Cars and Drivers
Ford Dips to New 52-Week Low on Weak April Sales
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Ford Motor Co. (NYSE: F) on Tuesday reported a U.S. sales decrease of 7.2% year over year in April, to 214,695 Ford and Lincoln vehicles, compared with April 2016 sales of 231,316. Passenger car sales plunged 21.2% in the month of April.
Truck sales fell 4.2% for the month, and sales of F-Series pickups declined by 0.2%. Retail sales dropped 10.5% in April to 140,762.
Total sales compare to an estimate of 217,000 by analysts at Kelley Blue Book (KBB), who also estimated an average transaction price of $38,647, up 3.2% year over year and down 0.1% compared with March’s average selling price. KBB transaction prices do not include applied consumer incentives.
The company said its overall average transaction prices rose $1,900 year over year.
Sales of the Ford F-Series pickups slipped 0.2% year over year in April to 70,657 units. In March Ford sold 81,330 F-Series trucks, following a February sales total of 65,956.
Truck sales comprised nearly 43% of all Ford-brand sales in April, and the F-Series pickups accounted for about 33% of total Ford-brand April sales.
Sales of the company’s sport utility vehicles posted a year-over-year increase of 1.2% in April.
Ford Fiesta sales fell 25.4% year over year, and none of the company’s passenger cars posted a year-over-year gain. Fusion sales were down 19.5% and Mustang sales fell 36.6% year over year.
Sales of the Lincoln brand fell 0.9% year over year in April as sales of Lincoln cars rose 31.9% on sales of the all-new Lincoln Continental. Car sales totaled 3,682 units in the month and utility vehicle sales totaled 6,009 units. SUV sales fell 14% year over year in April.
Ford’s stock traded down about 4.5% early Tuesday at a new 52-week low of $10.90. The 52-week high is $14.04, and the 12-month consensus price target is $12.92.
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