Ford sales jump 10% in Q2 on pickup strength as EV sales slip

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Ford (F) on Thursday reported second quarter sales that rose 9.9% from a year ago with strength coming from its F-150 pickup line while sales of electric vehicles fell during the quarter.

In the second quarter, Ford said sales rose 9.9% from a year ago, to 531,662 vehicles. For the first half of the year, Ford sales were up 10% compared to 2022.

EV sales for Ford fell 2.8% during the quarter, with Mustang's Mach-E sales declining 21.1% and its E-Transit electric van sales falling 3.8%. Ford, however, said say Mach-E sales "quickened" at the end of Q2.

Ford stock was down 2.5% on Thursday morning following this release.

The company's crown jewel F-150 pickup lineup, in contrast, notched a 34% sales jump in Q2.

Total Ford truck sales were up 26.2%, which Ford said makes it the top selling truck maker in the US. Ford SUVs — including the Bronco Sport and Escape — saw double digit gains.

"Improved Mustang Mach-E inventory flow began to hit at the end of Q2 following the retooling of our plant earlier this year, which helped Mustang Mach-E sales climb 110% in June," said Andrew Frick, Ford VP of sales distribution and trucks in a statement.

Ford also experienced a recovery in F-150 Lightning EV sales following a production shutdown in Q1 due to a battery issue that led to a fire at its plant.

Ford said Lighting sales were up 119% in Q2 versus a year ago and up 4.1% sequentially from the first quarter. Overall Ford EV sales for the first half of the year were up 11.9%.

FILE - The Ford F-150 Lightning displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Ford Motor Co. is going through another round of white-collar job cuts as the company continues to reduce costs amid a transition to electric vehicles. (AP Photo/Matt Rourke, File)
The Ford F-150 Lightning displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. (AP Photo/Matt Rourke, File)

Ford's Q2 sales figures follow a strong quarter of gains for GM, which saw its sales surge nearly 19% in the quarter.

Ford and GM's results follow upbeat numbers reported by Tesla (TSLA), Rivian (RIVN), and Honda (HMC) in recent days. Honda’s sales in particular were noteworthy, with sales jumped an astounding 44.7% compared to a year ago.

Ford will report full second quarter financial results after the bell on July 27th.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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