.

Ford said it ranks behind only Tesla in electric vehicle sales, with its share of the market growing 2.2 percentage points to 8.9% in October despite tight inventory and limited production.

Shares edged half a percentage point lower to $13.35 in early trading. They are down more than 35% this year.

Ford said late last month that it swung to a loss in the third quarter, which ended Sept. 30, due to a hefty charge associated with the shuttering of its autonomous-driving venture. Revenue meanwhile rose 10%.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

November 02, 2022 11:15 ET (15:15 GMT)

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