Ford Motor (F) EV gross sales in April soared in comparison with final 12 months on new product choices, however gross sales of its Mustang Mach-E continued declining month-to-month. Ford inventory fell.
Whole EV gross sales jumped 262% year-over-year to 11,172. Nevertheless, Mustang Mach-E gross sales totaled 1,951, down from 2,637 in March and three,739 within the first full month of gross sales in February.
The slowdown comes after the Mustang EV’s sturdy launch appeared to take market share from Tesla (TSLA).
A world chip scarcity has hobbled your complete auto business, forcing the short-term shutdown of vegetation. Ford mentioned when it reported earnings final month it was slicing its manufacturing outlook in half because of the scarcity.
Ford’s April totals have been boosted by the sale of three,365 F-150 PowerBoost Hybrid decide up vehicles and 3,695 electrified Ford Escape SUVs.
“Sturdy buyer response to our latest merchandise, regardless of tight stock, confirms our technique of investing in electrified autos, together with vehicles and SUVs,” Andrew Frick, Ford’s vice chairman of gross sales for the U.S. and Canada, mentioned in an announcement. “In April, we not solely beat pre-coronavirus gross sales numbers from April 2019, however we noticed file electrified automobile gross sales for the month.”
The corporate added that the Mustang Mach-E is popping in simply 4 days on vendor heaps and transacting at $45,800.
Total, Ford’s April retail gross sales have been up 57% vs. 2020 outcomes and up 24% relative to April 2019 outcomes. Collectively, retail truck and SUV gross sales grew 70%, offering Ford truck and SUV gross sales with their greatest April retail gross sales efficiency since 2006, the corporate mentioned.
Shares fell 2.1% to 11.38 on the inventory market at the moment, remaining beneath their 10-week line. Ford inventory is forming a double-bottom base sample with a 13.09 purchase level, in keeping with MarketSmith chart evaluation. However the relative energy line can also be trending decrease.
Comply with Adelia Cellini Linecker on Twitter @IBD_Adelia.
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