Ford’s February car sales dive as supply chain concerns enhanced

Ford's February auto sales jump as supply chain issues improved

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Ford Motor Co., CEO Jim Farley offers the thumbs up indication prior to revealing Ford Motor will partner with Chinese- based, Amperex Technology, to develop an all-electric car battery plant in Marshall, Michigan, throughout an interview in Romulus, Michigan February 13, 2023.

Rebecca Cook|Reuters

DETROIT– Ford Motor’s February sales increased by more than 20% from suppressed outcomes a year previously, as the car manufacturer ratchets up production of its F-Series pickups and electrical cars.

The Detroit car manufacturer Thursday reported February sales of 157,606 cars, up 22% from a year previously and a 7.7% boost fromJanuary Ford’s sales were obstructed by supply chain issues in February 2022, producing among its worst months because 2021.

Sales of Ford’s F-Series pickups leapt 22% last month compared to a year previously, increasing to about 55,000 systems, consisting of 1,336 systems of its electrical F-150Lightning So far this year, sales of F-Series pickups are up 15%.

Ford’s electrical car sales — a significant focus of Wall Street– continue to increase, up 88% from a year previously. However, EV sales still just represent 2.9% of the car manufacturer’s sales through February.

The car manufacturer offered 3,600 electrical F-150 Lightning cars throughFebruary However, sales were off 41% compared to January as the car manufacturer halted production and deliveries of the car last month due to a battery fire.

Wall Street experts approximate U.S. car sales last month were much better than anticipated, reaching a seasonally changed selling rate of about 15 million systems. BofA Securities approximated sales were up by 8.5% last month compared to February 2022.

Ford’s February sales exceeded other car manufacturers who reported regular monthly sales. Toyota Motor’s sales last month were down by 8.5% compared to a year previously, while Hyundai-Kia’s sales increased by 16.2%. Many car manufacturers have actually transferred to quarterly sales reporting rather of regular monthly.

The vehicle market continues to browse through some supply chain and production concerns, although the circulation of parts and car production this year is anticipated to be more constant than recently.

“We are optimistic regarding our performance this year,” Hyundai Motor North America CEO Randy Parker informed CNBC onWednesday “We do anticipate that interest rates will continue to climb for the balance of the year, and hopefully that doesn’t tip us into a recession.”

— CNBC’s Michael Bloom added to this report.