Ford announced on Wednesday a robust surge in US car sales for the third quarter (Q3), marking an impressive 8% increase from the same period last year. The American automaker’s sales figures climbed to 500,504 vehicles, up from 464,674 in the previous year, showcasing strong consumer demand for new vehicles.
This surge aligns Ford with other major car manufacturers who have reported elevated sales in the United States. This trend is attributed to consumers actively seeking out new vehicles for personal transportation, bolstered by appealing financing and trade-in options available in the market.
Despite this encouraging quarter, industry analysts express apprehension over the persistent coordinated strike by the United Auto Workers (UAW) union against auto companies. There are concerns that this ongoing labor dispute could potentially lead to supply disruptions in the current quarter.
According to Wards Intelligence, the overall U.S. new vehicle sales in September reached an impressive 1.33 million units, reflecting an annual sales rate of 15.67 million units.
Mark LaNeve, Ford’s US sales analyst, highlighted, “Strong sales continue to demonstrate consumers’ appreciation for our best-in-class truck lineup, new best-in-class SUVs, and our muscle cars, Mustangs and Shelby GT350s.” LaNeve emphasized positive results in the utility segment, led by the Ford Escape, Explorer, and Expedition models. He added, “We are proud that our products are resonating so effectively with our customers, and we will continue to meet their ever-changing needs with best-in-class vehicles, competitive deals and outstanding customer care.”
The Q3 performance of Ford revealed a 6.4% rise in US car sales, while the sales of crossover Utility Vehicles (CUVs) saw a notable surge of 11.3%. The pickup truck segment also experienced a substantial boost, with sales rising by 8.3%.
In comparison, rival General Motors reported an 8.5% increase in total sales, while Fiat-Chrysler observed a 3.7% uptick in the same period.
The launch of the 2020 model of the iconic Mustang, a performance coupe with a legacy of over 50 years, further invigorated consumer sentiments. Ford’s commitment to efficient electric and hybrid vehicles is evident in the industry’s shifting preference towards electrified options. The introduction of the electric utility vehicle (E.U.V.) marks Ford’s maiden venture into a fully electric consumer vehicle, promising the versatility and range of an SUV. The company is dedicated to swiftly expanding its product range in this forward-looking segment.
As Ford, alongside other industry leaders, adapts to the evolving automotive landscape, their success hinges on consumer willingness to upgrade to new vehicles. With innovative technology, enticing models, enhanced safety features, and appealing financing options, both automakers and consumers have much to look forward to in the years ahead.
Source: Reuters
