Ford new vehicle sales slow in the month of August
Yahoo Finance Live anchors discuss Ford after the company reported a slowdown in new vehicle sales for August.
Video Transcript
BRIAN SOZZI: Yeah, another-- outside of the markets and jobs report, we're also checking shares of Ford after the Detroit automaker reported August sales of 158,000 new vehicles, a 27% increase from August of last year. But they were off about 4% from the prior month as the company, along with the rest of the auto industry, continued to deal with significant supply chain issues.
Let's lock in here, Brad, on Ford's profitable F-series pickup trucks here. That is the profit center for this company. Sales of these trucks allows Ford to invest in various electric vehicles amongst many other things. Those sales were off 10.7% year over year in August. So a little bit of a red flag. Maybe you're starting to see the weakness in the housing market start to feed through to truck owners. Just something to monitor, I would say, moving forward.
BRAD SMITH: Yeah, they put out a release and ultimately kind of leaned into that F-150 Lightning. Of course, this is going to be that hybrid and electric truck, rather, I should say, the electric truck, the F-150 Lightning. And for the F-series, it's been the best-selling model and vehicle in the US for decades. It's been, of course, in recent years, much more-- it's been much more competition that's entered into the fray.
And so for them to get knocked off of that post, that was significant for one year's time. But at the end of the day, it's going to come down to how well they're able to transition that from an internal combustion engine, or the ICE business is what they've got over at Ford, into the EV landscape, which is that Model E side of the business where the Lightning would sit.
BRIAN SOZZI: Completely random, Brad, here. I'm thinking about buying a Corvette, a used one. Yeah.
BRAD SMITH: Yeah?
BRIAN SOZZI: Yeah, I think I'm ready. I just want to share that with you.
BRAD SMITH: You might be right for that.
BRIAN SOZZI: Yeah, I think I'm ready.
BRAD SMITH: You'll keep me up--
BRIAN SOZZI: Midlife crisis car. I'm there.
BRAD SMITH: I want the Sozzi indicator on whether or not you pull the trigger on it.
BRIAN SOZZI: I will. I will text you.
BRAD SMITH: All right.
