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.