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Ford (F) Q2 2022 US sales

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Electric Ford F-150 Lightning

Andrew Evers / CNBC

DETROIT – Ford Motor on Tuesday reported a slight increase in latest vehicle sales for the second quarter that missed automotive analysts’ expectations.

The corporate said sales rose 1.8% to 483,688 latest vehicles within the second quarter compared with a 12 months earlier, but noted that results improved in June and were up 31.5% for the month. Analysts expected the Detroit automaker’s sales to rise between 3.3% and 5.1%.

Ford’s results easily outperformed the industry through the quarter, as overall sales were forecast to be down between 19% and 21% from the year-ago period. Automakers have been scrambling to rebuild dealer inventories which were hit hard by production cuts amid a world shortage of semiconductor chips and other key automotive components.

Shares of Ford hit a 52-week low of $10.61 on Tuesday. The stock was at around $10.90 in afternoon trading, down greater than 3%. Shares of the automaker have declined 47% in 2022.

Ford was significantly impacted a 12 months ago by the chip shortage, which was largely the result of a fireplace at considered one of its suppliers in Japan that forced production cuts through the first half of 2021.

“Amid industry-wide supply constraints, Ford outperformed the industry driven by strong F-Series, Explorer and latest Expedition and Navigator SUV sales,” Andrew Frick, Ford’s vice chairman of sales, distribution and trucks, said in a release.

The corporate said demand stays strong, with a record 50% of retail sales coming from customer orders in June, moderately than from purchases out of dealer inventories. Automakers have pushed customers to order vehicles, which helps corporations higher measure demand and plan accordingly. Ford said its retail sales were up 30.3% last month compared with a 12 months earlier.

Notably, Ford’s sales of F-Series pickups improved to 57,673 units in June – their highest monthly total of 2022. The sales include the F-150, including an all-electric version, and bigger iterations of the pickup.

Sales of the corporate’s electric F-150 Lightning proceed to ramp up. Ford said it sold 2,296 of the trucks because it went on sale in late May, including 1,837 in June.

Ford said sales of its electric vehicle – F-150 Lightning , Mustang Mach-E and E-Transit – jumped 76.6% to 4,353 in June from a 12 months ago. For the primary half of the 12 months, it said EV sales totaled 22,979 units, up 77% from the identical period in 2021.

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