Ford Motor Company (NYSE:F) sales jumped nearly 8% in the US during the third quarter, thanks to strong consumer demand for its pickup trucks.
The Detroit automaker sold 500,504 vehicles in the period, up from 464,674 a year earlier. Within that, truck sales jumped 15.3% year-over-year, while car sales slid 5.1% and SUV sales were nearly flat.
Electric vehicle sales increased 14.8% in the period to almost 21,000 units, the vast majority of which were Ford’s Mustang Mach-E crossover. The F-150 Lightning electric pickup, however, saw sales slow 46% due to soft demand and production delays.
Going forward, EV sales could continue to be tricky for Ford as the United Auto Workers strike against it, as well as GM and Stellantis, wages on.
Analysts at Wedbush warned last month that if the automakers agree to the union's proposed 40% wage increase and other benefits, it would significantly increase the cost of EVs for consumers.
Ford shares were nearly flat Wednesday afternoon at $12.06.
Meanwhile, General Motors Company (NYSE:GM) reported 21.4% higher sales year-over-year on Tuesday, while Stellantis NV (NYSE:STLA, EPA:STLA) posted a decline of 1%.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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