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Home / Business / New Ford CEO promises investors more transparency, reported October sales down 6.1%

New Ford CEO promises investors more transparency, reported October sales down 6.1%



Ford Motor will announce monthly as well as quarterly car sales in the US after the company’s new CEO Jim Farley has promised Wall Street more transparency.

The decision comes more than a year after the Detroit automaker followed its competitor, General Motors, entirely to quarterly sales reports. Several other automakers, including Fiat Chrysler and Volkswagen, have followed suit.

Ford spokesman Said Deep said the change was “intended to provide investors with more frequent updates on US sales and dealer inventory during the pandemic. . ”

; He said it is expected to continue for “for the foreseeable future.”

In his first quarterly earnings call with analysts as CEO, Farley promised Wall Street more transparency – something his predecessor, Jim Hackett, was criticized for Did not do. Farley successfully hacketted into effect October 1.

“My commitment to each of you is transparency, including purposeful, measurable key performance metrics so you can track our progress objectively,” Farley said. Analysts on October 28.

Ford previously said that switching to quarterly sales results would give investors a broader, more accurate report on company sales. Toyota Motor, Honda Motor and others continued to report monthly sales.

Ford reported US light car sales fell 6.1% last month compared to October 2019. That was a broader loss compared with a slight increase of 0.9% from a year earlier, according to Cox Automotive.

Ford’s sales last month have been hampered by a drop in passenger sedans it stopped making, as well as a 26.2 percent drop for Transit and 4 percent for pickups. The popular F-Series. Production of its pickup truck was partially affected by the factory overhaul to produce redesigned versions of the F-150 pickup. The drop in truck sales may be related to a drop in fleet sales due to the coronavirus pandemic.

Cox Automotive expects US car sales for the year to be 14.3 million units, down 16% from 2019 due to the coronavirus epidemic.


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