Ford Comes on Strong With October Sales Surge

Truck sales help Ford Motor Co. to double digit sales gain in October as both Ranger and F-Series put up solid numbers. Mazda also had a big month as sales outpaced Korean rivals.

Ford Motor Co. reported its sales increased more than 15% in October to 172,756, led by gains in hybrids and vehicles with internal combustion engines.

But the automaker didn’t fare nearly as well with its battery-electric vehicles. Demand fell 8.3% in October, leading Ford to announce the temporary idling of its F-150 Lightning plant in Dearborn, Michigan.

Pickup trucks overwhelmingly remained the most popular of Ford’s product lines – with the exception of the F-150 Lightning. Sales for the entire F-Series line-up rose 29.2% in October to over 100,000 units.

Pickup trucks lead the way

The automaker’s surge was led by gains by the nearly redesigned Ford Ranger, as well as the bigger F-Series.

Sales of Ford’s now-limited passenger car line-up – essentially just the Mustang coupe — were down 37% to 2,688 in October. Ford has largely walked away from sedans, coupes and hatchbacks, handing those segments to Asian rivals including Toyota, Honda, Kia and Hyundai.

By brand, sales of the Ford Bronco were up 104.7% in October. At the other extreme, Ford Edge sales were down 80.5%. And while the F-150 Lightning continues to struggle, Ford scores a 21.3% increase in Mustang Mach-E sales last month.

Healthy sales ease pain from awful earnings report

The strong monthly sales in October took some of the sting out of a weak third quarter  earnings report showing the company’s net income dropping sharply, with the automaker confirming it will miss its original full-year target..

Last week, Ford reported that soaring warranty expenses and lagging cost-cutting efforts reduced its net third quarter income by 26%, causing the company to lower its full-year earnings guidance. That triggered a sharp sell-off of Ford shares.

The reduction in the earnings guidance also reflected continuing losses by the company’s electric vehicle unit, which was amplified by an announcement it would temporarily shut its electric vehicle assembly plant in Dearborn, Michigan, which builds the Lightning, a battery-powered version of the familiar F-150

More Sales and Earnings News

• October Auto Sales Rebound, Driven by Korean Brands
• Ford Earnings Fall Short, Sending Investors Scrambling
• GM Reports Big Earnings Jump

Mazda runs up the score in October

Automakers, on the whole, reported an improvement in sales last month, reversing the slide the industry took in August. Ford is one of several automaker that delayed its monthly report until Monday.

Mazda Motors also held back what turned out to be good news. It posted the biggest sales gain of any automaker so far reporting in on October, surpassing its South Korean rivals, which also posted double-digit gains. (Several manufacturers, including General Motors and Stellantis, Only report on a quarterly basis and won’t weigh in with October numbers early in the new year.

Mazda reported total October sales of 37,307 vehicles, an increase of 58.7% compared to October 2023. Year-to-date sales totaled 350,759 vehicles; an increase of 18.5 % compared to the same time last year. With 27 selling days in October, compared to 25 the year prior, the company posted an increase of 47% on a Daily Selling Rate basis.

For the industry overall, new vehicle sales remained steady in October, though dealers detected some hesitation on the part of buyers due to the uncertainty around the U.S. Presidential election.