Ford Motor Company posts quarterly sales uptick, EV sales jump 76.6%

Ford’s overall U.S. market share increased to 12.9% in June as sales outperformed other automakers in the industry. Ford sales increased 31.5% over a year ago, but the industry as a whole saw an 11% decline in sales due largely to continued supply and semiconductor chip shortages. Gains in market share were driven by the F-Series, Explorer, and Expedition as well as the sustained, rapid growth of battery-electric vehicles.

Sales of the F-Series increased 26.3% over the previous year, accounting for 37.9% of total Ford sales in June, up from 32.0%in May. Ford sold 66,663 total pickups, including the F-Series, Ranger, and Maverick, rising 26.3% from the previous year. Ford electric vehicle sales increased 76.6% from a year ago to 4,353 units sold in the month.

On Tuesday, Ford stock reached a 52-week low of $10.61. In midday trade, the stock was trading at roughly $10.90, down more than 3%. The automaker’s stock price has dropped 47% in 2022.

The chip shortage that adversely affected Ford a year ago was mostly brought on by a fire at one of its Japanese suppliers.

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

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