U.S. Ford Motor Company Sales Down 32 Percent In July 2021

[Your Miles May Vary]

From Ford Authority »

​

Ford Motor Company sales fell by 32 percent to 120,053 units during July 2021 in the United States. Sales decreased at both FoMoCo divisions – the namesake Ford brand and at Lincoln.​

​

“In addition to the sales we delivered in July, our retail order bank increased over 70,000 units, excluding our Bronco and Maverick retail orders, which is 10 times higher than we were a year ago. Our newest products, including F-150 PowerBoost, Mustang Mach-E, Bronco and Bronco Sport, are conquesting at a rate that is almost 14 points higher than Ford overall,” said said Vice President, Ford Sales U.S. and Canada, Andrew Frick. “With our strong portfolio of new products, robust transaction pricing and a big order bank, we are perfectly positioned for significant growth as the semiconductor chip situation improves,” he added.​

…​

​

» Ford Ranger sales decreased 33.7 percent to 5,960 units​

Rest of the article here »

I'm going to guess that prices are going to remain high with few dealer or factory incentives as demand is outstripping supply.

Sponsored

 

[Ranger3]

Yeah ok...wanna know why.....no chips...hello?!?! This was to be expected.

 

[AzScorpion]

While the chips are a huge part of this they're not the only reason. Just about every part on vehicles are in shortage now from chips, tires, and engines. You wouldn't think but the Suez Canal back up really messed things up too. About the only thing I haven't seen a shortage on is the auto paint but I'm sure that's next.

 

[GregsFX2Ranger]

To be expected. No inventory on dealer lots. How you supposed to sell trucks. Guess you could order, but what's even the leeway time on that?

 

[Mastodon]

Yeah ok...wanna know why.....no chips...hello?!?! This was to be expected.

It's not just chips, it's everything to include even the seat foam and sheet metal.

https://www.caranddriver.com/news/a35755353/car-seat-foam-shortage-reasons/

Shutdowns last year weren't equal across the board. Some places started before others, some lasted longer than others, etc. It all creates ripples in the supply chain that have nearly ground the entire thing to a halt, just like how one person braking on a highway creates a massive traffic jam.

Manufacturing largely exists in a "Just-in-time" world where they don't keep large inventories of spare parts on hand. Great for efficiency, but apparently not for pandemics. Trucking has had a retention problem for years, but with training schools shut down, there were no replacements to backfill with. No trucks = no way to get parts to refill inventories. And that's if there are parts to begin with. The Bronco was delayed for months because the factory that produced the soft-top material had been shut down.

And then there's the trains that somehow keep derailing...

It is, in a word, a clusterf*ck. We're honestly lucky that things as "normal" as ever.

 

[Your Miles May Vary]

Over on the Bronco forum they keep posting info about the factory shut downs. For a while it was blamed on problems with the removable hard tops, but it's now also sourcing engines (2.3L is American-made), chips, etc.

Moving forward, (I'm speculating) I think we are less likely to see dealer lots full of cars like the good ol' pre-pandemic days. When the lots are full, manufactures and dealers need to offer huge discounts to move cars off the lots. That's costly. If manufacturers limit supply, it drives up the prices, and both manufactures and dealers keep making huge profits. Dealers also benefit by needing less sales staff and smaller lots. But it sucks for the cost-conscious customers.

The Bronco is a huge hit. Order one today and it's now at least a year lead before your order is filled. So dealers are adding huge markups, and getting what they want. If the new Ranger, which is rumoured to benefit from the Bronco development, is also a huge hit, it will be interesting to see what happens to the supply.

 

[Your Miles May Vary]

It's not just chips, it's everything to include even the seat foam and sheet metal.

https://www.caranddriver.com/news/a35755353/car-seat-foam-shortage-reasons/

Shutdowns last year weren't equal across the board. Some places started before others, some lasted longer than others, etc. It all creates ripples in the supply chain that have nearly ground the entire thing to a halt, just like how one person braking on a highway creates a massive traffic jam.

Manufacturing largely exists in a "Just-in-time" world where they don't keep large inventories of spare parts on hand. Great for efficiency, but apparently not for pandemics. Trucking has had a retention problem for years, but with training schools shut down, there were no replacements to backfill with. No trucks = no way to get parts to refill inventories. And that's if there are parts to begin with. The Bronco was delayed for months because the factory that produced the soft-top material had been shut down.

