In April, Ford’s (NYSE: F) stock plummeted after the automaker reported a 10.5% year-over-year drop in U.S. sales. Ford stock was trading at $14.49 at the time of writing, representing a 0.50% loss.
The global semiconductor chip shortage has continued to crimp auto production and drag down industry sales. American Honda Motor Co., Toyota Motor North America, and Hyundai Motor Co. all reported lower April sales earlier this week as the industry grapples with lingering supply-chain issues.
Last month, the Dearborn automaker sold 176,965 vehicles. Furthermore, its monthly U.S. sales in February and March were down by more than 20% due to the issue.
Ford noted that it increased its market share in the United States by a percentage point last month as its inventory flow to dealers improved.
“While industry semiconductor chip shortages persist, improved inventory flow in April delivered a significant share gain of 1.0 percentage point over a year ago with Ford outperforming the industry,” Andrew Frick, vice president of sales, distribution, and trucks, said in a statement. “Inventory flow bolstered stronger F-Series, Mustang Mach-E, E-Transit, and record April Ford brand SUV sales. We are now shipping all models of the electric F-150 Lightning.”
The all-electric F-150 Lightning is now being delivered to dealers, though no sales figures were provided in April’s sales release.
Ford has attempted to prioritize chip supplies for high-demand products such as the electric Mustang Mach-E crossover, which has nearly doubled in sales since April 2021. Since March, sales of newer vehicles, such as the Maverick small pickup and Bronco SUV, have also increased.
In April, Ford reported that sales of its electric vehicles increased 139% year on year, owing to the Mustang Mach-E SUV and the E-Transit cargo van. According to Ford, Mach-E had its best monthly sales performance since its launch at the end of 2020, with a 95% year-over-year increase.
However, the SUV segment increased in April, with sales increasing by 2.7% over April 2021.
Due to supply issues, sales of Ford’s critical F-Series full-size pickup trucks, including the F-150, continue to struggle. Last month’s sales were down 22%, bringing the year’s total down nearly 30%. Sales of the F-Series increased by 15% compared to March, indicating improved production and supplies.
Ford’s sales are down 15.3% year to date compared to last year. And its sales increased by 11% from March to April.