Ford Motor Co.'s U.S. light-vehicle sales rose 9.9 percent in the first quarter, driven by increasing supplies and strong demand for new products.
Sales by the Ford brand jumped 10 percent, making it the bestselling U.S. brand in January through March. Lincoln sales fell 1.1 percent on fewer deliveries of the Corsair compact crossover.
In March alone, the company's sales rose 7.5 percent, with an 8.2 percent gain for the Ford brand and a 6.9 percent decline for Lincoln, according to the Automotive News Research & Data Center.
Ford's electric vehicle sales in the first quarter rose 41 percent from the same period a year earlier, and the company said it was on track to meet its production ramp goals. Ford was the nation's second-best EV seller last year and plans to finish 2023 at a production rate of 600,000 EVs annually.
Brands: Ford, up 10%; Lincoln, down 1.1%
Notable nameplates: Ford F-Series, up 21%; Bronco, up 38%; Explorer, up 36%; Escape, down 47%; Mustang, up 5.2%; Mustang Mach-E, down 20%; Lincoln Navigator, up 94%; Corsair, down 42%
Q1 U.S. light-vehicle market share: 13.1% vs. 12.9% in Q1 2022
Incentives: $1,139 per vehicle, down 38% from a year earlier, TrueCar says.
Average transaction price: $54,065 up 13% from a year earlier, according to TrueCar.
Inventory: Nearly 400,000 light vehicles, representing a 64-day supply, at the end of the first quarter, including in-transit units. That's up from 265,300 cars and light trucks, or a 45-day supply, a year earlier.
Quote: "Ford is off to a fast start to the year," said Andrew Frick, Ford's vice president of sales distribution and trucks. "Ford's sales growth and investments are a direct result of strong customer demand across our truck, SUV and electric vehicle segments. And this year's highly anticipated new product launches with Super Duty, Escape, Mustang and Ranger, will only add to this momentum."
Did you know? Sales of the redesigned Super Duty began at the end of the first quarter, Ford said.