Ford, one of the largest automotive manufacturers in the world, outperformed most of the industry by reporting a 32% gain in sales in the US in June 2022, despite supply constraints, shortage of semiconductor chips, and recent recalls by the company. The growth was a result of the improved delivery of trucks and SUVs and the introduction of a new all-electric pickup truck. The company generated $34.5 billion in revenues in Q1 2022.
Outperforming Competition
Amid industry-wide supply constraints, Ford outperformed the industry owing to robust sales of F-Series, Explorer, and new Expedition and Navigator SUV. It sold 483,688 vehicles in Q2 2022 in the US. The overall sales in the automotive industry decreased 11% in June 2022. Other major companies such as General Motors and Toyota saw a decline in sales in the US during Q2 2022. GM’s sales in the US were down 15% to 582,401 vehicles from 688,236 vehicles YoY, while Toyota reported a 22.9% drop in sales in the US.
Road to Electrification
Regulatory and competitive pressure is nudging the automotive industry towards electrification. In June 2022, the company’s electric vehicle (EV) sales increased 76.6% YoY. Ford is the latest global automaker to commit to a bold electrification strategy. The company announced that by mid-2026, all its models sold in Europe will be capable of zero-emissions and use either battery-electric or hybrid electric powertrains. Doubling down on moving away from combustion engines, the automaker said that by 2030, all its vehicles sold in Europe will be fully electric. In addition, by 2024, the company’s popular range of commercial vehicles will be capable of zero emissions.
Challenging Environment
The global shortage of semiconductor chips affected the auto industry, forcing factories to cut down production, erasing billions in revenue for car companies. The chip scarcity and larger supply constraints are delaying factory schedules and forcing automakers to put more efforts to restock their inventories. These issues continue to reduce vehicle production, depleting dealership lots and increasing raw material costs, resulting in car prices reaching all-time high.
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