In a sign of slowing momentum, Ford’s domestic new vehicle sales growth faltered in the third quarter, mirroring a broader industry trend. The automaker’s stock price dipped 2% in early trading as investors digested the news. On Tuesday, major rivals Toyota and General Motors reported similarly lackluster sales figures, citing concerns over affordability and a reduced number of selling days. Stellantis, the parent company of Chrysler, also reported a significant 20% decline in US quarterly sales, vowing to take corrective action to stimulate demand and prepare for the rollout of its 2025 models.
Shifting consumer preferences have played a significant role in the slowdown, with buyers increasingly opting for more affordable subcompact crossovers and pickup trucks over larger luxury vehicles. Ford’s best-selling F-series trucks saw a modest 4% sales increase, a far cry from the 13% surge experienced last year. However, the compact Maverick pickup truck bucked the trend, with sales surging 33.2% to 31,883 units. Overall, Ford’s quarterly sales edged up to 504,039 units, a mere 0.7% increase from the same period last year.
According to Wards Intelligence data, total US new vehicle sales in September reached approximately 1.17 million units, translating to a seasonally adjusted annual rate of 15.77 million units. As the automotive industry navigates these challenging market conditions, manufacturers will be closely watched for their ability to adapt and respond to shifting consumer demands.
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