Full-Size Truck Sales Boom, Ford Says Highest Since December
Full-size pickup trucks are selling at their highest pace since December 2010, according to Ford. Due in part to decreased fuel prices, the rise in pickup sales doesn't just help the blue oval, but the entire industry, with Bloomberg reporting that approximately 13 percent of all vehicles sold this month were trucks.
"Full-size pickups are up just slightly from a year ago, but it's above the 9- to 10-percent level we saw in April and May when gas got to $4 a gallon," said Ford sales analyst George Pipas, speaking with reporters at Ford's headquarters in Dearborn, Michigan. "Now it's back to normal."
Ford's U.S. sales are up 11 percent in August, growing faster than the industry-wide average gain of 7.5 percent, according to Bloomberg. For the month of August, Ford sold a total of 67,282 trucks, a fair bit more than the 64,265 trucks sold the same month in 2010. Sales volume was even stronger a month earlier, with a total of 67,473 trucks sold in July. Models in the popular F-150 range made up roughly a quarter of Ford's total U.S. vehicle deliveries in August. U.S. market share for Ford grew to 16.8 percent this year as of the end of August, up from 16.7 percent the same period last year.
Despite Ford's current sales momentum with its trucks, along with the industry's increasing truck sales, Pipas says Ford is not ruling out the possibility of a double-dip recession.
"…It's not our plan," said Pipas. "You can't ignore the economic data coming in. So you have to attach some level of probability to it."
Though Pipas declined to tell Bloomberg what level of probability Ford gives a double-dip recession, he did say the company's plan involves slow economic growth over the next several quarters. "The surveys say people are uncertain about the future," said Pipas. "An automobile is a discretionary purchase; you can wait."