Ford Motors Co experienced a strong financial performance during the first quarter of 2023, posting a 10.1% rise in sales for the first three months of the year. Stocks in the company rose by 1% during premarket trading.
The automaker’s increase in sales is largely attributed to a combination of rising demand and the easing of supply chain restrictions. Ford’s rising sales follow the global trend of rising U.S. sales as shipments to dealers across the industry continue to improve. The exception was Toyota Motor Corp, which reported that it is continuing to experience parts shortages.
Ford reported total first-quarter sales of 475,906 vehicles; up from its sales of 432,132 vehicles during the same period a year earlier.
Automakers across the board faced multiple supply chain disruptions during the height of the pandemic, leading to lower supply levels and multiple delivery setbacks. Such disruptions dwindled over the past year, enabling the likes of Ford to boost their deliveries.