With automotive sales down due to the COVID-19 pandemic, many automakers have been anticipating another rough quarter. Now, the recent reports filed by those such as Ford show just how low sales dropped within the second quarter.
On Thursday, Ford reported that their sales in the second quarter were down by 33.3%. Much of this is attributed to closed dealerships and wary buyers, both due to the COVID pandemic. However, this puts the company in line with industry expectations. Auto research firms Edmunds and TrueCar’s ALG anticipated an average sales decrease of 34% in the second quarter, while also expecting it to be the worst quarter for automakers for the rest of the year.
Furthermore, nearly every single vehicle in Ford’s lineup saw a drop in sales. The exceptions were their Explorer SUV and Ranger midsize pickups. The former saw an increase of 12.4%, whereas the latter went up by 19.8%.
Still, compared to their contemporaries, Ford had the smallest drop in sales. General Motors reported a 34% decrease in its sales for the second quarter. Fiat Chrysler reported the largest decline, with a sales drop of 38.6%.
Compared to 2019, Ford’s second-quarter sales fell by 14.3%, with a 0.4% decline in truck sales and a 22% drop in SUV sales. Retail car sales had the most drastic drop, falling by 34.7%.
Despite the decline, Ford’s retail shares did rise from 12.3% to 13.3%. This is their best retail share quarter in 5 years. As a result, the company is optimistic about the rest of the year, according to Ford’s vice president of U.S. marketing, sales and service Mark LaNeve.
We believe we’re in good shape for the third-quarter summer selling season and hopefully, we can continue some of those strong share gains,” said LaNeve. “All-in-all in an unprecedented, very challenging quarter we overperformed.”