Ford Reports Q2 Sales Growth: Trucks Up 5%, EVs Surge 61%, Trails Tesla In Volume
Ford Motor Company (NYSE:F) enjoyed its best second-quarter truck performance since 2019.
The carmaker announced a 1% year-over-year sales increase for the second quarter, bolstered by a 5% uptick in total truck sales to 308,920 units.
In the second quarter, Ford saw a 61% increase in electric vehicle sales, selling 23,957 units, marking a 72% year-to-date rise.
With a total of 44,180 EVs sold in the first half of the year, Ford’s electric vehicles rank second only to Tesla, Inc. (NASDAQ:TSLA) in sales volume, the company said.
Ford hybrid sales increased 56% to 53,822 – a new quarterly sales record since Ford first offered hybrid models more than two decades ago.
Ford-brand SUVs had a record first half on sales of 406,467 – up 3%, led by Explorer, with sales totaling 104,803.
The announcement follows General Motors’ report of a 0.6% year-over-year increase in second-quarter sales, reaching a total of 696,086 units, marking its highest quarterly sales figure since Q4 2020, CNBC reported.
Both Ford and GM’s modest sales increases exceed industry expectations.
Forecasts from Cox Automotive and Edmunds suggest second-quarter sales across the auto industry will remain relatively flat compared to the previous year, CNBC added.
Price Action: F shares are trading higher by 0.16% to $12.89 at last check Wednesday.
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