Fords Second Quarter Sees 1 Growth Led by Strong Truck Sales

The Ford Mustang Mach E electric car will be available for sale at a dealership in Chicago, Illinois on June 5, 2024. Ford Motor Company announced on Wednesday that its sales in the second quarter increased by 1% compared to the same period last year, with truck sales up by 5%. During this period, Ford sold a total of 308,920 trucks, including pickups and vans, marking the best second-quarter performance in this category since 2019. The total sales of its F-Series reached 199,463 units. Ford’s electric vehicle sales in the second quarter totaled 23,957 units, a 61% increase. The automaker stated that its electric vehicles, particularly the Mustang Mach-E and F-150 Lightning, are attracting new customers to the company. Meanwhile, Ford reported that the total sales of hybrid vehicles reached 53,822 units, a 56% increase, setting a new quarterly sales record since it started offering hybrid models over 20 years ago. Car manufacturers, including Ford, have been relying on hybrid vehicles to ease the transition to electric vehicles and help meet tightening federal fuel efficiency standards. The day before the release of this latest news, Ford’s cross-town rival General Motors announced a 0.6% year-on-year increase in second-quarter sales. General Motors reported a total sales of 696,086 units, the highest quarterly sales since the fourth quarter of 2020. Despite the modest sales growth of Ford and General Motors, it exceeded expectations for the overall market. Automotive industry forecasters, including Cox Automotive and Edmunds, predicted that second-quarter industry-wide sales would remain roughly flat year-on-year. This report was contributed by CNBC’s Michael Wayland.