Ford sales improve, SUVs post best month in 21 years
Despite falling its overall vehicle sales in October by 4% year-on-year, Ford became the best-selling automaker for the second month in a row as it continues to rebound from a semiconductor chip shortage that ravaged industry.
|F||FORD MOTOR CO.||18.64||+0.62||+ 3.44%|
Ford sold 175,918 vehicles in October, including 94,449 trucks, 78,327 SUVs and 3,142 cars.
TESLA BUYERS HAVE THE LONGEST CAR LOANS, ACCORDING TO LENDINGTREE
The strong performance was driven by the company’s SUV segment, which posted its best sales performance in October in 21 years. October SUV sales were up 12.8% year-over-year, fueled by the strength of the new Bronco, Bronco Sport and Mustang Mach-E.
Bronco sales for the month totaled 7,364, up 117% at retail from September, while Bronco Sport sales totaled 9,201, topping the Jeep Cherokee and Compass combined in October. Bronco Sport’s inventory continues to turn over dealer lots very quickly in just nine days. Mustang Mach-E sales jumped 76.9% in October, with 21,703 vehicles sold so far this year, ranking second in full-electric SUV sales behind Tesla’s Model Y.
Lincoln’s retail sales have also gained momentum, jumping 8% from September as gross inventories continue to improve. Lincoln’s new Nautilus was up 15.8% from October last year and Lincoln’s Corsair was up 24% from September. Lincoln also recorded a 21.8% increase in Aviator sales from September, with Aviator in-transit inventories rising 6.2% from a month ago.
Meanwhile, total retail sales of Ford pickup trucks jumped 25% from September. F-Series retail sales rose 14.2%, while Rangers’ retail sales rose 60%. The all-new Maverick also completed its first full month of sales, adding an additional 4,140 vehicles to Ford’s truck sales portfolio.
October marked a record electric vehicle sales for Ford with 14,062 total sales, up 195% from a year ago. Ford’s E-Transit, which will begin production in a few weeks, is sold out and the F-150 Lightning has more than 160,000 reservations.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
The improvement in sales comes as Ford’s gross inventory levels reached a total of 243,000 vehicles at the end of October, up 7,000 units from last month.
Improved vehicle inventories allowed Ford to fill customer orders at a record pace, with 32% of October retail sales coming from a previously placed new vehicle order. This is Ford’s third consecutive month in which more than 30% of retail sales came from orders, up from 6% a year ago.
Ford took charge 77,000 new vehicle retail orders in October, up 25,000 from new vehicle orders in September.