Michigan Jan 6 (BUS): Ford Motor Co. reported a 6.8% drop in US auto sales for 2021 on Wednesday, as the automaker struggled to deliver its cars and trucks due to ongoing supply chain bottlenecks and a global chip shortage.
The Detroit automaker sold 1,905,955 vehicles in 2021, ending up behind Toyota Motor Co. in the United States, and rival General Motors, Ford, selling 2,044,744 vehicles the previous year, Reuters reported.
Total US light vehicle sales for 2021 were just under 15 million, according to Wards Intelligence, which is below the five-year average of 17.3 million from 2015 to 2019.
Sales of the Ford Mustang Mac-e electric crossover reached 27,140 for 2021. The company plans to double annual production of electric crossovers to more than 200,000 by 2023, to meet better-than-expected demand.
Ford has tightened its focus on its electric vehicle strategy and said Tuesday it will nearly double annual production capacity for its F-150 Lightning electric pickup truck to 150,000 vehicles.
Its shares recovered from early weakness to trade 1% higher on Wednesday at their highest level since 2001.
They gained 136% in 2021, outstripping General Motors’ 40.8% rise and electric vehicle leader Tesla Inc (TSLA.O) jumping 49.7%, as investors bet buyers will step up for the electric version of the F-150.
“I think there’s been optimism with GM as well, especially compared to pre-2021, but Ford has had better feelings lately” because of its aggressive electrification strategy, said David Weston, analyst at Morningstar Research.
MI