Ford to Report Monthly Vehicle Sales | Financial Buzz

Ford to Report Monthly Vehicle Sales

Ford Motor (NYSE: F) is set to publish its U.S. vehicle sales every month as well as quarterly following newly instated CEO Jim Farley’s promise of transparency. The revelation comes a year after the company decided to switch exclusively to quarterly sales reports. General Motors, Fiat Chrysler and Volkswagen are among those that only report quarterly sales.

A Ford spokesman, Said Deep, revealed that the adjustment is “about giving investors more frequent updates on U.S. sales and dealer inventory during the pandemic.” Deep acknowledged that the monthly reports are expected to carry on for the “foreseeable future.”

During the first quarterly earnings call with analysts, Farley pledged more transparency to Wall Street. A quality former CEO Jim Hackett, was judged for not providing. Farley took over the CEO position on October 1. 

“My commitment to each of you is transparency, including purposeful, measurable key performance indicators so you can objectively track our progress,” Farley told analysts on Oct. 28.

The automaker reported a 6.1% dip within U.S. light-duty vehicle sales in comparison to last year. As a result of the coronavirus pandemic, Cox Automotive foresees vehicle sales for 2020 to amount to 14.3 Million, an ultimate 16% decrease compared to 2019.