Ford Motor reported U.S. sales grew 10.7% Y/Y to 170,933 units in May, driven by strong demand for models Ford F-150 and E-Series. Truck sales were up 31.6% Y/Y at 98,168 units, whereas SUV sales dipped 9.7% Y/Y to 69,206 units. Electrified vehicles sales at the same time fell 13% Y/Y to 5,444 units. Earlier in the week Ford and Tesla announced a partnership allowing Ford EV customers to access Tesla’s fast-charger network, boosting the appeal of Ford’s electric vehicle line-up Ford will also be the first major auto maker to adopt Tesla’s North American Charging Standard.
The deal is not only set to be a boost to Ford’s growing electric vehicle line-up, including the Mustang Mach-E sport utility vehicle, the F-150 Lightning pickup truck and the e-Transit, but also beneficial for broader electric vehicle adoption.
Ford May Highlights
- U.S. sales growth 10.7% Y/Y to 170,933 units,
- F-Series pickups sales jumped 42.7% Y/Y to 70,566 units, including 1,707 units of its electric F-150 Lightning.
- E-Series sales grew 135.5% Y/Y to 2,732 units.
- Truck sales totaled 98,168 units, up 31.6% Y/Y
- SUV sales dipped 9.7% Y/Y to 69,206 units.
- Electrified vehicles sales fell 13% Y/Y to 5,444 units.
Ford $F Stock Market Reaction
- $12.43▲ +0.32 (+2.60%) today
- $12.43 ▼ -1.46 (-10.51%) past year
- $12.43 ▲ +0.32 (+2.64%) past 5 years
Ford EV
Ford has been aggressive in expanding its own lineup of electric vehicles, having recently started production of its own battery-powered pickup, the F-150 Lightning. The Lightning is a direct competitor to one of Rivian’s first models, the all-electric R1T pickup, which went on sale late last year.
Ford’s competition is strong with GM preparing to launch at least three more new EVs in 2023, growing its EV lineup that includes the Hummer truck and Cadillac Lyriq SUV. EV startup Rivian in which Ford was an initial investor but has sold down its stake after share sales, has released new electric SUV’s this year that have had issues leading to recalls.
Argo AI
In the third quarter, Ford made a strategic decision to shift its capital spending from the L4 advanced driver assistance systems being developed by Argo AI to internally developed L2+/L3 technology. Earlier, Argo AI had been unable to attract new investors. Accordingly, Ford recorded a $2.7 billion non-cash, pretax impairment on its investment in Argo AI, resulting in an $827 million net loss for Q3,” Ford said in a statement.
Source Ford
From The TradersCommunity News Desk