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Ford Sales Grow 31% in June, Shares Hit 52-Week Low

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Ford sales grow 31% in june, shares hit 52-week low
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Ford reported a slight increase in new vehicle sales for the second quarter that missed analysts’ expectations.

The company said it sold 483,688 new vehicles from April to June, which is 1.8% more compared to a year earlier. Analysts expected the automaker’s sales to rise between 3.3% and 5.1%. Ford also posted a 31% sales growth in June.

Ford’s results contrast with industry sales that are down between 19% and 21% from the year-ago period.

“Amid industry-wide supply constraints, Ford outperformed the industry driven by strong F-Series, Explorer and new Expedition and Navigator SUV sales,” Andrew Frick, Ford’s vice president of sales, said in a release.

The company’s sales of F-Series pickups improved to their highest monthly total of 2022. Sales of its electric vehicles jumped 76.6% to 4,353 in June from a year ago.

Also, Ford shares hit a 52-week low Tuesday morning after being trading down near 5%. Shares of the automaker have declined nearly 46% in 2022 in a very difficult year for almost all companies and indexes.

The Detroit automaker said demand remains strong, with a record 50% of retail sales coming from customer orders in June. Retail sales were up 30.3% last month compared to a year earlier.

Automakers have been struggling with inventories and production cuts amid a global shortage of chips and other key automotive components.

Tags: Automotive industryFord

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