And then there's the trains that somehow keep derailing...

It is, in a word, a clusterf*ck. We're honestly lucky that things as "normal" as ever.

Bloomberg had an excellent article on JIT a few days ago »

https://www.bloomberg.com/news/arti...-biden-congress-deal-can-fix-logistics-issues

 

[WhyNot21]

Looks like this is really hitting Ford harder than the others. Most other manufactures are still having record sales.

 

[Hounddog409]

Looks like this is really hitting Ford harder than the others. Most other manufactures are still having record sales.

Yeah, theyre in trouble as well. Chevy, GM, jeep lots are just as empty, if not worse.

 

[AzScorpion]

Chevy has 10,000 sitting parked right now.

https://www.freep.com/story/money/c...08/05/gm-parks-suvs-chip-shortage/5473476001/

According to information obtained by the Free Press, as of Wednesday afternoon, there were 10,579 full-size SUVs built at Arlington Assembly parked around central Texas awaiting parts before they can be completed and shipped to showrooms. GM builds its Cadillac Escalade, Chevrolet Tahoe and Suburban and GMC Yukon full-size SUVs at Arlington, which is located between Fort Worth and Dallas.

 

[P. A. Schilke]

Ford NEWS


Ford’s Expectations for Better Full-Year 2021 Operating Results
Driven by Strong Order Bank, Improving Semiconductor Supplies
• Company reports Q2 revenue of $26.8 billion, net income of $561 million and adjusted EBIT
of $1.1 billion
• Raises anticipated full-year 2021 adjusted EBIT and adjusted free cash flow, respectively, to
between $9 billion and $10 billion and between $4 billion and $5 billion
• Says U.S. customer-sold order bank exiting Q2 more than 7X a year ago, with new models
to come – sales ‘’spring loaded’’ for growth when semiconductor supplies normalize
DEARBORN, Mich., July 28, 2021 – Ford delivered better-than-expected operating results in
the second quarter of 2021, further rolling out its plan for the company’s future, Ford+, while
managing through semiconductor supply shortages.
“Ford+ is about creating distinctive products and services, always-on customer relationships
and user experiences that keep improving,” said Jim Farley, Ford’s president and CEO. “And
it’s already happening – there are great examples everywhere you turn at Ford, and the benefits
for our customers and company will really stack up over time.”
Company Key Metrics Summary
2
Among Ford+ achievements during Q2, Farley pointed to:
• Mustang Mach-E, already ranking No. 2 in sales among all-electric sport utility vehicles in
the United States just seven months after shipments to customers began and recently
named “Electric Vehicle of the Year” by Car and Driver magazine
• F-150 Lightning – an electric version of the most popular vehicle in the U.S. for more than
40 years – generating 120,000 reservations since its unveiling in May, about three-quarters
of them from customers who are new to Ford
• The Maverick, an upcoming five-passenger small pickup with a targeted EPA-estimated
rating of 40 miles per gallon in the city and a price that starts at less than $20,000
• Ford Pro, the new standalone commercial vehicle services and distribution business, adding
seamless EV charging and energy-management services in June with Ford’s acquisition of
Electriphi
• The proprietary Blue Oval Intelligence software stack initiating over-the-air software updates
to customer vehicles, with more than 95% of Mustang Mach-E owners opting in for the
service, updates delivered to more than 150,000 vehicles of all types so far this year, and
four times the number of OTAs expected to be performed by the end of 2021, and
• Ford, Argo AI and Lyft – in an industry-first collaboration – announcing last week they will
deploy Ford driverless vehicles on the Lyft network, starting later this year in Miami.
Regional Highlights
3
Ford’s Q2 Adjusted EBIT Solid Despite Sequential Drop in Auto Volume
In April, with the semiconductor situation worsening, Ford said it expected to lose about 50% of
its planned second-quarter production, which would have resulted in a loss in the period. In
fact, Ford did better than expected, leveraging strong demand to optimize revenue and profits
through lower incentives and a favorable mix of vehicles, which generated companywide
adjusted earnings before interest and taxes of $1.1 billion.
With virtually all of the auto industry’s worldwide manufacturing shut down by the global
pandemic for much of second-quarter 2020, Ford’s automotive business grew in the most recent
period against key financial measures on a year-over-year basis.
Second-quarter cash flow from operations was $756 million. Adjusted free cash flow for the
period was negative $5.1 billion, reflecting the expected greater effect of semiconductor-related
volume losses on FCF than EBIT because of adverse working capital and timing differences.
