Ford’s quarterly sales misses market expectations

Ford Motor has reported a little increase in new vehicle sales for the second quarter.

Yet, the sales missed automotive analysts’ expectations.

The company sales rose 1.8% to 483,688 new vehicles in the second quarter compared to a year earlier.

Analysts expected Ford sales to rise between 3.3% and 5.1%.

Shares of Ford hit a 52-week low Tuesday morning.

The stock was trading at around $10.75 a share, down about 5%. Shares of the automaker have declined nearly 46% in 2022.

Ford said demand remains strong, with a record 50% of retail sales coming from customer orders in June, rather than from purchases out of dealer inventories.

Ford said its retail sales were up 30.3% last month compared to a year earlier.

Ford’s sales of F-Series pickups improved to 57,673 units in June – their highest monthly total of 2022.

Ford said sales of its electric vehicle – F-150 Lightning , Mustang Mach-E and E-Transit – jumped 76.6% to 4,353 in June from a year ago.

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