Ford Motor Co

F: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$18.00	Nzftr	Fwslplys

Ford: Hybrids and Lincoln Enable Third-Quarter US Sales Growth

David Whiston

Oct 2, 2024

Wards Intelligence put September US auto sales down 12.8% year over year, but there were three fewer selling days in September 2024 versus September 2023 (Labor Day 2024 weekend volume included in August sales). Adjusting for fewer selling days, volume fell 1.4%. The seasonally adjusted annualized selling rate of 15.77 million improved from September 2023’s 15.69 million. Inventories likely remain below 3 million units, and the recent interest rate cut should nudge some buyers to visit showrooms in the fourth quarter, though we think the industry would benefit from further rate reductions. We still expect 2024 light-vehicle sales in the high 15 million range.

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