General Motors, Ford Report Q2 Sales
After Tesla (TSLA:US) and Rivian Automotive (RIVN:US) reported stronger-than-expected deliveries for the second quarter, the focus turned to legacy carmakers Ford Motor (F:US) and General Motors (GM:US).
The latter said yesterday that its U.S. vehicle sales rose 18.8% in Q2 as it managed to sell 691,978 new units, including 15,652 cars. For the first half of 2023, the company delivered 1,295,186 cars, up 18% YoY.
Chevrolet and Cadillac sales jumped 17% and 15%, respectively, while GMC revenue rose 18%.
The strong Q2 sales report that demand for cars is coming back after a soft couple of quarters. More importantly, the supply chain situation is improving, which is allowing carmakers to produce more vehicles to meet solid demand.
On the other hand, Ford’s sales increased 9.9% from the year-ago period, fueled by strong demand for F-Series trucks. Sales in this category jumped as much as 34% in Q2 thanks to the rising popularity of the F-150.
Overall, the company managed to sell 531,662 units in Q2 while EV sales fell 2.8% to 14,843 cars.
“Ford achieved both best-selling brand and truck for six consecutive months this year on the strength of F-Series, vans, our new Escape, and F-150 Lightning,” said Andrew Frick, Ford vice president of sales distribution, and trucks, in a statement.
“Our EV sales continue to grow. Improved Mustang Mach-E inventory flow began to hit at the end of Q2 following the retooling of our plant earlier this year, which helped Mustang Mach-E sales climb 110% in June.”
Lawmakers Tommy Tuberville and Ro Khanna disclosed last month that they were trading Ford and General Motors shares in May. The former invested between $100,000 to $250,000 in Ford on April 27, when the stock closed at $11.61.
