Bronco SUVs in production at the Ford Michigan plant, June 14, 2021.
Michael Wayland | CNBC
DETROIT – Ford Motor Motor The sales in June and in the second quarter were below the expectations of the analysts, as a worldwide shortage of semiconductor chips caused significant production cuts and storage restrictions.
Ford sold 475,327 vehicles in the second quarter, up 9.6% year over year, as the coronavirus pandemic caused Americans to seek shelter and temporarily close car dealerships. Edmunds expected Ford sales to grow 10.5%, while Cox Automotive forecasts a 20.5% increase.
For June, the automaker announced on Friday that its sales were down 26.9%, including a drop of about 30% on its F-series pickups.
Ford previously said it was expected loses half of its production in the second quarter due to the shortage of chips. Additional information was also announced earlier this week Production cuts in July due to the problem.
Separately, the automaker said reservations about its electric F-150 Lightning pickup due to be released next year have passed the 100,000 mark since their debut in May.
Ford’s sales follow that of GM and other automakers, who report a significant increase in sales in the second quarter, however slower through the quarter due to low vehicle stocks due to the shortage of chips.
“The quarter started off really well, April broke many sales records of over 18 million, and then we saw inventories continue to decline,” said Jessica Caldwell, Edmunds executive director of insights. “Consumer demand is still very strong, but inventory is a bit short.”
According to analysts, the sales rate in June was around 15.5 million vehicles. The forecasts for the sales rate were between 15.7 million and 16.4 million after 17.1 million vehicles in May and 18.6 million vehicles in April.
Sales pace for a given month measures how many cars the industry would sell for the year if it sold the same amount every month. It’s a key barometer of health and consumer demand for the industry.
The Japanese automaker reported sales of 688,813 vehicles in the US from April through June on Thursday. That compares to GM at 688,236 vehicles during the second quarter.