Ford sales plummet 25.6% in March, decrease 17.1% for the quarter
Sales of Ford Motor Co. vehicles fell by 25.6% year-over-year in March, capping a 17.1% decrease for the first quarter of 2022 and joining other automakers whose sales were hit by low inventory from a global semiconductor shortage.
But the Dearborn automaker on Monday indicated there may be signs of some relief with improvement in deliveries to dealers. Meanwhile, it says demand for its cash-cow pickup trucks is strong even as inflation, high gas prices and increasing interest rates raise questions around new-vehicle affordability.
Ford sold 412,984 vehicles in the first three months of the year, including 159,328 in March. General Motors Co. reported 512,846 vehicles in the first quarter this year, down 20% from last year and coming behind Toyota Motor Corp. Jeep and Ram maker Stellantis NV sold 405,221 vehicles in the first three months of the year, a 14% decrease.
Ford's in-transit inventory improved 74% over February, Andrew Frick, vice president of sales, distribution and trucks, said in a statement. And the Blue Oval's F-Series trucks had a record 50,000 new retail orders in March, though their sales dropped 46.6% overall for the month.
"Our newest products continue to turn at a record pace, as Bronco, Bronco Sport, Mustang Mach-E and Maverick had their best combined sales performance yet, with 33,398 vehicles sold," Frick said. "Ford is ready to deliver and positioned well for spring sales growth."
Electrified vehicles sales grew 16.9% year-over-year in March. Overall, truck sales dropped 34.4%, and SUVs were down 9.4%. The Ford brand fell 25.7%, and Lincoln dropped 25.5%.