Major automakers Ford (NYSE: F) and Honda (NYSE: HMC) both reported their September sales data on the same day, Monday, Oct. 4, and both showed startlingly similar trends. Both naturally showed a big negative effect from the ongoing chip shortage on sales. However, both also highlighted strong demand for a specific type of vehicle, and similar results for their electric vehicle (EV) segments, giving a snapshot of how the passenger vehicle market is developing overall. Here's what they reported and what it means for their future.
With manufacturing slowed to a crawl by chip shortages and inventories hollowed out by high demand, Ford's total sales dropped 17.7% year over year for September. Narrowing the focus to retail sales, the plunge from September 2020 was 20.8%. The drop was strongest among cars, which saw sales drop 80.3% to just 2,800 individual vehicles sold.
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2 Trends to Watch Following Ford & Honda's September Sales