Ford (F) Stock: Q2 US Sales Fall 10% as EV Demand Drops

TLDR

• Ford’s Q2 US sales fell 10.3% to 549,200 vehicles, with first-half sales down 9.6% to just over 1 million.
• EV sales collapsed 40.7% in Q2 to 9,746 units; F-150 Lightning dropped 58.6% and is now discontinued.
• Bronco hit a Q2 record of 45,739 units, outselling the Jeep Wrangler; Explorer gained 13.8%.
• F-Series truck sales fell 11% in Q2 to 197,900, though Ford still outsold Silverado by 80,000 trucks.
• Ford is retooling Louisville Assembly Plant to build a sub-$30,000 electric pickup next year.

Ford reported a 10.3% drop in Q2 US sales Thursday, with 549,200 vehicles sold as weak EV demand and planned model phase-outs weighed on results. Ford stock (F) was down around 2.79% on the day, trading near $13.27.

Ford Motor Company, F

The headline number stings, but Ford says it’s not the full picture. Excluding the discontinuation of the Escape and Lincoln Corsair, plus a 69% cut in daily rental sales, the company estimates Q2 sales would have actually risen 0.5%.

First-half sales fell 9.6% to just over 1 million vehicles.

The EV side of the business had a rough quarter. Ford’s EV sales dropped 40.7% in Q2 to just 9,746 units. The Mustang Mach-E slid 30.9%, and the now-discontinued F-150 Lightning fell 58.6%. Through the first six months of the year, EV sales are down 57.4%.

The drop in EV demand follows the expiration of the federal EV tax credit at the end of Q3 last year — a headwind felt across the industry, including at GM.

Hybrids were also softer, sliding 20% for the quarter. That’s a contrast to rivals Honda and Toyota, which posted gains in the same segment.

F-Series and Trucks

F-Series, still America’s best-selling truck, wasn’t immune either. Sales fell 11% in Q2 to 197,900 and 13.3% for the first half to 357,801.

Ford blamed a “retiming of commercial production” linked to last year’s aluminum supply shortages, not slowing demand. The company noted it still outsold the No. 2 Chevrolet Silverado by more than 80,000 trucks through June.

GM reported a 4.2% Q2 decline, a smaller drop than Ford’s.

Bright Spots

Not everything went south. The Bronco posted a record Q2 with 45,739 units sold, up 15.9%, and outsold the Jeep Wrangler for the quarter. First-half Bronco sales hit a record 76,936.

The Explorer gained 13.8% to 65,538 units. Combined Bronco, Explorer and Expedition sales rose 10.1% in the first half — Ford called it the group’s best performance in 25 years.

The Maverick Hybrid also set a Q2 record at 29,457 units, up 19.3%. The Mustang rose 22% in the first half to 28,725 units despite a shrinking car market.

Ford’s estimated June retail market share ticked up 0.2 percentage points to 12.3%. Industry-wide, June sales topped a 17 million annual rate for the first time since July 2025.

CEO Jim Farley pointed to the upcoming affordable EV lineup as the next growth driver. Retooling is underway at the Louisville Assembly Plant to produce a sub-$30,000 small electric pickup on Ford’s Universal EV platform, expected to launch next year.

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