Ford sales jump 10% in Q2 on pickup strength as EV sales slip
Ford EV sales dropped 2.8% for the quarter.
Ford (F) on Thursday reported second quarter sales rose from a year ago with strength coming from its F-150 pickup line while sales of electric vehicles fell during the quarter.
In the second quarter, Ford said sales grew 9.9% from a year ago to 531,662 vehicles. For the first half of the year, Ford sales were up 10% compared to 2022.
EV sales for Ford fell 2.8% during the quarter, with Mustang's Mach-E sales declining by 21.1% and its E-Transit electric van sales falling by 3.8%. Ford, however, said say Mach-E sales "quickened" at the end of Q2.
Ford stock was down 2.5% on Thursday morning following this release.
The company's crown jewel F-Series pickup lineup, in contrast, notched a 34% sales jump in Q2, as well as a 24.7% gain sequentially from Q1. In terms of overall pickup sales, Ford said combined F-Series, mid-size Ranger, and compact Maverick sales of 246,155 pickups outsold all of rival GM’s Silverado, Sierra, Colorado, Canyon, and Hummer EV pickups in Q2. Ford's all-new line of Super Duty pickups saw "continued momentum" as well, with Q2 sales up over 28.5%.
Ford says total truck sales were up 26.2% for the quarter, which Ford said makes it the top-selling truck maker in the US. Ford SUVs — including the Bronco Sport and Escape — also saw double-digit gains.
“Ford achieved both best-selling brand and truck for six consecutive months this year on the strength of F-Series, vans, our new Escape, and F-150 Lightning,” said Andrew Frick, Ford VP of sales, distribution, and trucks in a statement. “Improved Mustang Mach-E inventory flow began to hit at the end of Q2 following the retooling of our plant earlier this year, which helped Mustang Mach-E sales climb 110% in June.”
Ford also experienced a recovery in F-150 Lightning EV sales following a production shutdown in Q1 due to a battery issue that led to a fire at its plant.
Ford said Lightning sales were up 119% in Q2 versus a year ago and up 4.1% sequentially from the first quarter. Overall Ford EV sales for the first half of the year were up 11.9%.
Ford's Q2 sales figures follow a strong quarter of gains for GM, which saw its sales surge nearly 19% in the quarter.
Ford and GM's results follow upbeat numbers reported by Tesla (TSLA), Rivian (RIVN), and Honda (HMC) in recent days. Honda’s sales in particular were noteworthy, with sales jumping an astounding 44.7% compared to a year ago.
Ford will report full second quarter financial results after the bell on July 27.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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