Ford Sales In US Rise 1.6% In October On Continued Truck Demand

• Battery electric vehicle sales, however, took a sharp hit, decreasing by 24.8% to 4,709 units, likely due to the expiration of the federal tax credit of $7,500 on the purchase of new EVs in the U.S. on September 30. 
• The F-series truck continued to be the company’s best-seller in October with 67,930 units sold, marking a growth of 0.7% year-over-year. 
• The company’s SUV sales, however, fell 4.7% last month to 65,968 units. 
   

Ford Motor Co. (F) on Monday said that it delivered 175,584 vehicles in the U.S. in October, marking a growth of 1.6% from the corresponding period last year, thanks to continued demand for its F-series trucks.

The growth was primarily driven by a 3.4% growth in sales of the company’s internal combustion engine vehicles.

Electric Vehicle Sales Dive

Battery electric vehicle sales, however, took a sharp hit, decreasing by 24.8% to 4,709 units, likely due to the expiration of the federal tax credit of $7,500 on the purchase of new EVs in the U.S. on September 30.

While the company’s Mustang Mach-E sales dived 12.3% to 2,906 units, sales of its EV truck F-150 Lightning dropped 17.2% to 1,543 units. Sales of the company’s electric E-transit van, meanwhile, fell 76.1% to just 260 units.

Last month, General Motors announced that it is canceling production of E-transit’s competitor, Brightdrop electric van, in Canada, citing slow development in the commercial electric van market.

F-Series Continues To Reign

The F-series truck continued to be the company’s best-seller in October with 67,930 units sold, marking a growth of 0.7% year-over-year.

The company’s SUV sales, however, fell 4.7% last month to 65,968 units, as sales of all of the company’s Lincoln brand SUVs fell, except the Navigator. The retirement of the Ford Edge SUV also weighed on the SUV sales numbers.

How Did Stocktwits Users React?

F stock is down by 1% at the time of writing. On Stocktwits, retail sentiment around F stock remained within the ‘bearish’ territory, while message volume decreased from ‘normal’ to ‘low’ levels.

A Stocktwits user highlighted that November is typically a good month for autos.

F stock is up 31% this year and approximately 25% over the past 12 months. 

Read also: Gary Black Expects Musk’s $1T Pay Package To Receive ‘Overwhelming’ Approval But Warns Against Optimism On Tesla Robotaxi Expansion Plans

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