A strong sales report for the month of July helped fuel a gain for Ford (NYSE:F) shares on Wednesday.
In a sales update posted prior to the market open on Wednesday, the Michigan-based automaker reported that total vehicle sales increased 36.6% year over year, growing to 163.9K units sold in the month. The marked gain was noted as a stark contrast to the broader industry trend that saw overall sales slide 10.5%.
Ford’s EV sales were a particular outperformer, increasing 168.7% as compared to 2021 with demand for the Lightning 150 remaining robust.
SUV sales also surged 70% as compared to the prior year, led by the growing popularity of the Lincoln and Bronco models. Bronco sales increased 227% from 2021 due to a “stronger stock position” as supply chain problems are dealt with. Lincoln sales leapt 68.3% from the prior year.
“Ford was America’s best-selling brand in July powered by strong demand across our lineup,” VP of sales Andrew Frick commented. “Our overall sales rose 37 percent in July and electric vehicle sales grew at three times the rate of the EV segment. F-Series hit the 60,000-truck mark for the first time this year, with our all-new electric F-150 Lightning having its best sales month yet.”
Shares rose 3.2% shortly after news of the summer sales outperformance was posted.
Still, overall sales year to date continue to lag the pace of 2021. As of the close of July, Ford had sold 1.08M vehicles as compared to 1.12M in the first seven months of 2021.
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