Cash and liquidity remain very strong – $25.1 billion and $41.0 billion, respectively, at the end of
the quarter.
“We’re on a new path, with the Ford+ plan, financial flexibility and a resolve to make us an even
stronger company,” said CFO John Lawler. “We’re developing connected, high-quality vehicles
and services that are great for customers and profitable for Ford.”
Ford’s auto business in North America delivered positive EBIT in the quarter on a year-overyear
increase of $1.1 billion.
Exiting the second quarter, the combined U.S. customer-sold retail order bank for Mustang
Mach-E and other Ford vehicles was seven times larger than at the same point in 2020. With
additional current and anticipated demand for models including the Bronco SUV and, later,
Maverick and F-150 Lightning pickups, Farley said the business is “spring loaded” for a rebound
when semiconductor supplies stabilize and more closely match demand.
Strategic turnarounds of company business units outside of North America remain on track.
Aggregate second-quarter EBIT in those regions improved by $828 million year-over-year, but
was down from Q1. The sequential drop was primarily attributable to a 35% sequential decline
in wholesales in Europe related to semiconductor availability.
Ford’s transformation in Europe is supported by persistent, growing strength with commercial
customers, now through Ford Pro, and major investments in electric vehicles. The spending on
EVs includes $1 billion for a new manufacturing center rising in Cologne, the planned spring
2022 regional launch of E-Transit commercial vans, and a forthcoming all-electric light
commercial vehicle that will be built in Romania.
The Lincoln brand continued to play a major role in improved company performance in China,
recording its highest ever quarterly retail sales in Q2. Ninety-seven percent of Lincoln’s volume
is now made in-country, lowering production costs. In fact, Lincoln ranked No. 1 in JD Power’s
2021 China Sales Satisfaction Index Study, unseating Audi, which had held the top spot for 11
years.
Ford’s appeal with commercial customers in China continues to grow. Commercial vehicles
accounted for 52% of overall sales mix. Later this year, Ford China will introduce a locally built
version of the Mustang Mach-E.
In South America, Ford is executing the transformation plan announced there in January. The
plan is based on reducing business risks in the region with an asset-light model centered on
4
strengths with Ranger pickups, Transit commercial vans, and selected imported vehicles like the
Bronco Sport and Mustang Mach 1.
The company’s International Markets Group delivered another solid quarter, leveraging its
strengths with Ranger pickups and Everest SUVs.
In addition to the new collaboration with Argo AI and Lyft, Ford’s Mobility business expects to
benefit from Argo’s recent introduction of its own Lidar technology. Farley said capabilities of
the Argo Lidar are expected to enable the expansion of autonomous-vehicle services beyond
dense urban areas, in the process creating a competitive advantage for Argo and Ford.
Ford Credit delivered record quarterly earnings before taxes of $1.6 billion. Among new
capabilities inspired by Ford+, the business is launching Ford Pro FinSimple to provide
commercial customers with bundled financing for vehicles, services and EV charging.
Outlook
Lawler said that Ford has raised its expectation for full-year adjusted EBIT by about $3.5 billion,
to between $9 billion and $10 billion. Volume is expected to increase by about 30% sequentially
from the first to the second half of the year, driving an improvement in market factors net of
production costs.
The volume benefit is anticipated to be offset by higher commodity costs, investments in the
Ford+ plan and lower earnings by Ford Credit, among other factors, with second-half adjusted
EBIT lower than in the first half. The half-to-half comparison is also affected by a $902 million
non-cash gain on Ford’s investment in Rivian that was booked in first-quarter 2021.
Additionally, the company has lifted its target for full-year adjusted free cash flow to between
$4 billion and $5 billion, supported by expected favorable second-half working capital as vehicle
production increases with anticipated improvement in availability of semiconductors.
Ford plans to report its third-quarter 2021 financial results on Oct. 27.
# # #
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to
helping build a better world, where every person is free to move and pursue their dreams. The
company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and
always-on relationships with customers to enrich experiences for and deepen the loyalty of those
customers. Ford designs, manufactures, markets and services a full line of connected, increasingly
