Key Takeaways
- Ford Motor posted strong first-quarter sales on demand for its hybrids and SUVs.
- Sales of hybrids were up 42% from the same period a year ago and set a quarterly record for the automaker.
- SUV sales climbed 16.8% and made up nearly half of all sales, with Ford brand SUVs also reaching a quarterly high.
Ford Motor (F) shares gained close to 3% Wednesday as the automaker reported a 6.8% year-over-year rise in first-quarter sales driven by demand for its hybrid vehicles and SUVs.
The company said it sold 508,083 vehicles in the period, up from 475,906 a year ago. Hybrid sales jumped 42%, in the best quarter for hybrid sales in the company’s history. Sales of electric vehicles (EVs) were up 86.1%, and sales of gas-powered vehicles gained 2.6%.
SUV sales climbed 16.8% and made up nearly half of all vehicle sales, with Ford brand SUVs reaching a quarterly high. Demand for the small Maverick pickup was especially strong, with total sales rising 81.9%. The hybrid version’s sales increased 77%.
Ford’s car sales fell by 7%, while truck sales declined 0.6%.
Andrew Frick, president of the automaker‘s gas-powered vehicle unit, Ford Blue, said that the new F-150 and Ranger pickups that went on sale last month, along with high demand for its Lincoln Nautilus and Nautilus Hybrid SUVs, put Ford in a “strong position to capitalize and grow” this year.
The news sent Ford shares up 2.8% to $13.65 Wednesday, their highest level since last summer.
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