Wednesday July 1, 06:06 PM
Ford gains US share even as sales slip
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CHICAGO (AFP) - Ford Motor Co. said Wednesday it will again boost production after it managed to extend market share gains even as US sales fell 11 percent in June amid a broad economic downturn.
"We're making steady progress and are firmly focused on our plan to build a sustainable and exciting Ford," Jim Farley, Ford vice president for marketing and communications said in a statement.
"We remain grounded, however, given challenging industry and economic conditions."
While sales were down 11 percent at 155,195 vehicles, Ford said its share of the US market rose three points from June of 2008. The automaker did not provide a precise number.
The sales decline was significantly narrower than in recent months and Ford said its losses were "believed to be the month's lowest decline among major auto manufacturers."
Sales for the year to date were down 33 percent at 775,498 vehicles.
"Customers are showing us just how much they value the quality, fuel efficiency, safety and smart technology incorporated in our new product lineup," Farley added.
"This is an exciting time for Ford, which has more new vehicles in the market this year than any other automaker."
Ford said it managed to shrink its inventories to 343,000 vehicles at the end of June, which is about a 60 day supply and 214,000 vehicles lower than a year ago.
For the second month in a row, Ford announced plans to boost third quarter production. Ford added another 25,000 vehicles to its production plans which now stand at 485,000 vehicles, up 67,000 vehicles (16 percent) from the third quarter of 2008.
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