electrified passenger and commercial vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln
luxury vehicles. The company is pursuing leadership positions in electrification, connected vehicle
services and mobility solutions, including self-driving technology, and provides financial services through
Ford Motor Credit Company. Ford employs about 182,000 people worldwide. More information about the
company, its products and Ford Motor Credit Company is available at corporate.ford.com.
Contacts: Fixed Income
Media
T.R. Reid
Equity Investment
Community
Lynn Antipas Tyson
Investment
Community
Karen Rocoff
Shareholder
Inquiries
1.800.555.5259 or
1.313.319.6683 1.914.485.1150 1.313.621.0965 1.313.845.8540
[email protected] [email protected] [email protected] [email protected]
5
Conference Call Details
Ford Motor Company (NYSE: F) and Ford Motor Credit Company released their 2021 second-quarter
financial results at 4:05 p.m. ET on Wednesday, July 28. Following the release, Jim Farley, Ford
president and chief executive officer; John Lawler, Ford chief financial officer; and Marion Harris, CEO,
Ford Motor Credit, will host a conference call at 5:00 p.m. ET to discuss the results. The presentation and
supporting materials will be available at shareholder.ford.com. Representatives of the investment
community will have the opportunity to ask questions on the call.
Ford Second-Quarter Earnings Call: Wednesday, July 28, at 5:00 p.m. ET
Toll-Free: 877.870.8664
International: +1.970.297.2423
Passcode: Ford Earnings
Web: shareholder.ford.com
Replay
Available after 8:00 p.m. ET on July 28 and through Aug. 4
Web: shareholder.ford.com
Toll-Free: 855.859.2056
International: +1.404.537.3406
Conference ID: 7590793
The following applies to the information throughout this release:
• See tables later in this release for the nature and amount of special items, and reconciliations of
the non-GAAP financial measures designated as “adjusted” to the most comparable financial
measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).
• Wholesale unit sales and production volumes include Ford brand and Jiangling Motors
Corporation (“JMC”) brand vehicles produced and sold in China by our unconsolidated affiliates;
revenue does not include these sales. See materials supporting the July 28, 2021, conference
call at shareholder.ford.com for further discussion of wholesale unit volumes.
6
Cautionary Note on Forward-Looking Statements
Statements included or incorporated by reference herein may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements
are based on expectations, forecasts, and assumptions by our management and involve a number of
risks, uncertainties, and other factors that could cause actual results to differ materially from those stated,
including, without limitation:
• Ford and Ford Credit’s financial condition and results of operations have been and may continue
to be adversely affected by public health issues, including epidemics or pandemics such as
COVID-19;
• Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s
production schedule, and a shortage of key components, such as semiconductors, can disrupt
Ford’s production of vehicles;
• Ford’s long-term competitiveness depends on the successful execution of its Plan;
• Ford’s vehicles could be affected by defects that result in delays in new model launches, recall
campaigns, or increased warranty costs;
• Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint
ventures, acquisitions, divestitures, or new business strategies;
• Operational systems, security systems, and vehicles could be affected by cyber incidents and
other disruptions;
• Ford’s production, as well as Ford’s suppliers’ production, could be disrupted by labor issues,
natural or man-made disasters, financial distress, production difficulties, or other factors;
• Ford’s ability to maintain a competitive cost structure could be affected by labor or other
constraints;
• Ford’s ability to attract and retain talented, diverse, and highly skilled employees is critical to its
success and competitiveness;
• Ford’s new and existing products and mobility services are subject to market acceptance and
face significant competition from existing and new entrants in the automotive and mobility
industries;
• Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United
States;
• With a global footprint, Ford’s results could be adversely affected by economic, geopolitical,
protectionist trade policies, or other events, including tariffs;
• Industry sales volume in any of Ford’s key markets can be volatile and could decline if there is a
financial crisis, recession, or significant geopolitical event;
• Ford may face increased price competition or a reduction in demand for its products resulting
