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HomeAutomobileFord's October gross sales slide 10% amid provide chain points

Ford’s October gross sales slide 10% amid provide chain points

Ford F-150 pickup vehicles at a dealership in Colma, California, on Friday, July 22, 2022.

David Paul Morris | Bloomberg | Getty Photographs

DETROIT – Ford Motor’s U.S. gross sales final month declined by 10% because the automaker battled by way of provide chain points that delayed shipments to sellers.

The Detroit automaker on Wednesday reported gross sales of 158,327 new autos in October, which was off from almost 176,000 models bought throughout the identical month a 12 months earlier. It was the second-straight month of year-over-year declines after two months of double-digit will increase over subdued gross sales constrained by semiconductor shortages.

Ford’s October gross sales had been far decrease than the general business. Edmunds studies general auto gross sales elevated 9.1% in contrast with a 12 months earlier to just about 1.2 million autos bought.

Ford has skilled distinctive provide chain points recently, together with sourcing of its blue oval badges for extremely worthwhile pickup vehicles and SUVs. The automaker had roughly 40,000 vehicles awaiting parts to finish the third quarter. It stated final week it expects to finish and ship these autos to sellers by the top of the 12 months.

Andrew Frick, Ford vp of gross sales, distribution & vehicles, stated the automaker “continues to see robust demand for its autos” amid rising rates of interest, file inflation and recessionary fears.

Ford stated orders for 2023 model-year autos totaled 255,000. Roughly half of these had been retail gross sales from beforehand positioned orders, based on the corporate.

Ford is amongst a handful of automakers to report new month-to-month automobile gross sales. Others — similar to General Motors and Stellantis, previously Fiat Chrysler — report gross sales solely quarterly.

Ford’s October gross sales come every week after the corporate recorded a net loss of $827 million through the third quarter, weighed down by provide chain issues and prices associated to disbanding its autonomous automobile unit Argo AI.

The carmaker final week up to date its steering to forecast full-year adjusted earnings earlier than curiosity and taxes of about $11.5 billion – the bottom finish of its beforehand forecast earnings. It raised its full-year adjusted free money circulation forecast, nonetheless, to between $9.5 billion and $10 billion – up from $5.5 billion to $6.5 billion – on energy within the firm’s automotive operations.

It is a creating story. Please test again for extra updates.

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