U.S. auto sales slid again at Toyota Motor Corp. and American Honda, while Ford Motor Co., Hyundai and Kia deliveries rose by double digits last month compared with August 2021, as the market begins to bounce back and the industry’s chronic inventory shortages slowly ease, according to a report by Automotive News.
U.S. light-vehicle deliveries rose 4.8 percent last month, Ford said Friday, above the range of forecasts for a 3.6 to 4.6 percent gain. The market was helped by an extra selling day and higher fleet shipments, marking the first monthly gain, year over year, since summer 2021.
August 2021 was the first month when chronic inventory shortages had a significant impact on new-vehicle sales following the start of the pandemic.
Ford reported a 27 percent increase in August volume, with the Ford division up 28 percent and Lincoln advancing 24 percent. The gains were broad across Ford Motor’s product lineup, with utility vehicle volume jumping 48 percent, trucks rising 13 percent and cars up 49 percent.
Ford said demand remains strong, with retail orders for 2023 model vehicles totaling more than 76,000 last month, a 41 percent increase compared to 2022 model year vehicle orders from a year earlier. And for the fifth straight month, more than 50 percent of Ford’s retail sales came from previously placed orders.
The company said it ended August with 259,000 vehicles in dealer stock or in transit, up from 254,000 at the end of July and 215,000 as August 2021 closed.
Read the full report by Automotive News.
Source: https://rvbusiness.com/ford-racks-up-double-digit-gains-in-aug-as-market-rebounds/