from industry excess capacity, currency fluctuations, competitive actions, or other factors;
• Fluctuations in commodity prices, foreign currency exchange rates, interest rates, and market
value of Ford or Ford Credit’s investments can have a significant effect on results;
• Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at
competitive rates or in sufficient amounts could be affected by credit rating downgrades, market
volatility, market disruption, regulatory requirements, or other factors;
• Ford’s receipt of government incentives could be subject to reduction, termination, or clawback;
• Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual
values, or higher-than-expected return volumes for leased vehicles;
• Economic and demographic experience for pension and other postretirement benefit plans (e.g.,
discount rates or investment returns) could be worse than Ford has assumed;
7
• Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial
condition;
• Ford could experience unusual or significant litigation, governmental investigations, or adverse
publicity arising out of alleged defects in products, perceived environmental impacts, or
otherwise;
• Ford may need to substantially modify its product plans to comply with safety, emissions, fuel
economy, autonomous vehicle, and other regulations;
• Ford and Ford Credit could be affected by the continued development of more stringent privacy,
data use, and data protection laws and regulations as well as consumers’ heightened
expectations to safeguard their personal information; and
• Ford Credit could be subject to new or increased credit regulations, consumer protection
regulations, or other regulations.
We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking
statements will prove accurate, or that any projection will be realized. It is to be expected that there may
be differences between projected and actual results. Our forward-looking statements speak only as of
the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information, future events, or otherwise. For
additional discussion, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2020, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K.
8
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the periods ended June 30,
2020 2021
First Half
(unaudited)
Cash flows from operating activities
Net income/(loss) $ (875) $ 3,815
Depreciation and tooling amortization 4,802 3,639
Other amortization (590) (715)
Provision for credit and insurance losses 779 (196)
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (454) (808)
Equity investment dividends received in excess of (earnings)/losses 169 52
Foreign currency adjustments 113 222
Net unrealized (gain)/loss on Other Investments 8 (917)
Net (gain)/loss on changes in investments in affiliates (3,480) (332)
Stock compensation 107 183
Provision for deferred income taxes 655 345
Decrease/(Increase) in finance receivables (wholesale and other) 9,772 10,465
Decrease/(Increase) in accounts receivable and other assets 220 (905)
Decrease/(Increase) in inventory 66 (2,929)
Increase/(Decrease) in accounts payable and accrued and other liabilities (2,485) (6,438)
Other (165) (233)
Net cash provided by/(used in) operating activities 8,642 5,248
Cash flows from investing activities
Capital spending (2,955) (2,881)
Acquisitions of finance receivables and operating leases (27,113) (23,959)
Collections of finance receivables and operating leases 22,923 26,782
Proceeds from sale of business 1,340 144
Purchases of marketable securities and other investments (19,624) (17,593)
Sales and maturities of marketable securities and other investments 10,804 23,853
Settlements of derivatives 73 (205)
Other 337 37
Net cash provided by/(used in) investing activities (14,215) 6,178
Cash flows from financing activities
Cash payments for dividends and dividend equivalents (596) (3)
Purchases of common stock — —
Net changes in short-term debt (789) 890
Proceeds from issuance of long-term debt 44,303 11,688
Principal payments on long-term debt (23,345) (26,683)
Other (182) (90)
Net cash provided by/(used in) financing activities 19,391 (14,198)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (378) (1)
Net increase/(decrease) in cash, cash equivalents, and restricted cash $ 13,440 $ (2,773)
Cash, cash equivalents, and restricted cash at beginning of period $ 17,741 $ 25,935
Net increase/(decrease) in cash, cash equivalents, and restricted cash 13,440 (2,773)
Cash, cash equivalents, and restricted cash at end of period $ 31,181 $ 23,162
9
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
For the periods ended June 30,
2020 2021 2020 2021
Second Quarter First Half
(unaudited)
Revenues
Automotive $ 16,625 $ 24,128 $ 47,967 $ 57,682
Ford Credit 2,739 2,603 5,706 5,266
Mobility 7 21 18 32
Total revenues 19,371 26,752 53,691 62,980
Costs and expenses
