Fords Second Quarter Sales Surge by 1 Led by Strong Performance in Trucks

The Ford Mustang Mach E electric vehicle will go on sale at a dealership in Chicago, Illinois on June 5, 2024. Scott Olson | Getty Images
Ford Motor Company announced on Wednesday that its sales in the second quarter increased by 1% compared to the same period last year, with truck sales growing by 5%. During this period, Ford sold a total of 308,920 trucks, including pickups and vans, marking the best performance for this category in the second quarter since 2019. The total sales of the F-Series amounted to 199,463 vehicles. The second quarter also saw a total of 23,957 sales for Ford’s electric vehicles, representing a 61% increase. The automaker stated that its electric vehicles, especially the Mustang Mach-E and F-150 Lightning, are attracting new customers to the company. Meanwhile, Ford reported a total of 53,822 sales for hybrid vehicles, a 56% increase, setting a new quarterly sales record since offering hybrid models over 20 years ago. Car manufacturers, including Ford, have been relying on hybrid vehicles to facilitate the transition to electric vehicles and help meet tightening federal fuel efficiency standards. The day before this announcement, Ford’s cross-town competitor General Motors reported a 0.6% year-on-year increase in second-quarter sales. General Motors stated that its total sales reached 696,086 vehicles, the highest quarterly sales since the fourth quarter of 2020. Despite modest sales growth for Ford and General Motors, it exceeded expectations for the overall market. Industry forecasters, including Cox Automotive and Edmunds, predicted that second-quarter industry-wide sales would remain roughly flat compared to the previous year. CNBC’s Michael Wayland contributed to this report.