Ford motor (F) EV sales in April were higher compared to last year thanks to new product offerings, but Mustang Mach-E sales continued to decline every month. Ford stock plunged
Total EV sales rose 262 percent year over year to 11,172, however sales of the Mustang Mach-E were 1,951, down from 2,637 in March and 3,739 in the first month of sales in February.
The slowdown following the Mustang EV’s strong debut appears to be vying for market share. Tesla (TSLA).
The global chip shortage has affected the entire automotive industry, forcing factories to shut down temporarily. Ford said in earnings reports last month it was halving its production outlook due to shortages.
Ford’s April total was driven by sales of 3,365 F-150 F-150 hybrid pickups and 3,695 Ford Escape electric SUVs
“The strong customer reaction to our newest products, despite the limited inventory, is a testament to our strategy to invest in electric vehicles along with trucks and SUVs,” said Andrew Frick, Ford Vice President of Sales, in The United States and Canada said in a statement. “In April, we are not only But it only beat sales figures before the coronavirus since April 2019, but we also saw record electric vehicle sales that month. “
The company added that the Mustang Mach-E is replacing in just four days for lot dealers and transactions at $ 45,800.
Overall, Ford’s April retail sales were up 57% compared to 2020 earnings and 24% more compared to April 2019 earnings when combined with commercial truck sales. Retail and SUVs rose 70 percent, making Ford’s truck and SUV sales the best in April since 2006, the company said.
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The stock fell 2.1% to 11.38 on the stock market today, remaining below the 10-week line.Ford stocks are building a bottom binary pattern with a 13.09 buy point, according to marketSmith chart analysis, but the relative power line is trending low. Down as well
Tesla was down 3 percent on Tuesday. General Motors (GM), which reported a 3.3% drop in Q1 earnings tomorrow.
Meanwhile, the Chinese EV maker also reported April sales on Monday. Stock of Nio (NIO), which had sales increased 125% to 5,147 vehicles, a decrease of 5.8%.
Xpeng (XPEV) with sales up 285% to 5,147 electric cars, down 0.2%. Li Auto (LI) with sales up 111% to 5,539 hybrid-electric SUVs lost 0.5%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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