Daily Updates
Ford US auto sales rise 3 percent in October
DETROIT (AP) — Strong demand for cars and crossovers lifted Ford’s U.S. sales 3 percent in October, a positive sign for automakers who are hoping a healthier economy will draw buyers back to showrooms.
Ford said its sales rose 21 percent from September to 118,735 vehicles, when auto sales were still in a hangover after the Cash for Clunkers program boosted sales this summer. Automakers had said October would be a test of how strong the market is without any effect from clunkers.
Ford’s overall car sales rose 11 percent over last October, while crossovers climbed 23 percent, Ford Motor Co. said Tuesday. Truck sales fell 10 percent. New products like the Ford Taurus sedan and Lincoln MKT crossover sold well. More than 80 percent of last month’s sales came from new 2010 models.
Fuel-efficient models like the Ford Fusion sedan and Escape small sport utility vehicle also flew off showroom floors, with both notching sales jumps of around 25 percent.
Ford eked out a better a performance in October even as its spending on consumer incentives declined, according to Edmunds.com. The automotive research Web site said Ford spent $2,909 per vehicle on incentives. That’s down one-fourth from October last year and 6 percent from September.
But the automaker still spent more on incentives than the industry average, with Japanese automakers like Honda and Toyota spending significantly less.
Ford said it marked the 12th time in 13 months that its U.S. market share rose as it continues to grab buyers from competitors. Ford has been benefiting from consumer goodwill because it didn’t take government bailout money or go into bankruptcy, as General Motors Corp. and Chrysler LLC did.
It was more good news for Ford, which said Monday it made nearly $1 billion in the third quarter. Ford’s North American division also reported its first profitable quarter in four years.
Ford shares fell 3 cents to $7.55 in midday trading on the New York Stock Exchange.
Other automakers were scheduled to report results later Tuesday.
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