Ford's (F) Posts First Sales Gain Since 2007

Ford's (NYSE: F) reported that July vehicle sales rose 2.3% to 165,279 units, its first year-over-year total sales gain since November 2007. Ford was the first of any major manufacturer to post a sales increase in 2009. Ford said demand for its fuel-efficient vehicles and the 'Cash for Clunkers' drove the results.

Ford, Lincoln and Mercury retail sales increased 9% versus a year ago.

Sales by brand showed that Ford rose 2.9% year-over-year, Lincoln fell 24.3% year-over-year, Mercury rose 6.6% year-over-year, and Volvo rose 25.7% year-over-year.

Ken Czubay, Ford vice president, U.S. Marketing, Sales and Service, said, "We had another strong month in progress before the 'Cash for Clunkers' program started." He added, "Our products, our dealers and our advance preparation enabled us to leverage the program and drive traffic and sales to another level. In addition, we achieved a sales increase even though we decreased incentive spending in an increasingly competitive environment."

You May Also Be Interested In

• Ford (F) PT Raised to $17 at Piper Sandler
• Ford (F) PT Raised to $15 at TD Cowen
• Citi upgrades Ford to Buy on improving F-Series momentum, lifts PT to $20