Ford trucks helped drive sales up 10.7% in May as EVs slip
Industry rebounds as supplies continue to increase
Ford CEO Jim Farley joined 'Barron's Roundtable' to discuss the debate on electric vs. gas cars and the auto company's growth and approach to the auto industry, and reacts to Warren Buffett's comments on investing in the industry.
Ford and Lincoln's May sales were up 10.7% compared to last year as supply of many key models continues to improve.
The automaker delivered 170,933 vehicles, including 164,430 Fords, making it the best-selling brand, while Lincoln deliveries dropped by 14.4% to just 6,503 vehicles.
A total of 70,566 F-Series trucks were delivered during the month, which was an increase of 42.7% and the most since December 2022.
Other strong-selling models included the Maverick compact pickup (+14.4%), Escape compact SUV (+31.1%), Transit van (+35.1) and Expedition full-size SUV (+52.7%)
FORD SEES GROWTH IN GAS-POWERED VEHICLES AMID EV SHIFT
Ford truck sales were up big in May. (Justin Sullivan/Getty Images)
Deliveries of the electric Mustang Mach-E and F-150 Lighting were down by a combined 13.0% due to some production downtime caused by updates at their factories that will significantly increase output later this year.
Ford is working to increase production of the F-150 Lightning to a run rate of 150,000 per year. (JEFF KOWALSKY/AFP via Getty Images / Getty Images)
Ford is working to boost Mustang Mach-E and F-150 Lightning production to annual rates of 210,000 and 150,000 units by the end of 2023.
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Despite the down month, delivers of the electric models are up 6.4% so far this year.
The Mustang Mach-E was the third-best-selling electric vehicle in 2022. (Ford / Fox News)
According to Automotive News, the five other major automakers reporting May sales saw a combined 25.6% increase in May, with Mazda (+117.2), Honda (+58.2) and Subaru (+28.2) leading the way.
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General Motors, Stellantis and several other brands have switched to a quarterly reporting schedule.