Tuesday, July 23, 2024

Ford sales edge 1% higher in the second quarter, led by trucks

Ford Mustang Mach E electric vehicles are offered for sale at a dealership in Chicago, Illinois, on June 5, 2024.

Scott Olson | Getty Images

Ford sales rose 1% during the second quarter over the year-earlier period, led by a 5% gain in truck sales, the automaker said Wednesday.

Ford truck sales, which include pickups and vans, totaled 308,920 vehicles during the period, the company’s best second-quarter performance for the category since 2019, Ford said. Sales in its F-Series totaled 199,463 vehicles.

Sales of Ford electric vehicles totaled 23,957 during the second quarter, up 61%. The automaker said its EVs, in particular the Mustang Mach-E and F-150 Lightning, are drawing new customers to the company.

Meanwhile, sales of hybrid vehicles totaled 53,822, an increase of 56% and a new quarterly sales record for Ford since it began offering hybrid models more than 20 years ago, it said. Automakers including Ford have been leaning on hybrids to ease the EV transition and help achieve tightening federal fuel efficiency standards.

The update comes a day after Ford’s crosstown rival General Motors reported second-quarter sales that rose 0.6% from a year earlier. GM said total sales of 696,086 made for its highest quarterly sales mark since the fourth quarter of 2020.

Even modest sales increases for both Ford and GM outpace expectations for the overall market. Auto industry forecasters including Cox Automotive and Edmunds expect second-quarter sales industrywide to be roughly flat year over year.

— CNBC’s Michael Wayland contributed to this report.

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