DETROIT (AP) — Ford Motor Co said Tuesday that its third-quarter sales rose 16 percent from a year earlier, despite a bigger-than-expected drop in September.
The Detroit-based automaker, which reports sales monthly, said it sold 142,644 cars last month, down 8. 9 percent from a year earlier. and 17. 8 %, respectively.
Ford shares were up about 7% at midday Tuesday, outpacing a broader market rally. Automaker rival General Motors rose about 7 percent.
Demand for new cars “remains strong” and retail orders “grow rapidly,” according to Andrew Frick, Ford’s vice president of sales, distribution and trucking, despite emerging interest rates and fears of an economic slowdown or recession.
Ford’s quarterly sales outpaced those of the industry, which auto analysts expect to decline less than 1% from a year earlier. Automakers continue to face supply chain problems, from semiconductors and wiring harnesses to smaller portions such as vehicles and corporate logos.
Economic and chain woes led Cox Automotive last month to cut its 2022 new-vehicle sales forecast to 13. 7 million, down more than 9% from 2021 and the lowest volume in a decade.
Ford’s vehicle sales rose in the quarter but fell about 4 percent from the current quarter as the company manages supply chain issues.
Ford’s September sales report comes weeks after the automaker told investors that portion shortages were affecting between 40,000 and 45,000 vehicles, most commonly high-margin pickups and SUVs, that might not succeed at dealerships. The company also said at the time that it planned to record an additional $1 billion in unforeseen supplier pricing in the third quarter.
Sales of Ford’s successful F-Series pickups fell 27 percent last month through September 2021, contributing to a decline of about 13 percent in the third quarter. The company sold 8,760 models of its all-electric F-150 Lightning pickup truck through September, 1,918 cars last month.
Ford’s 2022 EV sales totaled more than 41,200 sets in September. Most of those sales are Mustang Mach-E crossovers, which rose 49% year-over-year to more than 28,000 games.
Year-to-date, sales of all Ford vehicles, adding its Lincoln luxury logo, totaled more than 1. 38 million games in September, down 1. 2% from a year ago.
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