Ford Motor (F) EV sales in April soared compared to last year on new product offerings, but sales of its Mustang Mach-E continued declining monthly. Ford stock fell.
Total EV sales jumped 262% year-over-year to 11,172. However, Mustang Mach-E sales totaled 1,951, down from 2,637 in March and 3,739 in the first full month of sales in February.
The slowdown comes after the Mustang EV’s strong launch appeared to take market share from Tesla (TSLA).
A global chip shortage has hobbled the entire auto industry, forcing the temporary shutdown of plants. Ford said when it reported earnings last month it was cutting its production outlook in half due to the shortage.
Ford’s April totals were boosted by the sale of 3,365 F-150 PowerBoost Hybrid pick up trucks and 3,695 electrified Ford Escape SUVs.
“Strong customer reaction to our newest products, despite tight inventory, confirms our strategy of investing in electrified vehicles, along with trucks and SUVs,” Andrew Frick, Ford’s vice president of sales for the U.S. and Canada, said in a statement. “In April, we not only beat pre-coronavirus sales numbers from April 2019, but we saw record electrified vehicle sales for the month.”
The company added that the Mustang Mach-E is turning in just four days on dealer lots and transacting at $45,800.
Overall, Ford’s April retail sales were up 57% vs. 2020 results and up 24% relative to April 2019 results. Together, retail truck and SUV sales grew 70%, providing Ford truck and SUV sales with their best April retail sales performance since 2006, the company said.
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Shares fell 2.4% to 11.36 on the stock market today, remaining below their 10-week line. Ford stock is forming a double-bottom base pattern with a 13.09 buy point, according to MarketSmith chart analysis. But the relative strength line is also trending lower.
Tesla fell 3% on Tuesday. General Motors (GM), which reports Q1 earnings tomorrow, was down 3.1%.
Meanwhile, China-based EV makers also reported April sales on Monday. Shares of Nio (NIO), which saw sales jump 125% to 5,147 vehicles, dropped 5.4%.
Xpeng (XPEV), with sales surging 285% to 5,147 electric vehicles, was down 2.8%. Li Auto (LI), with a sales increase of 111% to 5,539 hybrid-electric SUVs, lost 1.5%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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