Ford September gross sales fall as drop in vans offsets close to tripling in EVs, however inventory jumps over 5%

Ford Motor Co.
F,
+6.37%
mentioned Tuesday that September U.S. automobiles gross sales fell 8.9% from a yr in the past to 142,644 automobiles, as a giant drop in truck gross sales offset a close to tripling in electrical car gross sales. The auto maker’s inventory charged up 5.3% in morning buying and selling, after rallying 2.4% on Monday to bounce off Friday’s two-month low. Ford mentioned September truck gross sales dropped 18.3% to 68,299, as F-Collection gross sales sank 26.6% to 46,338 automobiles. Sport utility car (SUV) gross sales elevated 0.9% to 70,887, as gross sales of the Escape mannequin rose 7.0% to 12,265 automobiles and Bronco gross sales jumped 220.7% to 10,892, whereas Explorer gross sales fell 17.5% to 16,577. For electrical automobiles, gross sales surged 197.3% to 4,691, together with 1,918 F-150 Lightning automobiles, to extend Ford’s EV market share to 7.0% from 3.9% a yr in the past. “Ford continued to see high-demand automobiles turning at report charges in September, whereas creating electrical truck and van management and lengthening our total truck management,” mentioned Andrew Frick, vice chairman of gross sales, distribution and vans. “Demand stays sturdy with new retail orders quickly increasing.” Ford’s inventory was nonetheless down 41.8% yr to this point, whereas shares of rival Common Motors Co.
GM,
+6.45%
has misplaced 40.7% and the S&P 500
SPX,
+2.74%
has misplaced 21.2%.