Ford ( F ) on Wednesday became the latest U.S. automaker to report weaker growth in third-quarter domestic new-car sales as buyers continued to shy away from purchases over affordability concerns.
The company’s shares fell about 2% in early trading.
Major U.S. automakers including Toyota and General Motors reported weaker sales for the quarter on Tuesday, with some citing affordability concerns and fewer sales days as a drag on performance.
Chrysler parent company Stellantis also reported a 20% drop in quarterly U.S. sales on Wednesday, adding that it would “continue to take necessary actions” to boost sales and prepare for the arrival of its 2025 models.
Consumers have also shifted their preferences toward affordable subcompact crossovers and pickup trucks over larger luxury models in the past year, despite economic uncertainties.
Sales of Ford’s top-selling F-Series trucks rose about 4% this quarter, compared to a nearly 13% increase last year. Sales of the affordable compact Maverick pickup truck rose 33.2% to 31,883.
Ford’s total sales in the quarter rose to 504,039 units from 500,504 a year ago. This compared to a turnover increase of 7.7% in the same period last year.
Overall, U.S. new vehicle sales in September were about 1.17 million units, for a seasonally adjusted annual rate of 15.77 million units, according to data released Tuesday by Wards Intelligence.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shreya Biswas and Maju Samuel)
