Ford Motor (F) EV sales in April jumped compared to last year in new product offerings, but sales of its Mustang Mach-E continued to decline monthly. Ford’s stocks fell.
EV’s total sales jumped 262% year-on-year to 11,172. However, Mustang Mach-E sales stood at 1,951, compared to 2,637 in March and 3,739 in the first full month of sales in February.
The slowdown comes after the powerful launch of the Mustang EV seems to have taken market share Tesla (TSLA).
The global shortage of chips is hampering the entire automotive industry, necessitating the temporary shutdown of factories. When it announced revenue last month, Ford said it was halving its production prospects due to shortages.
Ford’s total for April was increased by sales of 3,365 F-150 PowerBoost Hybrid pickups and 3695 electrified SUV Ford Escape.
“The strong customer response to our latest products, despite tight inventories, confirms our strategy of investing in electrified vehicles, along with trucks and SUVs,” said Andrew Frick, Ford’s vice president of sales for the United States and Canada, in a statement. “In April, we not only exceeded the number of sales before the coronavirus in April 2019, but we saw record sales of electrified vehicles for the month.”
The company added that the Mustang Mach-E turned to dealer lots in just four days and made deals worth $ 45,800.
Overall, Ford’s retail sales in April increased by 57% compared to 2020 and 24% more than in April 2019. Together, sales of trucks and SUVs increased by 70%, ensuring truck sales and Ford SUVs with the best retail performance in April 2006.
IBD Live: a new tool for daily stock market analysis
Shares fell 2.1% to 11.38 on the stock exchange today, remaining below its 10-week line. Ford’s stock formed a basic double-bottom model with a buyout point of 13.09, according to the analysis of the MarketSmith chart. But the relative strength of the line also tends to be lower.
Tesla fell 3% on Tuesday. General Motors (GM), which reported earnings for the first quarter tomorrow, fell 3.3%.
Meanwhile, Chinese electric carmakers also reported sales in April on Monday. Shares of Nio (NIO), where sales jumped 125% to 5,147 vehicles, fell 5.8%.
Xpeng (XPEV), with sales up 285% to 5,147 electric vehicles, down 0.2%. Li Auto (LI), with sales increasing from 111% to 5,539 hybrid-electric SUVs, lost 0.5%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
YOU MAY ALSO LIKE:
Is Ford Stock a purchase after a profit? Auto Giant chip shortage tests
Are Tesla shares currently being bought?
Why this IBD tool simplifies the search for the best stocks
Want to make quick profits and avoid big losses? Try SwingTrader
IBD Digital: Unlock IBD’s first-class lists, tools and analysis today