- Ford Motor Co.’s February sales were up more than 20% from lower results a year earlier.
- The Detroit automaker on Thursday reported February sales of 157,606 vehicles, up 7.7% from January.
- Sales of Ford’s F-series pickups rose 22% last month, including sales of its electric F-150 Lightning.
Ford Motor Co. CEO Jim Farley gives the thumbs-up sign during a February press conference in Romulus, Michigan, before announcing that Ford Motor will partner with China-based Amperex Technology to build an all-electric vehicle battery plant in Marshall, Michigan. provided 13, 2023.
Rebecca Cook | Reuters
DETROIT – Ford Motor Company’s February sales rose more than 20% from lower results a year ago as the automaker ramped up production of its F-Series pickups and electric vehicles.
The Detroit automaker on Thursday reported sales of 157,606 vehicles in February, up 22% from a year earlier and up 7.7% 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 rose 22% last month to about 55,000 units, including 1,336 units of its electric F-150 Lightning. So far this year, sales of the F-series pickups are up 15%.
Ford’s electric vehicle sales — a key focus for Wall Street — continue to rise, up 88% from a year earlier. However, EV sales only accounted for 2.9% of automakers’ sales through February.
The automaker sold 3,600 electric F-150 Lightning vehicles through February, though sales were down 41% compared to January.
Wall Street analysts said U.S. auto sales came in better than expected last month, reaching a seasonally adjusted sales rate of about 15 million units. BofA Securities estimates sales rose 8.5% last month compared to February 2022.
Ford’s February sales outperformed other automakers reporting monthly sales. Toyota Motor’s sales last month fell 8.5% from a year earlier, while Hyundai-Kia’s sales rose 16.2%. Many automakers have switched to reporting sales quarterly instead of monthly.
The auto industry continues to navigate through some supply chain and manufacturing issues, although this year’s flow of components and vehicle production is expected to be more consistent than in recent years.
“We are confident about our performance this year,” Hyundai Motor North America CEO Randy Parker told CNBC on Wednesday. “We expect interest rates to continue to rise for the balance of the year and not push us into a recession.”
– CNBC Michael Bloom contributed to this report.