Ford Motor’s fuel-powered F-150 trucks under production at its Truck Plant in Dearborn, Michigan, Sept. 20, 2022.
Jeff Kowalsky | AFP | Getty Images
Ford Motor Company has announced a 5.9% increase in its U.S. sales for July compared to the same period last year. This growth can be attributed to the high demand for its pickup trucks and the Bronco SUV, which more than offset the decline in electric vehicle deliveries.
In July, Ford sold a total of 173,639 new vehicles in the U.S., showing improvement from the strong performance of 163,942 vehicles in the previous year when the company was recovering from pandemic-related supply-chain challenges.
The sales of Ford’s F-Series pickups, a significant source of profit, increased by 8.2% to reach 68,536 trucks for the month. However, sales of the electric F-150 Lightning witnessed a decline of over 28% compared to the previous year, with only 1,552 trucks sold. This decrease can be attributed to the factory shutdown of the Lightning model for six weeks to implement production upgrades.
Fortunately, the Lightning’s factory is now operational again. Ford revealed that the Lightning’s orders had multiplied sixfold following price cuts implemented in mid-July.
The company expects slow Lightning sales until mid-September while it replenishes dealer inventories. However, Ford plans to manufacture over 70,000 Lightnings in 2023, having only delivered 10,309 units to U.S. customers through July. After the complete implementation of factory upgrades this fall, Ford will have the capacity to produce 150,000 Lightnings annually.
Similarly, sales of the electric Mustang Mach-E experienced a decline of nearly 21% in July due to a separate factory shutdown and upgrade earlier this year. In contrast, sales of Ford’s other electric vehicle, the E-Transit commercial van, saw a substantial growth of over 50%, with 791 units sold in July.
Ford announced that its EV unit, Ford Model e, is projected to incur a loss of $4.5 billion in 2023 as the company heavily invests in ramping up production to reach a rate of 600,000 EVs annually by 2024.
Despite the challenges with electric vehicle production, Ford’s internal-combustion and hybrid models continue to perform well and generate profits. Sales of the Bronco SUV increased by over 20% in July, reaching 12,755 vehicles sold. Additionally, the smaller Ranger and Maverick pickups witnessed growth of 8.6% and 13.5% respectively, compared to the previous year.
In total, Ford’s U.S. sales, including EVs and Lincoln-brand models, amounted to 1,181,207 units through July, marking a 9.4% increase compared to the same period in 2022.
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