Ford Motor (NYSE: F) has announced the sales of its third-quarter 2020. The auto manufacturer has announced that its vehicle sales were only dropped 4.9% from the earlier years. The company finally showed signs of recovery after experiencing the major hit by the COVID-19 pandemic which caused a decrease in the demand. But the increasing demands for sports utility vehicles and pickup trucks increased the third quarter sales of the company in the US.
Ford has reported the sales of its trucks reached 311,751 and this third quarter is the best quarter of pickup truck sales since 2005. Ford revealed that its Q3 sales were up 27.2 percent as compared to the sales of Q2. It has sold 551,798 total vehicles this quarter as compared to the 580,251 earlier this year.
Shares of Ford Motor traded up 2.07% as the company gained +0.14 during the trading session of Friday. It has a closing price of $6.89. In the past 52-weeks of trading, this company’s stock has fluctuated between the low range of $3.96 and a high range of $9.57. It has moved up 73.99% from its 52-weeks low and moved down -28.04% from its 52-weeks low. This company’s market capitalization has remained high, hitting $26.38 billion at the time of writing.
The company is positive about the sales of its vehicles in quarter 4 as it is currently showing a strong performance. Ford revealed that though there is an uncertainty that is prevailing because of the ongoing pandemic but the sales results of Q3 surpassed the expectations and now the company is looking forward to a strong performer in Q4.
Ford revealed that its retail share of the industry increased by an estimated 0.2 percentage points, while Ford’s Q3 total share expanded by 0.8 percentage points, excluding discontinued cars, Ford retail sales were up 1.3 percent. America’s best-selling pickup sold above the 70,000 truck mark for three straight months in Q3. Retail sales were increased 10.1 percent over last year, with the retail share of the full-size pickup segment increased an expected 0.8 percentage points of share.
Ford Motor’s new CEO Jim Farley is continuously working and focusing on the key growth areas like autonomous and electric technologies as well as commercial vehicles. Ford’s new CEO is striving to regain the image of the auto manufacturers company. The company’s main goal is to reduce cost, to improve quality, and accelerating the restructuring of underperforming businesses.