Ford Motor Co. sales jumped 31.5% in June thanks to big gains from its top-selling pickup-truck line, including the electric F-150 Lightning.
The Lightning, in its second month on the market, booked 1,837 sales as Ford’s overall EV sales rose 76.6% from a year ago, making it the second-best seller of plug-in models behind Tesla Inc. That’s despite a 20.6% decline in sales of the Mustang Mach-E last month as Ford stopped delivering the battery-powered SUV due to a recall for a safety defect that can cause the car to lose power while in motion.
For the second quarter, Ford’s overall sales edged up 1.8%, as strong SUV sales overcame a slight decline in truck sales and the continuing collapse of sedan deliveries as it exits that market segment. Ford said it had a 51-day supply of vehicles at the end of June, close to the industry standard of 60 days, as it navigates the lingering semiconductor shortage.
Shares of Ford fell 6% at 10:04 a.m. in New York, as recession fears dragged down auto stocks and the overall market.
“The chip shortages continue to be an industry challenge and remain fluid,” Erich Merkle, Ford’s sales analyst, said in an email. “We are doing our best during these times to get vehicles to our customers as quickly as possible.”
— By Keith Naughton (Bloomberg)