FORD: Q2 volume edges up behind big June gain

Ford Motor Co.'s U.S. light-vehicle sales rose 1.8 percent in the second quarter behind improving inventories and continued strong demand for the company's newest products.

The automaker's quarterly gains were largely driven by its performance in June, when sales jumped 32 percent over year-earlier levels thanks to strong results for its largest, most profitable vehicles. Truck sales rose 26 percent in June while SUV sales jumped 36 percent.

U.S. sales increased 31 percent at the Ford division and 41 percent at Lincoln in June. Ford division volume had dropped year over year for four straight months, and Lincoln ended a streak of 12 consecutive monthly declines year over year.

Ford said sales of its three electric nameplates totaled 4,353 in June, which puts it behind only Tesla in U.S. EV volume. The automaker has said it plans to be the clear No. 2 behind Tesla by the end of next year before challenging it for the top sales spot.

For the quarter, Ford says its truck sales, which includes pickups and vans, fell 0.7 percent while SUV sales rose 7.7 percent.

Brands (second quarter): Ford, up 1.8%; Lincoln, up 1%

Notable nameplates (second quarter): F-Series, up 0.3%; Explorer, up 14%; Edge, up 46%; Mustang, down 16%; Ranger, off 53%; Bronco Sport, down 21%; Transit, up 1.5%; Lincoln Navigator, down 11%; Aviator, up 3.7%

Incentives (June): $1,073 per vehicle, down 57% from a year earlier, TrueCar says.

Average transaction price (June): $52,427, up 9.3% from a year earlier, according to TrueCar.

Inventory: 297,000 at the end of June, up from 236,000 (including 231,600 light vehicle) at the end of May and 162,000 (including 158,800 light vehicles) at the end of June 2021.

Quote: "Amid industry-wide supply constraints, Ford outperformed the industry driven by strong F-Series, Explorer and new Expedition and Navigator SUV sales. Combined, these vehicles represented just over 56 percent of our sales in June – up about 8 percentage points from May. F-150 Lightning was America's best-selling electric truck in June in its first full month of sales, while our overall electric vehicle sales were up 77 percent over last year." – Andrew Frick, vice president, sales, distribution and trucks, Ford Blue

Did you know? Ford sold 1,837 F-150 Lightnings in June and says more than 75 percent of customers who reserve the electric truck come from rival brands. Ford has sold 2,296 Lightnings to date since it went on sale in May and is now the leader in the budding full-size electric pickup segment, surpassing Rivian.