March 6, 2023: Ford Motor’s February sales increased by over 20% from subdued results as the automaker ratchets production of its F-Series pickups and electric vehicles.
In February, the Detroit automaker on Thursday reported sales of 157,606 vehicles, an increase of 22% from a year earlier and a 7.7% increase from January. Ford’s sales were hampered by supply chain issues in February 2022, making it one of its worst months since 2021.
Sales of Ford’s F-Series pickups surged 22% in the previous month in comparison with a year earlier, surged to nearly 55,000 units, including 1,336 units of its electric F-150 Lightning. Till now, sales of F-Series pickups are up 15%.
Ford’s electric vehicle sales, a significant focus of Wall Street, continue to surge, up 88% from a year earlier. Therefore, EV sales only represent 2.9% of the automaker’s sales through February.
The automaker is selling 3,600 electric F-150 Lightning vehicles through February. Therefore, sales were off 41% compared to January, as the automaker paused production and car shipments last month due to a battery fire.
Wall Street analysts figure U.S. auto sales in the previous month were better than expected, which hits a seasonally adjusted selling rate of about 15 million units. BofA Securities estimated sales were up 8.5% last month compared with February 2022.
Many automakers have moved to quarterly sales, which reports instead of monthly. Ford’s February sales outpaced other automakers who reported monthly sales. Toyota Motor’s sales in the previous month were down by 8.5% compared to a year earlier, while Hyundai-Kia’s sales increased by 16.2%.
The automotive industry continues to navigate some supply chain and production issues. However, parts and vehicle production flow this year is expected to be more consistent than in recent years.
“We are optimistic about our performance this year,” Hyundai Motor North America CEO Randy Parker stated on Wednesday. “We anticipate that interest rates will continue to climb for the year’s balance, and hopefully, that doesn’t tip us into a recession.”
