Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Ford's November US vehicle sales slip, EV sales rise

Published 12/04/2023, 09:23 AM
Updated 12/04/2023, 01:51 PM
© Reuters. FILE PHOTO: The corporate logo of Ford is seen at Brussels Motor Show, Belgium January 9, 2020. REUTERS/Francois Lenoir/File Photo

(Reuters) -Ford Motor posted a 0.5% drop in U.S. new vehicle sales for November on Monday, as the automaker worked to restart some of its key plants following a lengthy workers' strike that impacted vehicle production.

However, sales of Ford (NYSE:F)'s electric vehicles such as its F-150 Lightning pickup truck and Mustang Mach-E, jumped 43.2% to 8,958 units from a year earlier.

Shares of the automaker were up 1.4% in afternoon trade.

Ford reached a deal with the United Auto Workers (UAW) union in late October, ending an over month-long strike the company said will cost it $1.7 billion.

Sales in October also fell 5.3% for Ford, even though analysts had said the Detroit Three automakers had built up inventory in anticipation of the strike.

Ford said in November all its affected plants had been restarted, a month after Chief Financial Officer John Lawler said restarting the plants would be complicated after the deal, which UAW workers ratified in November.

Sales of Ford trucks slipped 2.8% in November to 78,971 units from a year earlier, while hybrid vehicle sales rose 75.2% to 12,108 units.

The company reported total sales of 145,559 vehicles in the month, compared with 146,364 units.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.