Ford Motor Company (NYSE:F) said that its sales in Europe fell almost 27% in 2020 amid the COVID-19 pandemic and an ongoing overhaul of its product line. But the Blue Oval retained its title as Europe’s top brand for commercial vehicles, it said, a key priority for CEO Jim Farley.
For the fourth quarter of 2020, Ford’s sales in Europe fell 15% from a year earlier, amid new COVID-related restrictions in key markets, including the United Kingdom and Germany.
Key points from Ford’s European sales report:
- Combined sales of the discontinued Ka and C-Max fell to just 5 vehicles from nearly 16,000 in the year-ago period.
- Sales of Ford’s European best-seller, the Focus, were down just 2.8% from the fourth quarter of 2019.
- Sales of its second-best-seller, the Puma small crossover SUV, totaled nearly 40,000. (The model was new at the end of 2019, and Ford sold only a few in the year-ago period.)
- SUVs accounted for 38.1% of all Fords sold in Europe in 2020, up from about 30% in 2019.
- The small Ford Fiesta was the U.K.’s best-selling car in 2020.
Ford’s decline likely was worse than the overall market’s. The company estimates that new-vehicle registrations in its 20 core European markets were down a combined 7.2% in the fourth quarter, and down 23.6% for the year.
Ford will report its fourth-quarter and full-year earnings results after the U.S. markets close on Feb. 5.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
View more information: https://www.fool.com/investing/2021/01/15/fords-european-sales-hit-hard-by-covid-19-but-a-ne/