Cost of sales 17,932 22,904 48,454 52,201
Selling, administrative, and other expenses 1,965 2,877 4,397 5,720
Ford Credit interest, operating, and other expenses 2,233 993 5,157 2,617
Total costs and expenses 22,130 26,774 58,008 60,538
Operating income/(loss) (2,759) (22) (4,317) 2,442
Interest expense on Company debt excluding Ford Credit 450 453 677 926
Other income/(loss), net 4,318 1,159 4,998 3,031
Equity in net income/(loss) of affiliated companies (25) 51 (66) 130
Income/(Loss) before income taxes 1,084 735 (62) 4,677
Provision for/(Benefit from) income taxes (34) 182 813 862
Net income/(loss) 1,118 553 (875) 3,815
Less: Income/(Loss) attributable to noncontrolling interests 1 (8) 1 (8)
Net income/(loss) attributable to Ford Motor Company $ 1,117 $ 561 $ (876) $ 3,823
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK
Basic income/(loss) $ 0.28 $ 0.14 $ (0.22) $ 0.96
Diluted income/(loss) 0.28 0.14 (0.22) 0.95
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares 3,975 3,992 3,969 3,986
Diluted shares 3,992 4,028 3,969 4,022
10
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
December 31,
2020
June 30,
2021
(unaudited)
ASSETS
Cash and cash equivalents $ 25,243 $ 22,955
Marketable securities 24,718 18,081
Ford Credit finance receivables, net of allowance for credit losses of $394 and $341 42,401 34,339
Trade and other receivables, less allowances of $84 and $55 9,993 8,750
Inventories 10,808 13,593
Other assets 3,581 3,557
Total current assets 116,744 101,275
Ford Credit finance receivables, net of allowance for credit losses of $911 and $720 55,277 51,836
Net investment in operating leases 27,951 27,562
Net property 37,083 36,723
Equity in net assets of affiliated companies 4,901 4,582
Deferred income taxes 12,423 12,271
Other assets 12,882 14,283
Total assets $ 267,261 $ 248,532
LIABILITIES
Payables $ 22,204 $ 18,593
Other liabilities and deferred revenue 23,645 18,869
Debt payable within one year
Company excluding Ford Credit 1,374 2,136
Ford Credit 49,969 43,876
Total current liabilities 97,192 83,474
Other liabilities and deferred revenue 28,379 28,586
Long-term debt
Company excluding Ford Credit 22,633 23,776
Ford Credit 87,708 77,129
Deferred income taxes 538 783
Total liabilities 236,450 213,748
EQUITY
Common Stock, par value $0.01 per share (4,041 million shares issued of 6 billion authorized) 40 40
Class B Stock, par value $0.01 per share (71 million shares issued of 530 million authorized) 1 1
Capital in excess of par value of stock 22,290 22,408
Retained earnings 18,243 22,062
Accumulated other comprehensive income/(loss) (8,294) (8,268)
Treasury stock (1,590) (1,579)
Total equity attributable to Ford Motor Company 30,690 34,664
Equity attributable to noncontrolling interests 121 120
Total equity 30,811 34,784
Total liabilities and equity $ 267,261 $ 248,532
11
SUPPLEMENTAL INFORMATION
The tables below provide supplemental consolidating financial information. Company excluding Ford Credit includes
our Automotive and Mobility reportable segments, Corporate Other, Interest on Debt, and Special Items. Eliminations,
where presented, primarily represent eliminations of intersegment transactions and deferred tax netting.
Selected Cash Flow Information. The following tables provide supplemental cash flow information (in millions):
For the period ended June 30, 2021
First Half
Cash flows from operating activities
Company
excluding
Ford Credit Ford Credit Eliminations Consolidated
Net income $ 1,319 $ 2,496 $ — $ 3,815
Depreciation and tooling amortization 2,862 777 — 3,639
Other amortization 67 (782) — (715)
Provision for credit and insurance losses 1 (197) — (196)
Pension and OPEB expense/(income) (808) — — (808)
Equity investment dividends received in excess of (earnings)/losses 54 (2) — 52
Foreign currency adjustments 164 58 — 222
Net unrealized (gain)/loss on Other Investments (917) — — (917)
Net (gain)/loss on changes in investments in affiliates (331) (1) — (332)
Stock compensation 180 3 — 183
Provision for deferred income taxes 426 (81) — 345
Decrease/(Increase) in finance receivables (wholesale and other) — 10,465 — 10,465
Decrease/(Increase) in intersegment receivables/payables (967) 967 — —
Decrease/(Increase) in accounts receivable and other assets (1,029) 124 — (905)
Decrease/(Increase) in inventory (2,929) — — (2,929)
Increase/(Decrease) in accounts payable and accrued and other liabilities (6,141) (297) — (6,438)
Other (195) (38) — (233)
Interest supplements and residual value support to Ford Credit (1,144) 1,144 — —
Net cash provided by/(used in) operating activities $ (9,388) $ 14,636 $ — $ 5,248
Cash flows from investing activities
Company
excluding
Ford Credit Ford Credit Eliminations Consolidated
Capital spending $ (2,862) $ (19) $ — $ (2,881)
Acquisitions of finance receivables and operating leases — (23,959) — (23,959)
