Ford’s September Sales Plunge 7.7% on Weak Fleet Numbers

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October 3, 2016 9:42am NYSE:F

ford-logoAutomaker Ford Motor Company (NYSE:F) this morning released its September sales figures, and the results aren’t looking good.


The Dearborn, MI-based company said its total U.S. sales fell 7.7% last month versus the prior year, to 204,447 units.

Retail sales declined by 4% to 162,327, while fleet sales of 42,120 vehicles marked a massive 21% pullback from last year. Previously, Ford had previously disclosed its plans to front-load fleet sales this year, hence the big decline there.

Sales to daily rental companies also fell 36% in the most recent month.

On a positive note, September retail sales of the company’s F-Series trucks recorded their best month of the year, with 67,809 vehicles sold. Still, that was a 3% downturn from September of 2015.

Back in July, Ford reported weak quarterly earnings results and declined to provide any guidance for the rest of the year, which sent its shares reeling. Since then, short sellers have been circling the company and increasing bearish bets on its continued decline.

To combat weakening sales, Ford recently announced an initiative to bring self-driving cars to market within five years. The company assembled a group of key technology partners to make that happen, including a few recent acquisitions in the auto technology space.

F-2016-10-03

Ford shares rose slightly to $12.08 in Monday morning trading. Year-to-date, F has fallen 14.34%, versus a 6.09% rise in the benchmark S&P 500 during the same period.


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