Ford U.S. Sales Drop 10.2% in July

In July, Ford Motor Company's U.S. sales declined 10.2% year-over-year. Rob Kauffman, Ford’s U.S. sales chief, stated that this drop was “intentional,” as the company phases out two vehicle models and scales back its rental fleet business. Fleet sales in July plummeted 96% compared to the same period last year. Ford noted that without these measures, its sales decline would have been limited to less than 1%, slightly better than the industry’s estimated average drop of around 2%. Through July, Ford’s cumulative U.S. sales were down 9.7% year-over-year, following a 9.6% decline in the first half of the year. Meanwhile, industry-wide sales for the first half (excluding July) are estimated to have fallen approximately 2.4%. Forecasting firms such as Cox Automotive project that total U.S. auto sales in 2024 will decline about 3% from last year, reaching 15.8 million units.