Ford sees 13% sales boost in August with trucks and hybrids

In August 2024, Ford Motor Company reported a significant increase in U.S. vehicle sales, achieving a 13.4% rise compared to the previous year. This growth was primarily driven by the popularity of the F-Series trucks and a substantial increase in hybrid vehicle sales, which surged by approximately 50%. The automaker sold nearly 183,000 vehicles during the month, with truck sales increasing by 12.3%. Despite the rise in all-electric vehicle sales, which grew by 29%, traditional vehicles with internal combustion engines still accounted for a dominant 86% of Ford's total sales. The F-150 Lightning pickup was particularly noted for its strong performance in the electric vehicle segment. Ford's sales performance outpaced industry expectations, which had predicted a more modest 6% year-over-year increase. The overall U.S. auto market has shown stability in 2024, although sales figures have not met initial forecasts. Barclays recently adjusted its sales forecast for the year, lowering it from 16 million to 15.8 million vehicles, citing a slower sales pace through August. The automotive market continues to face challenges such as high prices and interest rates, which may impact consumer affordability. Analysts suggest that while potential interest rate cuts could improve the situation, manufacturers' strategies to maintain elevated prices may hinder significant growth in sales rates.