Ford auto sales rise on robust demand, improved supply
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FORD Motor on Thursday (Jul 6) followed rivals in reporting a rise in second-quarter US auto sales, driven by easing supply chain snags and pent-up demand for personal transportation.
The US automaker’s quarterly sales rose about 10 per cent to 531,662 vehicles, the company said.
Automakers are rushing to make up for the lost production during the pandemic, as a strong jobs market props up demand for new vehicles despite inflation hurting consumers’ pockets elsewhere.
Industry-wide US new vehicle sales in June were 1.37 million units, with an annual sales rate of about 15.7 million, according to data released by Wards Intelligence on Wednesday.
Ford’s quarter was powered by a 26 per cent jump in truck sales, one of the company’s main profit drivers. Sales of the electric version of the company’s popular F-150 truck more than doubled to 4,466 vehicles from last year.
However, Ford’s overall EV sales fell 2.8 per cent to 14,843 vehicles amid lingering supply snags.
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In May, Ford temporarily halted its factory work at three plants where it makes both petrol and electric versions of the F-150 pickup truck, according to a Wall Street Journal report.
The upbeat sales figures come amid a drive by the automaker to cut costs. The company last month said it would begin layoffs impacting mostly engineering jobs in the US and Canada.
On Wednesday, Japan-based Toyota’s North America unit reported a 7.13 per cent rise in US sales to 568,962 units, compared with Detroit’s GM’s 19 per cent jump to 691,978 units for the quarter-ended June. REUTERS
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