Ford Motor Co., CEO Jim Farley offers the thumbs up signal earlier than saying Ford Motor will associate with Chinese language-based, Amperex Know-how, to construct an all-electric automobile battery plant in Marshall, Michigan, throughout a press convention in Romulus, Michigan February 13, 2023.
Rebecca Cook dinner | Reuters
DETROIT — Ford Motor’s February gross sales elevated by greater than 20% from subdued outcomes a yr earlier, because the automaker ratchets up manufacturing of its F-Sequence pickups and electrical autos.
The Detroit automaker Thursday reported February sales of 157,606 autos, up 22% from a yr earlier and a 7.7% improve from January. Ford’s gross sales had been hampered by provide chain issues in February 2022, making for considered one of its worst months since 2021.
Gross sales of Ford’s F-Sequence pickups jumped 22% final month in contrast with a yr earlier, rising to about 55,000 items, together with 1,336 items of its electric F-150 Lightning. Thus far this yr, gross sales of F-Sequence pickups are up 15%.
Ford’s electrical automobile gross sales — a serious focus of Wall Avenue — proceed to extend, up 88% from a yr earlier. Nevertheless, EV gross sales nonetheless solely signify 2.9% of the automaker’s gross sales by means of February.
The automaker bought 3,600 electrical F-150 Lightning autos by means of February. Nevertheless, gross sales had been off 41% in contrast with January because the automaker halted production and shipments of the automobile final month resulting from a battery fireplace.
Wall Avenue analysts estimate U.S. auto gross sales final month had been higher than anticipated, reaching a seasonally adjusted promoting charge of about 15 million items. BofA Securities estimated gross sales had been up by 8.5% final month in contrast with February 2022.
Ford’s February gross sales outpaced different automakers who reported month-to-month gross sales. Toyota Motor’s gross sales final month had been down by 8.5% in contrast with a yr earlier, whereas Hyundai-Kia’s gross sales elevated by 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 means of some supply chain and production issues, though the circulate of components and automobile manufacturing this yr is anticipated to be extra constant than lately.
“We’re optimistic concerning our efficiency this yr,” Hyundai Motor North America CEO Randy Parker informed CNBC on Wednesday. “We do anticipate that rates of interest will proceed to climb for the stability of the yr, and hopefully that does not tip us right into a recession.”
— CNBC’s Michael Bloom contributed to this report.
