Ford pickup truck sales lead third-quarter growth
Publishing timestamp: 2023-10-04 10:21:44
Summary
Ford Motor's third-quarter U.S. new vehicle sales increased by 7.7% compared to the previous year, driven by increased sales of trucks. However, sales of the F-150 lightning electric pickup were down by about 46% due to slower-than-expected demand and downtime at the plant. The ongoing strike by the United Auto Workers union against Detroit automakers, including Ford, was not expected to directly impact sales during the quarter. Ford's sales of electric vehicles were up by 14.8%, with the majority of sales coming from the Mustang Mach-E crossover. Ford's EV sales represented only about 3% of the total vehicles sold by the automaker. The strike could pose challenges for Ford in the coming months, particularly for vehicles like the Ford Bronco SUV and Ranger midsize pickup.
Sentiment: NEUTRAL
Tickers: F,
Keywords: ford motor co, business news, autos, united states, earnings, detroit, business, breaking news: business, transportation,
Source: https://www.cnbc.com/2023/10/04/ford-reports-7point7percent-increase-in-third-quarter-sales.html