Ford (F) Stock Slides as Q2 Sales Plunge 10% Amid Electric Vehicle Slowdown

Key Takeaways

• Second-quarter U.S. deliveries at Ford decreased 10.3% year-over-year to 549,200 units, with year-to-date volumes declining 9.6% to approximately 1 million vehicles.
• Electric vehicle deliveries plummeted 40.7% during the quarter to 9,746 units; F-150 Lightning sales plunged 58.6% before production ceased.
• Bronco achieved quarterly sales record with 45,739 units delivered, surpassing Jeep Wrangler; Explorer volumes increased 13.8%.
• F-Series pickup deliveries declined 11% to 197,900 units in Q2, though Ford maintained its lead over Silverado by 80,000 vehicles.
• Louisville Assembly Plant undergoing transformation to manufacture sub-$30,000 electric pickup launching in 2026.

Ford disclosed Thursday that its second-quarter U.S. vehicle deliveries tumbled 10.3% to 549,200 units as softening electric vehicle appetite and strategic model eliminations impacted performance. Shares of Ford (F) declined approximately 2.79% during Thursday’s session, hovering around $13.27.

Ford Motor Company, F

While the topline figure appears concerning, Ford management contends the underlying story is more nuanced. When adjusting for the discontinued Escape and Lincoln Corsair models, combined with a 69% reduction in daily rental fleet deliveries, the automaker calculates Q2 sales would have increased by 0.5%.

Year-to-date volumes through June decreased 9.6% to slightly above 1 million units.

The electric vehicle segment experienced particularly challenging conditions. Ford’s EV deliveries collapsed 40.7% in the second quarter to merely 9,746 vehicles. Mustang Mach-E volumes decreased 30.9%, while the discontinued F-150 Lightning plummeted 58.6%. For the six-month period, electric vehicle sales have declined 57.4%.

This electric vehicle weakness stems from the elimination of federal EV tax incentives at the conclusion of Q3 last year—a challenge affecting the entire automotive sector, including GM.

Hybrid volumes also weakened, falling 20% during the quarter. This stands in stark contrast to competitors Honda and Toyota, both of which reported growth in electrified vehicles.

Pickup Truck Performance

The F-Series lineup, maintaining its position as America’s top-selling truck, experienced declines as well. Deliveries fell 11% in Q2 to 197,900 units and dropped 13.3% for the first six months to 357,801 vehicles.

Ford attributed this to a “retiming of commercial production” connected to previous year aluminum supply constraints, emphasizing demand remains robust. The manufacturer highlighted that it continues to outsell the second-place Chevrolet Silverado by over 80,000 trucks year-to-date.

Performance Highlights

Several product lines delivered strong results. The Bronco family achieved a second-quarter record with 45,739 units delivered, climbing 15.9%, and surpassed the Jeep Wrangler during the period. First-half Bronco deliveries reached a record 76,936 units.

Explorer volumes advanced 13.8% to 65,538 vehicles. Combined deliveries of Bronco, Explorer and Expedition increased 10.1% in the first half—what Ford characterized as the segment’s strongest six-month performance in a quarter-century.

The Maverick Hybrid established a Q2 record at 29,457 units, advancing 19.3%. Mustang deliveries rose 22% in the first half to 28,725 units despite overall passenger car market contraction.

Ford’s estimated June retail market share improved 0.2 percentage points to 12.3%. Across the industry, June sales exceeded a 17 million seasonally adjusted annual rate for the first time since July 2025.

CEO Jim Farley emphasized the forthcoming affordable electric vehicle portfolio as the company’s next expansion catalyst. The Louisville Assembly Plant is currently being retooled to manufacture a sub-$30,000 compact electric pickup utilizing Ford’s Universal EV architecture, scheduled for next year’s launch.

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