Jim Furley, the company’s new CEO, has promised to give Wall Street more transparency, after which Ford Motor will be available on a monthly basis as well as in the U.S. The vehicle will represent sales.
The decision comes more than a year after Detroit maker Tomaker, following its crosstown rival, General Motors, turned it into a quarterly sales report. Several other auto tomers, including the Fiat Chrysler and Volkswagen, have since sued.
Ford spokesman Saeed Deep said the change was “intended to give investors more frequent updates on US sales and dealer inventory during the epidemic.” He said he expects the “near future” to continue.
In his first-quarter earnings with analysts as CEO, Furley promised more transparency to Wall Street – something his predecessor, Jim Hackett, criticized for not doing. Farley, Hackett’s success since Oct. 1.
“My commitment to you is transparency, which includes purposeful, measurable key performance indicators so you can purposefully track our progress,” Farley said. Told analysts on the 28th.
Ford had previously said that switching to quarterly sales results would give investors a more comprehensive, more accurate report on the company’s sales. Toyota Motor, Honda Motor and others have reported sales on a monthly basis.
Ford saw a 6.1% drop in sales of U.S. light duty vehicles last month compared to October 2019. According to Cox Omot Tomotiv, this is a wider loss than the industry, which saw a slight increase of 0.9% from a year earlier.
Ford’s sales last month were hampered by a decline in its passenger sedan, which has been discontinued by Tomaker, as well as slides of 26.2% for its transit vans and 4% for its popular F-Series pickups. The factory’s overhaul to make redesigned versions of its F-150 pickups had a partial impact on the production of its pickups. The decline in van sales due to the coronavirus epidemic was associated with a decline in fleet sales.
Cox Automotive expects U.S. Vehicle sales will be 14.3 million for the year, down 16% from 2019 due to the coronavirus epidemic.
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