Ford Trades Flat as March Sales Fall, EV Sales Surge
2022.04.04 19:42
By Dhirendra Tripathi
Budrigantrade.com – Ford Motor (NYSE:F) stock erased losses and traded flat on Monday as the market tried to interpret the company’s mixed set of numbers for its sales in March.
The manufacturer sold 159,328 vehicles in the U.S., a 26% decline from a year ago as most automakers continue to feel the pain of shortages of raw materials and semiconductors.
Uncertainty arising out of the Russia-Ukraine war and record-high oil prices are also weighing on consumer sentiment.
Ford is preparing to roll out an electric version of its F-150, which had nearly 200,000 non-binding reservations from potential buyers. The F-Series line is the top-selling vehicle in U.S. and the company’s most profitable product. The company said it has a high number of F-Series trucks in transit to dealers. It booked a record 50,000 orders for its F-Series in March.
“While the global semiconductor chip shortage continues to create challenges, we saw improvement in March sales, as in-transit inventory improved 74% over February,” Andrew Frick, vice president of sales, distribution and trucks, said in a statement.
Ford’s EV sales climbed 17% in March.
