Ford U.S. Vehicle Sales Fall but Get Jolt From Electric SUV
By: TheStreet | March 3, 2021
• Ford reports a drop in U.S. sales, but its electric SUV bit into Tesla's market share.
Ford Motor (F) said Wednesday that its February U.S. sales fell 14.1% to 163,520 vehicles, but the auto giant's electric SUV stole market share from EV kingpin Tesla (TSLA).
Shares of the Dearborn, Mich., auto giant at last check were 1.6% lower at $12.35.
Ford said truck sales decreased 3.6% to 88,787 units, while car sales fell 65.2% to 8,516 units and SUVs dropped 10.2% to 66,217 units.
Ford's estimated retail share in February totaled 12%, compared with 11.7% in the year-earlier month. Share gains came from trucks and new-product offerings of Bronco Sport and the fully electric Mustang Mach-E, the company said.
The Bronco Sport and Mustang Mach-E helped Ford SUVs post their best February retail sales in 20 years.
Both SUVs are turning quickly, the company said, with days-to-turn on dealer lots at 13 days for Bronco Sport and four days for the Mach-E. Combined sales of Mustang Mach-E and Bronco Sport are up 11.8%.
The Mustang Mach-E electric SUV also stole U.S. market share from Tesla in February, The Wall Street Journal reported, citing a tally by Morgan Stanley.
Ford said it sold 3,739 Mach-Es in its first full month on sale.
Morgan Stanley said Ford's sales accounted for nearly all of Tesla's market-share decline in February, to 69% from 81%.
Electric vehicles account for 2.6% of total U.S. sales, up from 1.8% year-over-year. They surged 34% in February, compared with a 5% decline for the broader mark.
Last month, Ford beat Wall Street's fourth-quarter-earnings expectations, while promising to invest $29 billion into electric and autonomous vehicles.
The company also pledged to make its European operations almost entirely electric by the end of the decade.
"The all-new F-150 PowerBoost Hybrid and the fully electric Mustang Mach-E lifted Ford to an all-new February electrified vehicle sales record," Andrew Frick, vice president of Ford sales U.S. and Canada, said in a statement.
"The all-new Bronco Sport and Mustang Mach-E worked to deliver our best February retail Ford SUV sales in 20 years." Read Full Story »»» DiscoverGold