Ford Sales Plummet 21% Throughout November | Financial Buzz

Ford Sales Plummet 21% Throughout November

Ford Motor’s (NYSE: F) sales fell over 20% following low inventory of its F-150 pickup, factory shutdowns at the start of 2020, and production on a new model, according to the company. The company reported November sales of 149,931, a fall compared to last years 189,562. Retail sales were also down 16.7%.

Sales of the pickup alone have been reduced by half, a 45.9% fall in comparison to 2019’s November sales. Ford shares were down 1% during trading on Wednesday and it has a current market value of about USD36 Billion. 

“Dealers are looking forward to the 2021 F-150, which is now in transit, as well as Bronco Sport and the all-new Mustang Mach-E,” Mark LaNeve, Ford’s vice president of U.S. marketing, sales and service, said in a statement.

Similarly, other automakers such as Toyota, Honda and Hyundai also experienced a plummet in U.S. sales during November. However, Thomas King, president of J.D. Power’s data and analytics division, mentioned in a statement that retail sales are on track with those from a year ago when adjusted for selling days. 

“While the sales results illustrate the continued strength of consumer demand, that strength is further reinforced by transaction prices hitting another record high, even as manufacturers and retailers continue to remain disciplined on new-vehicle incentives and discounts,” he said. 

Ford claims that a “renewed focus on stay-at-home policies due to rising coronavirus cases” as well as having one less selling weekend within the month, contributed to the 15% decline across the U.S. industry in November.