Ford first-quarter sales fall
Chip shortages continue to hobble the automaker
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Ford Motor Company saw a double-digit drop in total vehicle sales in the first quarter of 2022 as the automaker continues to grapple with persistent semiconductor chip shortages.
Ford reported total sales were down 17.1% in the first three months of 2022 with 432,132 units sold. (MAL FAIRCLOUGH/AFP via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.18 | +0.38 | +3.47% |
Ford reported total sales were down 17.1% in the first three months of the year with 432,132 units sold. The total March sales of 159,328 were down 25.6% on the month from the year before.
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However, orders for new vehicles keep pouring in, with Ford dealerships taking a record 88,000 retail orders in March, up from 66,000 during the same month in 2021.
Ford reported total sales were down 17.1% in the first three months of 2022 with 432,132 units sold. (iStock / iStock)
"While the global semiconductor chip shortage continues to create challenges, we saw an improvement in March sales, as in-transit inventory improved 74% over February," said Andrew Frick, vice president of sales, distribution and trucks.
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"F-Series had a record 50,000 new retail orders in March, while a record 41% of our overall retail sales came from previously placed orders," Frick explained, adding, "Ford is ready to deliver and positioned well for spring sales growth."
Ford reported total sales were down 17.1% in the first three months of 2022 with 432,132 units sold. (AP Photo/David Zalubowski / AP Newsroom)
Ford isn't alone in reporting lower sales in the first quarter, as the industry continues to battle ongoing supply chain woes since the beginning of the coronavirus pandemic.
Toyota and General Motors also reported double-digit declines in sales of 15% and 20%, respectively, in Q1.
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However, not all car companies saw sales slow. Electric vehicle giant Tesla reported delivering 310,000 units in the first quarter of the year, up 68% from a year ago despite what CEO Elon Musk called "an exceptionally difficult quarter due to supply chain disruptions."