Ford Motor (F) Sales of electric vehicles in April rose sharply from a year ago thanks to new product offerings, but sales of his Mustang Mach-E continued to decline monthly. Ford shares fell.
Total electric vehicle sales jumped 262% year-over-year to 11,172. However, Mustang Mach-E’s total sales were 1,951, up from 2,637 in March and 3,739 in the first full month of sales in February.
The slowdown came after a powerful Mustang EV launch took market share away from Tesla (TSLA).
A global shortage of microcircuits is hampering the operation of the entire automotive industry, forcing temporary shutdowns of factories. Last month, Ford reported a profit or loss statement that cut its production forecast in half due to a shortage.
Ford’s April totals were boosted by the sale of 3,365 F-150 PowerBoost Hybrid pickups and 3695 electrified Ford Escape SUVs.
“The strong customer response to our latest products, despite limited inventory, confirms our strategy of investing in electrified vehicles, trucks and SUVs,” Andrew Frick, Ford vice president of US and Canadian sales, said in a statement. “In April, we not only surpassed pre-coronavirus sales since April 2019, but we also saw record sales of electrified vehicles in a month.”
The company added that the Mustang Mach-E is on sale from dealerships in just four days and retails for $ 45,800.
Overall, Ford retail sales in April were up 57% from 2020 and 24% from April 2019. Collectively, retail sales of trucks and SUVs rose 70%, giving Ford truck and SUV sales the best retail sales in April since 2006, the company said.
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Stocks in the stock market today fell 2.1% to 11.38, staying below the 10-week border. According to MarketSmith chart analysis, Ford stock is forming a basic double bottom pattern with a buy point of 13.09. But the line of relative strength also has a downward trend.
Tesla fell 3% on Tuesday. General Motors (GM), which will report first quarter earnings tomorrow, fell 3.3%.
Meanwhile, Chinese EV makers also reported April sales on Monday. Promotions Nio (NIO), which jumped 125% to 5,147 vehicles, fell 5.8%.
Xpeng (XPEV), where sales rose 285% to 5,147 EVs, were down 0.2%. Lee Auto (LI), with sales rising 111% to 5,539 hybrid-electric SUVs, lost 0.5%.
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