Ford outpaces industry-wide sales backed by strength of pickups

Ford dealers saw a relatively strong third quarter but company-wide sales remained sluggish after losing steam earlier this year.

Driving the news: The automaker’s mixed results reflect the American car market’s volatility this last quarter, during which the industry saw everything from severe weather to the lingering effects of cyberattacks. Still, while most of its competitors were seeing lower demand, Ford managed to pull through just ahead of last year.

• Ford’s Q3 sales hit 504,039 units after rising roughly 1% year-over-year, the same growth it saw in Q2. This is still better than the rest of the industry. While both sold more vehicles than Ford, Toyota and General Motors saw respective declines of 8% and 2%.

• The company took the biggest hit in September due to fewer selling days, falling behind 2023 numbers by 11%.

• Yet, retail sales outpaced the company’s overall performance throughout the quarter, rising 4% compared to 2023.

Zooming in: Ford continues to perform well in its key markets but is struggling to maintain its position in others.

• The company continues to lead the truck segment (up 6%), with hybrid models performing particularly well. Sales of hybrid F-150s skyrocketed 64% year-over-year in Q2, a massive leap that raised its total hybrid sales by 38%.

• In terms of fully electric vehicles, however, Ford sales rose only 12%. This is a massive slowdown compared to the 61% increase it scored in Q2. Its poor performance this quarter puts it behind General Motors, which sold 60% more EVs in Q3 than it did last year, about 8,700 units more than Ford.

Zooming out: While its sales were mixed, some Ford initiatives are working to bring in more business.

• Ford’s mobile service offerings are quickly becoming more popular. In its media release, the company noted that its dealers have provided 2.8 million “remote service experiences” so far in 2024, an increase of 118% from last year.

• Software subscriptions for Ford Pro Intelligence are also rising, jumping 30% over 2023.

• It’s also worth noting that Ford just introduced a new promotion that offers EV buyers a free home charger through the end of this year. This could help drive demand back up in the remaining months of 2024.

Bottom line: Ford was ultimately unable to escape the challenges impacting the industry in Q3. However, it was able to keep sales stable and drive success along with its dealers in key areas. That puts the brand in a solid position for the rest of 2024.

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