Ford’s February auto gross sales soar as provide chain points enhance

Detroit – ford motor February gross sales jumped greater than 20% from weak outcomes from a 12 months earlier, because the automaker ramped up manufacturing of its F-Collection pickups and electrical automobiles.

The Detroit automaker on Thursday reported gross sales of 157,606 automobiles in February, up 22% from a 12 months in the past and up 7.7% from January. Ford’s gross sales have been hampered by provide chain issues in February 2022, one in all its worst months since 2021.

Gross sales of Ford’s F-Collection pickups rose 22% final month from a 12 months earlier to just about 55,000 items, together with 1,336 items of its electrical F-150 Lightning. Gross sales of the F-series pickup are up 15% to this point this 12 months.

Ford’s electrical automobile gross sales — a serious focus of Wall Avenue — proceed to soar, up 88% from a 12 months in the past. Nevertheless, EV gross sales nonetheless solely symbolize 2.9% of the automaker’s gross sales by way of February.

The automaker bought 3,600 electrical F-150 Lightning automobiles by way of February, though gross sales have been down 41% in comparison with January after the automaker halted manufacturing and shipments of the automobile final month because of battery fires.

Wall Avenue analysts forecast that US auto gross sales final month have been higher than anticipated, reaching a seasonally adjusted gross sales charge of practically 15 million items. BofA Securities’ estimated gross sales in comparison with February 2022 elevated by 8.5% final month.

Ford’s February gross sales outpaced different automakers reporting month-to-month gross sales. Toyota Motor gross sales final month have been down 8.5% from a 12 months in the past, whereas Hyundai-Kia gross sales rose 16.2%. Many automakers have moved to quarterly gross sales reporting as an alternative of month-to-month.

The automotive business continues to navigate by way of some provide chain and manufacturing points, though the move of elements and automobile manufacturing this 12 months is anticipated to be extra constant than in recent times.

“We’re optimistic about our efficiency this 12 months,” Randy Parker, CEO of Hyundai Motor North America, informed CNBC on Wednesday. “We anticipate that rates of interest will proceed to climb for the rest of the 12 months and hope that this is not going to lead us right into a recession.”

– CNBC Michael Bloom contributed to this report.