Ford gross sales bounce as provide chain problems enhance

Ford Motor Co., CEO Jim Farley provides the thumbs up signal earlier than saying Ford Motor will spouse with Chinese language-based, Amperex Era, to construct an all-electric automobile battery plant in Marshall, Michigan, all the way through a press convention in Romulus, Michigan February 13, 2023.

Rebecca Cook dinner | Reuters

DETROIT — Ford Motor’s February gross sales greater by means of greater than 20% from subdued effects a 12 months previous, because the automaker ratchets up manufacturing of its F-Sequence pickups and electrical cars.

The Detroit automaker Thursday reported February gross sales of 157,606 cars, up 22% from a 12 months previous and a 7.7% building up from January. Ford’s gross sales had been hampered by means of provide chain issues in February 2022, making for one in every of its worst months since 2021.

Gross sales of Ford’s F-Sequence pickups jumped 22% closing month in comparison with a 12 months previous, expanding to about 55,000 gadgets, together with 1,336 gadgets of its electrical F-150 Lightning. To this point this 12 months, gross sales of F-Sequence pickups are up 15%.

Ford’s electrical automobile gross sales — a big center of attention of Wall Side road — proceed to extend, up 88% from a 12 months previous. Then again, EV gross sales nonetheless most effective constitute 2.9% of the automaker’s gross sales via February.

The automaker bought 3,600 electrical F-150 Lightning cars via February. Then again, gross sales had been off 41% in comparison with January because the automaker halted manufacturing and shipments of the automobile closing month because of a battery fireplace.

Wall Side road analysts estimate U.S. auto gross sales closing month had been higher than anticipated, achieving a seasonally adjusted promoting fee of about 15 million gadgets. BofA Securities estimated gross sales had been up by means of 8.5% closing month in comparison with February 2022.

Ford’s February gross sales outpaced different automakers who reported per 30 days gross sales. Toyota Motor’s gross sales closing month had been down by means of 8.5% in comparison with a 12 months previous, whilst Hyundai-Kia’s gross sales greater by means of 16.2%. Many automakers have moved to quarterly gross sales reporting as a substitute of per 30 days.

The automobile trade continues to navigate via some provide chain and manufacturing problems,  despite the fact that the glide of portions and automobile manufacturing this 12 months is predicted to be extra constant than lately.

“We’re positive relating to our efficiency this 12 months,” Hyundai Motor North The united states CEO Randy Parker advised CNBC on Wednesday. “We do look ahead to that rates of interest will proceed to climb for the stability of the 12 months, and with a bit of luck that does not tip us right into a recession.”

— CNBC’s Michael Bloom contributed to this document.