Here's a Glimmer of Hope for Ford Investors
For investors who have watched COVID-19 put the global automotive industry through pain, whether it's suppliers, manufacturers, dealerships, or many others, there's a glimmer of hope that automakers could recover from China's slump sooner than originally believed. That's great news because not only is China a large chunk of sales for Ford (NYSE: F) and General Motors (NYSE: GM), it could give insight about a similar recovery here in the U.S. markets in a few months.
Ford sold nearly 159,000 vehicles during the second quarter. That result was a 3% gain over the prior year's second quarter and a staggering 78% increase compared to the first quarter of 2020 when the initial impacts of COVID-19 sent sales plunging. Ford's transit commercial vehicles grew 60.9% compared to the prior year, and Lincoln luxury vehicles gained 12%. Ford-brand SUVs also surged with sales topping 30,000 units, which was a robust 82.1% year-over-year gain. Despite GM's China sales declining 5.3% compared to the prior year, the largest Detroit automaker still dwarfs its cross-town rival in total sales volume, which reached over 713,000 units during the second quarter.
Image source: Ford Motor Company.
Source Fool.com
