Ford Motor Co (NYSE: F) shares are skidding Wednesday morning. The automaker announced third-quarter vehicle sales results.
What Happened: Ford said total vehicle sales in the third quarter climbed 7.7% on a year-over-year basis. The company noted that it has been America's best-selling brand year-to-date.
EV sales were up 14.8% year-over-year in the third quarter on sales of 20,962 units. Total EV sales in September jumped 65%, driven by strong demand for the Mach-E. Ford said it expects the F-150 Lightning to produce sales increases in the fourth quarter as capacity actions at the Rouge Electric Vehicle Center are realized.
"Ford's truck lineup remains the industry's top seller. The Maverick and Bronco Sport remain red hot after Ford boosted manufacturing capacity earlier this year. The all-new seventh generation Mustang is off to a jack-rabbit start in its first full month, up 90 percent in September over last year," said Andrew Frick, vice president of sales, distribution and trucks at Ford.
Ford highlighted strong demand for the 2024 Mustang and noted that momentum is building into the fourth quarter. The company also said it's seeing strong demand for its E-Transit vans. Ford plans to continue adapting its EV offerings to stay competitive in the rapidly evolving EV market.
F Price Action: Ford shares were down 1.08% at $11.94 at the time of publication, according to Benzinga Pro.