Ford Motor Company (NYSE:F) reported a 10% increase in second-quarter U.S. auto sales, joining other automakers in benefiting from improved supply chain conditions and strong consumer demand for vehicles.
The company sold 531,662 vehicles during the quarter, with truck sales driving the growth, rising by 26%.
Ford's electric vehicle (EV) sales, however, experienced a 2.8% decline to 14,843 units due to ongoing supply chain challenges after a temporary factory work halt at three plants manufacturing the F-150 pickup truck during the quarter.
The dip in EV sales highlighted the auto manufacturer is losing ground to Tesla and General Motors, both of which reported higher 2Q EV sales.
That caused concern on Wall Street, with Ford’s stock falling nearly 2.5% by midday Thursday.
Despite the dip in EV sales, Ford's electric version of the F-150 saw significant growth, with sales more than doubling to 4,466 vehicles compared to the previous year.
The positive sales figures align with Ford's cost-cutting initiatives, including recent layoffs in engineering positions.
Meanwhile, rivals Toyota and General Motors also reported sales increases of 7.13% and 19%, respectively, for the quarter.
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