Ford: Quarterly U.S. Sales Growth All From Trucks and Vans

During the week of July 3, automakers have reported June or second-quarter sales. Wards has June sales up 19.9% year over year and the month’s seasonally adjusted annualized selling rate at 15.68 million, up from 13.05 million in June 2022. J.D. Power said on June 23 that the month’s incentives were tracking to rise 95.9% from June 2022, albeit off a low base of $918 per vehicle. With J.D. Power putting incentives as a percentage of average transaction price at only 3.7%, we don’t see sales reliant on discounting. Also, the most expensive trim packages continue to be in demand. We expect third-quarter demand to remain healthy amid continued pandemic and chip shortage recovery.