Collections of finance receivables and operating leases — 26,782 — 26,782
Proceeds from sale of business 144 — — 144
Purchases of marketable and other investments (11,595) (5,998) — (17,593)
Sales and maturities of marketable securities and other investments 15,061 8,792 — 23,853
Settlements of derivatives (158) (47) — (205)
Other 37 — — 37
Investing activity (to)/from other segments 5,000 (19) (4,981) —
Net cash provided by/(used in) investing activities $ 5,627 $ 5,532 $ (4,981) $ 6,178
Cash flows from financing activities
Company
excluding
Ford Credit Ford Credit Eliminations Consolidated
Cash payments for dividends and dividend equivalents $ (3) $ — $ — $ (3)
Purchases of common stock — — — —
Net changes in short-term debt (175) 1,065 — 890
Proceeds from issuance of long-term debt 2,300 9,388 — 11,688
Principal payments on long-term debt (158) (26,525) — (26,683)
Other (61) (29) — (90)
Financing activity to/(from) other segments 19 (5,000) 4,981 —
Net cash provided by/(used in) financing activities $ 1,922 $ (21,101) $ 4,981 $ (14,198)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash $ (19) $ 18 $ — $ (1)
12
Selected Income Statement Information. The following table provides supplemental income statement information
(in millions):
For the period ended June 30, 2021
Second Quarter
Company excluding
Ford Credit Ford Credit Consolidated
Revenues $ 24,149 $ 2,603 $ 26,752
Total costs and expenses 25,781 993 26,774
Operating income/(loss) (1,632) 1,610 (22)
Interest expense on Company debt excluding Ford Credit 453 — 453
Other income/(loss), net 1,155 4 1,159
Equity in net income/(loss) of affiliated companies 42 9 51
Income/(Loss) before income taxes (888) 1,623 735
Provision for/(Benefit from) income taxes 210 (28) 182
Net income/(loss) (1,098) 1,651 553
Less: Income/(Loss) attributable to noncontrolling interests (8) — (8)
Net income/(loss) attributable to Ford Motor Company $ (1,090) $ 1,651 $ 561
For the period ended June 30, 2021
First Half
Company excluding
Ford Credit Ford Credit Consolidated
Revenues $ 57,714 $ 5,266 $ 62,980
Total costs and expenses 57,921 2,617 60,538
Operating income/(loss) (207) 2,649 2,442
Interest expense on Company debt excluding Ford Credit 926 — 926
Other income/(loss), net 3,109 (78) 3,031
Equity in net income/(loss) of affiliated companies 116 14 130
Income/(Loss) before income taxes 2,092 2,585 4,677
Provision for/(Benefit from) income taxes 773 89 862
Net income/(loss) 1,319 2,496 3,815
Less: Income/(Loss) attributable to noncontrolling interests (8) — (8)
Net income/(loss) attributable to Ford Motor Company $ 1,327 $ 2,496 $ 3,823
13
Selected Balance Sheet Information. The following tables provide supplemental balance sheet information
(in millions):
June 30, 2021
Assets
Company
excluding
Ford Credit Ford Credit Eliminations Consolidated
Cash and cash equivalents $ 9,017 $ 13,938 $ — $ 22,955
Marketable securities 16,026 2,055 — 18,081
Ford Credit finance receivables, net — 34,339 — 34,339
Trade and other receivables, net 4,034 4,716 — 8,750
Inventories 13,593 — — 13,593
Other assets 2,374 1,183 — 3,557
Receivable from other segments 125 903 (1,028) —
Total current assets 45,169 57,134 (1,028) 101,275
Ford Credit finance receivables, net — 51,836 — 51,836
Net investment in operating leases 1,325 26,237 — 27,562
Net property 36,504 219 — 36,723
Equity in net assets of affiliated companies 4,449 133 — 4,582
Deferred income taxes 12,044 228 (1) 12,271
Other assets 12,007 2,276 — 14,283
Receivable from other segments — 35 (35) —
Total assets $ 111,498 $ 138,098 $ (1,064) $ 248,532
Liabilities
Company
excluding
Ford Credit Ford Credit Eliminations Consolidated
Payables $ 17,579 $ 1,014 $ — $ 18,593
Other liabilities and deferred revenue 17,558 1,311 — 18,869
Debt payable within one year 2,136 43,876 — 46,012
Payable to other segments 1,028 — (1,028) —
Total current liabilities 38,301 46,201 (1,028) 83,474
Other liabilities and deferred revenue 27,388 1,198 — 28,586
Long-term debt 23,776 77,129 — 100,905
Deferred income taxes 284 500 (1) 783
Payable to other segments 35 — (35) —
Total liabilities $ 89,784 $ 125,028 $ (1,064) $ 213,748
14
Non-GAAP Financial Measures That Supplement GAAP Measures
We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and
segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental
information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these
non-GAAP measures provide useful perspective on underlying business results and trends, and a means to assess our period-overperiod
results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used
by other companies due to possible differences in method and in items or events being adjusted.
• Company Adjusted EBIT (Most Comparable GAAP Measure: Net Income / (Loss) attributable to Ford) – Earnings Before
