Ford's first-quarter sales fell 1.6% from a year earlier, but sales of trucks, vans and sport utility vehicles grew, the company said Thursday.
While sales volumes are softening, for cheap cars, customers are still paying remarkably high prices for cars, said Thomas King, senior vice president of J.D. Power's data and analytics division. Prices are hitting monthly records while total retail sales of vehicles that cost below $ 25,000 are expected to fall 12 percent in the US
That rang true for Ford, which saw demand for its more expensive trucks and SUVs tick up during the quarter. Sales of Ford's pickup trucks, vans and SUVs, including Lincoln SUVs, made up 83 percent of total vehicle sales during the quarter.
Pickups alone, led by its popular F-150 line, accounted for almost half of Ford's total volume with the average sales price of $ 47,454, the company said.
"Customers continue to choose high series and the latest technologies, Ford and SUV sales rose 4% and 3.5% respectively, while Lincoln SUV sales jumped by 23.2%.