Ford EV That Took Market Share From Tesla Hits Gross sales Hunch Amid Chip Woes

Ford Motor (F) EV gross sales in April soared in comparison with final yr on new product choices, however gross sales of its Mustang Mach-E continued declining month-to-month. Ford stock fell.


Whole EV gross sales jumped 262% year-over-year to 11,172. Nonetheless, Mustang Mach-E gross sales totaled 1,951, down from 2,637 in March and three,739 within the first full month of gross sales in February.

The slowdown comes after the Mustang EV’s strong launch appeared to take market share from Tesla (TSLA).

A world chip scarcity has hobbled the complete auto trade, forcing the momentary shutdown of vegetation. Ford mentioned when it reported earnings final month it was cutting its production outlook in half as a result of scarcity.

Ford’s April totals had been boosted by the sale of three,365 F-150 PowerBoost Hybrid decide up vehicles and 3,695 electrified Ford Escape SUVs.

“Sturdy buyer response to our latest merchandise, regardless of tight stock, confirms our technique of investing in electrified autos, together with vehicles and SUVs,” Andrew Frick, Ford’s vice chairman of gross sales for the U.S. and Canada, mentioned in a press release. “In April, we not solely beat pre-coronavirus gross sales numbers from April 2019, however we noticed report electrified car gross sales for the month.”

The corporate added that the Mustang Mach-E is popping in simply 4 days on seller tons and transacting at $45,800.

Total, Ford’s April retail gross sales had been up 57% vs. 2020 outcomes and up 24% relative to April 2019 outcomes. Collectively, retail truck and SUV gross sales grew 70%, offering Ford truck and SUV gross sales with their greatest April retail gross sales efficiency since 2006, the corporate mentioned.

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Ford Inventory

Shares fell 2.1% to 11.38 on the stock market today, remaining beneath their 10-week line. Ford inventory is forming a double-bottom base pattern with a 13.09 buy point, based on MarketSmith chart analysis. However the relative strength line can also be trending decrease.

Tesla fell 3% on Tuesday. General Motors (GM), which experiences Q1 earnings tomorrow, was down 3.3%.

In the meantime, China-based EV makers additionally reported April gross sales on Monday. Shares of Nio (NIO), which noticed gross sales bounce 125% to five,147 autos, dropped 5.8%.

Xpeng (XPEV), with gross sales surging 285% to five,147 electrical autos, was down 0.2%. Li Auto (LI), with a gross sales improve of 111% to five,539 hybrid-electric SUVs, misplaced 0.5%.

Comply with Adelia Cellini Linecker on Twitter @IBD_Adelia.


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