October sales for Ford drop by 10% in US
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Ford CEO Jim Farley unveils 2023 F-Series Super Duty truck embedded with 5G connectivity
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Sales in the United States for the Ford automaker fell by 10% in October amid persistent inflation and supply-chain issues.
For the month of October, Ford sold 158,327 new vehicles, a far drop from last year’s sales of 176,000 vehicles. Moreover, the decline also marked the second consecutive month as the automaker struggles with supply shortages for semiconductors as well as consumer anxiety.
The Detroit automaker also saw its No. 1 revenue source in truck sales decline by 7.7%. Last month, Ford said that approximately 40,000 vehicles were still awaiting parts, with expected completion by the end of the year.
The company’s comments did not directly address those delays, but Ford’s vice president of sales, Andrew Fick, said in a statement, “Ford continues to see strong demand for its vehicles, with orders for ’23MY vehicles up 134 percent over this time last year. The all-new Super Duty saw a record 52,000 orders in just five days. The F-Series continued as America’s No. 1 truck, expanding its lead over our second-place competitor to more than 100,000 trucks this year.”
FORD SALES FELL 8.9% IN SEPTEMBER AFTER STELLAR JULY AND AUGUST GAINS
In early trading, Ford today fell by half a percent lower at $13.35, and the stock is down 35% so far this year.
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SUV sales also fell last month by 14.1%, with a little more than 67,000 new vehicles sold after a surge earlier this summer. However, electric vehicle sales accelerated by 119% but only totaled 6,261 sold vehicles for the entire month.
Ford laid off 2,000 employees in August and approximately 1,000 agency personnel all across the U.S., Canada and India. The company employs more than 30,000 people in the U.S. and is the country’s largest automaker.
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