Ford Motor sales slide in October despite Lincoln’s good month – USA TODAY
Ford Motor’s U.S. sales slumped 11.9% in October, according to Autodata, as retail and fleet sales took a step back despite growth for the company’s luxury Lincoln brand.
The automaker sold 187,692 vehicles for the month. The Lincoln brand recorded 6.9% growth to 9,069 units, and the namesake Ford brand fell 12.7% to 178,623 vehicles, compared to a year earlier.
Analysts at Edmunds.com, Kelley Blue Book and Autodata had predicted declines of 10.9%, 10.8% and 2.3%. The overall industry was down about 4.4% for the month, according to Autodata, though that figure will be revised lower after Ford’s report.
Ford stock fell 0.5% in early trading to $11.55.
The company’s October performance suffered in part because it sold a disproportionately high percentage of units to fleet customers in early 2016. Fleet sales fell 24% to 45,668 for the month, according to Ford.
But retail fell too, dropping 7%, even as the company spent an additional $180 per vehicle on incentives than it did a year ago.
The company’s cars endured steep declines as consumers embrace bigger vehicles amid low gasoline prices. Car sales plummeted 27.5% for the month to 44,925, the company said.
The F-series pickup truck, the most popular vehicle in the U.S., posted a 0.1% gain to 65,542 vehicles, fueled partly by redesigned Super Duty trucks.
Ford did not report October sales on Tuesday, when the rest of the industry issued sales report. A fire at an electrical substation cut off power to facilities at its headquarters in Dearborn, Mich. on Monday, preventing dealers from reporting final-day sales figures on time.
Ford said it did not lose any data because backup power worked as expected.
Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.