Global automobile company Ford Motor’s (F) total U.S. vehicle sales declined 33.1% year-over-year to 124,176 units in August. Its total retail sales also fell 39.6%. Headquartered in Michigan, the company designs, produces and sells trucks, cars and automobile parts.
Total truck sales slipped 29.4% year-over-year to 73,610 units, SUV sales went down 25.3% to 48,197 units and car sales decreased 86% to 2,369 units. The fall is due to the shortage of semiconductor chips.
Meanwhile, electrified vehicle sales grew 67.3% year-over-year to 8,756 units. (See Ford stock chart on TipRanks)
The Vice-President of Ford Sales U.S. and Canada, Andrew Frick, said, “Retail sales increased 6.5% in August relative to July, as production and dealer inventories showed monthly gains. Nearly a third of our retail sales came from presold orders last month while adding an additional 41,000 new orders for the month. With improved availability, F-Series retail sales expanded 11% relative to July giving Ford its best F-Series sales month since the chip shortage began, and F-150 Lightning has now surpassed 130,000 reservations.”
Last month, Nomura analyst Anindya Das maintained a Hold rating on the stock with a price target of $13.3 (2.2% upside potential). The analyst expects the company to report earnings per share (EPS) of $0 in the third quarter.
Overall, the stock has a Moderate Buy consensus rating based on 7 Buys and 4 Holds. The average Ford Motor price target of $16.57 implies 27.4% upside potential. Shares of the company have gained 90.8% over the past year.
Related News:
The Scotiabank Women Initiative Surpasses C$3B Target
CIBC Becomes Exclusive Canadian Issuer of Costco MasterCards
BRP Posts Better-Than-Expected Q2; Shares Rise
