Ford sales up 16% in Q3 despite September slump

Ford F-150 Lightning at the 2022 New York Auto Show.

Scott Mlyn | CNBC

DETROIT. Ford Motor said on Tuesday that its third-quarter sales were up about 16% from a year earlier, despite a larger-than-expected decline in September.

The Detroit automaker, which reports monthly sales, said it sold 142,644 vehicles last month, down 8.9% from a year earlier. The fall led the automaker to miss quarterly sales expectations for Cox Automotive and Edmunds, which forecast growth of 19% and 17.8%, respectively.

Ford shares rose about 5% in early morning trading, outpacing broader market gains.

Sales of Ford vehicles were up for the quarter but down about 4% from the second quarter as the company copes with supply chain challenges.

The drop in sales in September comes weeks after the automaker told investors that a parts shortage affected an estimated 40,000 to 45,000 vehicles, mostly high-margin trucks and SUVs, that couldn’t reach dealers. Ford also said at the time that it expects to lock in an additional $1 billion in supplier contingencies during the third quarter.

Sales of profitable Ford F-series pickups were down 27% last month compared to September 2021, leading to a decline of about 13% in the third quarter. The company sold 8,760 models of its F-150 Lightning all-electric pickup truck through September, including 1,918 last month.

This is an evolving story. Please check for additional updates.

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