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Ford Sees Strong Truck and SUV Sales in First Half of 2017
Ford Motor Company announced that sales of the manufacturer’s trucks and SUVs were up for the first half of 2017. Both Ford brand trucks and SUVs gained 2.9% from the prior-year period.
Ford brand SUVs sold more than more than 400,000 vehicles so far this year, which is a new first-half record. Sales of the Explorer, in particular, have been incredibly strong. Ford sold 21,304 Explorers in June alone, a 22.7% increase from June 2016. That marks the best sales performance for the brand in the last 12 years. Lincoln improved by 11.3% year-over-year in June, marking the brand’s 17th consecutive month of retail sales gains.
The F-Series line of pickup trucks has also fared well, with 77,895 units sold in June alone, up 9.8% for the month, with sales for the year up 8.8% for the F-Series. F-Series is outpacing the rest of the segment, with the best sales results since the trucks’ record run in 2004. Customers snapped up high-series mix of Ford Super Duty’s, including Lariat, King Ranch and Platinum, making up 55% of the retail sales mix for June. The average transaction price for F-Series trucks were up $3,200 in the first half of the year to from last year totaling $45,500, leading the segment.
“Customers drove a record 406,464 Ford-brand SUV sales in the first half of this year, with Explorer sales increasing 23% in June. F-Series continues expanding its sales and share this year, with customers opting for high-series pickups and investing in class-exclusive features that only Ford trucks offer,” said Mark LaNeve, Ford’s vice president of U.S. marketing, sales and service.
Ford has sold a combined 1,301,102 vehicles so far in 2017, down 3.8% with the industrywide decline in car sales factored in. In June, the manufacturer sold 227,979 vehicles, down 5.1% total. However, the average transaction price for the company, across all brands and categories, grew $1,800. That is a significant gain, particularly when compared with the industry-average growth of $520. In its second-quarter financial results, this growth was evident: The company reported net income for the quarter of $2.0 billion, on total revenue of $39.9 billion, all up year-over-year.
Ford also earned the No. 2 ranking of all non-premium brands in the United States in J.D. Power’s most recent Initial Quality Study. Seven Ford and Lincoln models finished in the top three in their respective segments, leading to the brand’s best ranking in the survey in the report’s entire 31-year history.
“This quarter shows the underlying health of our company with strong products like F-Series and commercial vehicles around the world, but we have opportunity to deliver even more,” said Jim Hackett, Ford Motor Company’s president and CEO. “The entire team is focused on improving the fitness of the business and smartly deploying our capital to improve both the top and bottom lines in the quarters ahead.”
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