A Ford Raptor pickup truck is displayed for sale at a Ford dealer in Glendale, California, on August 21, 2024.
Mario Tama | Getty Images
Detroit- Ford Motor Company’s U.S. auto sales surged 13.4% last month, driven by growth in the company’s F-Series trucks and hybrid models.
detroit automaker Report sales on Thursday The number of cars in August was close to 183,000, of which trucks increased by 12.3% year-on-year and hybrid vehicles increased by approximately 50% year-on-year. Sales of its all-electric vehicles surged 29% during the period, with sales of the F-150 Lightning pickup truck rising significantly.
Despite the increase in electric vehicles, traditional combustion engine cars and trucks still accounted for 86% of Ford’s sales last month.
According to Barclays, Ford’s August sales exceeded overall industry expectations, rising about 6% year-over-year.
Despite high prices and higher interest rates, U.S. auto sales remained steady in 2024 but not as high as some expected at the beginning of the year. Barclays on Thursday lowered its 2024 auto sales forecast to 15.8 million from 16 million, saying sales through August were 15.7 million.
“While potential rate cuts could help improve affordability, (seasonally adjusted annual rates) are likely to remain low as long as (manufacturers) are committed to keeping prices rising,” Barclays’ Dan Levy wrote in a note Thursday. It is difficult to exceed the level of about 16 million US dollars.
As of August, Ford’s U.S. sales grew 4.3% to 1.4 million vehicles.
Ford wasn’t the only company to see double-digit sales growth in August. While not all automakers report monthly sales, the Hyundai brand reported a 22% increase last month compared to August 2023.
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