Ford's 2020 sales down 15.6 percent, 9.8 percent in Q4
Tight truck inventories contributed to the result
Ford's Q4 2020 sales were down 9.8 percent compared to 2019, the automaker reported Wednesday, trailing the performance of General Motors and Fiat Chrysler in the period.
GM posted a 4.8 percent gain for the last three months of the year, while Fiat Chrysler saw an 8 percent drop. GM's full-year sales decline also outperformed Ford 11.8 percent to 15.6 percent, with both ahead of Fiat Chrysler's 17 percent decline.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.10 | 0.00 | 0.00% |
| GM | GENERAL MOTORS CO. | 55.49 | +0.70 | +1.29% |
| FCA | FIRST TR EXCH TRADED ALPHADEX FD II CHINA ALPHADEX FD | 19.61 | +0.39 | +2.03% |
| TSLA | TESLA INC. | 332.89 | -5.34 | -1.58% |
Ford cited the elimination of sedans from its lineup and tight supplies of its new F-150 caused by a combination of coronavirus-related factory closures and a transition to an updated model as contributing factors to its results.
The F-Series did mark its 44th consecutive year as the USA's best-selling truck, but its 787,422 total was down 12.2 percent from 2019 and the lowest since 2014.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“Fourth quarter represented an inflection point at Ford in our transition from cars to a much greater focus on iconic trucks, SUVs and electric vehicles to better serve our customers. We began to see our strongest evidence of this in December with retail sales up 5.3 percent with the launch of our new F-150, Bronco Sport and Mustang Mach-E. We are well positioned to see the benefits of our focused efforts throughout 2021,” Ford sales VP Andrew Frick wrote in a press release on the results.
The overall market was down 15 percent on the year and very mass-market automaker reported U.S. sales declined except for Tesla, which doesn't break out U.S. sales but realized a 36 percent increase in global deliveries.