DETROIT, July 2, 2026, 15:03 EDT
- Ford Motor Company NYSE:F dropped 2.4% to $13.32 as Q2 U.S. sales slid 10.3% to 549,200 vehicles.
- Ford closed June with 471,000 vehicles in gross stock, around 78 days’ supply at the second-quarter selling rate. F-Series had a higher cover, about 88 days.
- EV sales dropped 40.7%. Battery-electric models made up just 1.8% of Ford’s Q2 U.S. volume.
Ford Motor NYSE:F shares dropped harder than the market on Thursday after the automaker posted soft U.S. sales. But inventory may tell the bigger story. Ford ended June with 471,000 vehicles in gross stock, an amount that’s 85.8% of its Q2 U.S. sales total. Traders are now focused on whether Ford can clear out those F-Series trucks in the second half without slashing prices.
The report landed in normal NYSE hours. Regular trading on the exchange runs from 9:30 a.m. until 4 p.m. ET. This Friday, July 3, the market shuts down for the Independence Day holiday.
Ford trailed General Motors NYSE:GM, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) and the Consumer Discretionary Select Sector SPDR Fund (NYSEARCA:XLY), market data showed. Tesla Inc. NASDAQ:TSLA dropped more sharply following its delivery report.
| Instrument | Last | Day move | Intraday range |
|---|---|---|---|
| Ford Motor Company NYSE:F | $13.32 | down 2.4% | traded between $13.22 and $14.00 |
| General Motors Company NYSE:GM | $75.06 | off 0.6% | $74.22 to $77.06 on the day |
| Tesla Inc. NASDAQ:TSLA | $392.01 | dropped 7.8% | moved from $389.99 up to $436.93 |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $742.88 | slipped 0.4% | $740.06-$751.20 range |
| Consumer Discretionary Select Sector SPDR Fund (NYSEARCA:XLY) | $116.96 | down 1.0% | in a band from $116.58 to $119.15 |
Ford reported a 10.3% drop in Q2 sales, down to 549,200 vehicles from 612,095 a year ago. Reuters pointed to weaker F-150 inventory as a key factor. In its sales update, Ford also blamed model phase-outs and a 69% plunge in daily rental sales for the lower volume.
| Ford U.S. Q2 line | 2026 units | Y/Y change | Share of Q2 sales |
|---|---|---|---|
| Total vehicles | 549,200 | -10.3% | 100.0% |
| Electric vehicles | 9,746 | -40.7% | 1.8% |
| Hybrid vehicles | 53,163 | -20.0% | 9.7% |
| Internal combustion | 486,291 | -8.1% | 88.5% |
| F-Series | 197,900 | -11.0% | 36.0% |
EV sales fell hard, but that wasn’t Ford’s top-volume stock concern. F-Series made up 36.0% of Ford’s U.S. sales in Q2. EVs came in below 2%. Ford said its estimated June retail share was up 0.2 points to 12.3%, driven by buyers for its high-margin SUVs and F-Series trucks.
Andrew Frick, president of Ford Blue and Model e, said Ford is phasing out certain high-volume models and added that the F-Series pulled further ahead of rivals. Ford said first-half F-Series sales took a hit due to commercial production realignment following last year’s aluminum supply shortages, but expects supply to improve more in the second half.
The numbers back up that point. F-Series gross inventory stood at 190,400 units at the end of June, while Q2 sales came in at 197,900. That’s nearly a full quarter’s worth of supply based on the Q2 pace.
| Ford inventory cover | Q2 sales, 000s | June gross stock, 000s | Implied days at Q2 pace |
|---|---|---|---|
| Total vehicles | 549.2 | 471.0 | 78 |
| F-Series | 197.9 | 190.4 | 88 |
| Ford trucks | 318.8 | 288.8 | 82 |
| Total SUVs | 215.7 | 170.4 | 72 |
Ford is recalling about 741,000 vehicles in the U.S. over a transmission defect, Reuters said Tuesday. The fault could damage the park system and may let vehicles roll away. Investors watching warranty exposure got the update this week.
Ford and Ford Motor Credit are set to report Q2 earnings at 4:05 p.m. ET July 28. CEO Jim Farley, Sherry House and senior management plan to hold their call at 5 p.m. ET.
