Ford stock seesaws lower as April sales drop, with weak truck sales offseting gains in SUVs, Electrified
Shares of Ford Motor Co. (F) seesawed to a 1.0% decline in morning trading Wednesday, after the automaker reported a double-digit drop in auto sales for April, with increases in SUV and electrified sales not enough to offset a big drop in trucks. The stock reversed an early decline of as much as 1.2% to trade up 0.3% intraday before turning back down. Total U.S. sales fell 10.5% to 176,965 vehicles, with trucks down 17.8% to 79,768, SUVs up 2.7% to 92,809 and electrified up 50.2% to 16,779. Electrified sales represented 9.5% of total sales. Within trucks, F-Series sales tumbled 22.3% to 51,517 trucks, while SUVs were bolstered by a 40.4% jump in Edge sales to 11,298, helping offset a 23.1% drop in Explorer sales to 20,801. Within Electrified, Mustang Mach-E sales ran up 95.0% to 3,805 vehicles, while overall Mustang sales sank 45.3% to 4,377. "While industry semiconductor chip shortages persist, improved inventory flow in April delivered a significant share gain of 1.0 percentage point over a year ago with Ford outperforming the industry," said Andrew Frick, vice president of sales in distribution and trucks. The stock had tumbled 30.6% year to date, while shares of rival General Motors Co. (GM) have plunged 32.7% and the S&P 500 has lost 12.8%.
-Tomi Kilgore
(END) Dow Jones Newswires
May 04, 2022 11:22 ET (15:22 GMT)
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