Interest and Taxes (EBIT) excludes interest on debt (excl. Ford Credit Debt), taxes and pre-tax special items. This non-GAAP
measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry
reporting. Our management ordinarily excludes special items from its review of the results of the operating segments for
purposes of measuring segment profitability and allocating resources. Pre-tax special items consist of (i) pension and OPEB
remeasurement gains and losses, (ii) significant personnel expenses, dealer-related costs, and facility-related charges stemming
from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) other items
that we do not necessarily consider to be indicative of earnings from ongoing operating activities. When we provide guidance for
adjusted EBIT, we do not provide guidance on a net income basis because the GAAP measure will include potentially significant
special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension
and OPEB remeasurement gains and losses..
• Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income / (Loss) Margin) – Company
Adjusted EBIT Margin is Company Adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to
management and investors because it allows users to evaluate our operating results aligned with industry reporting.
• Adjusted Earnings / (Loss) Per Share (Most Comparable GAAP Measure: Earnings / (Loss) Per Share) – Measure of
Company’s diluted net earnings / (loss) per share adjusted for impact of pre-tax special items (described above), tax special
items and restructuring impacts in noncontrolling interests. The measure provides investors with useful information to evaluate
performance of our business excluding items not indicative of the underlying run rate of our business. When we provide
guidance for adjusted earnings / (loss) per share, we do not provide guidance on an earnings / (loss) per share basis because
the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with
reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses.
• Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) – Measure of Company’s tax rate
excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which
investors find useful for historical comparisons and for forecasting. When we provide guidance for adjusted effective tax rate, we
do not provide guidance on an effective tax rate basis because the GAAP measure will include potentially significant special
items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and
OPEB remeasurement gains and losses
• Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In)
Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure
contains elements management considers operating activities, including Automotive and Mobility capital spending, Ford Credit
distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions,
global redesign (including separations), and other items that are considered operating cash flows under GAAP. This measure is
useful to management and investors because it is consistent with management’s assessment of the Company’s operating cash
flow performance. When we provide guidance for Company Adjusted FCF, we do not provide guidance for net cash provided by
/ (used in) operating activities because the GAAP measure will include items that are difficult to quantify or predict with
reasonable certainty, including cash flows related to the Company's exposures to foreign currency exchange rates and certain
commodity prices (separate from any related hedges), Ford Credit's operating cash flows, and cash flows related to special
items, including separation payments, each of which individually or in the aggregate could have a significant impact to our net
cash provided by / (used in) our operating activities.
• Adjusted ROIC – Calculated as the sum of adjusted net operating profit / (loss) after-cash tax from the last four quarters, divided
by the average invested capital over the last four quarters. This calculation provides management and investors with useful
information to evaluate the Company’s after-cash tax operating return on its invested capital for the period presented. Adjusted
net operating profit / (loss) after-cash tax measures operating results less special items, interest on debt (excl. Ford Credit Debt),
and certain pension / OPEB costs. Average invested capital is the sum of average balance sheet equity, debt (excl. Ford Credit
Debt), and net pension / OPEB liability.
Note: Calculated results may not sum due to rounding
15
Net Income / (Loss) Reconciliation To Adjusted EBIT ($M)
Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share
Memo:
2020 2021 2020 2021 FY 2020
Net income / (loss) attributable to Ford (GAAP) $ 1,117 $ 5 61 $ (876) $ 3,823 $ (1,279)
Income / (Loss) attributable to noncontrolling interests 1 (8) 1 (8) 3
Net income / (loss) $ 1,118 $ 5 53 $ (875) $ 3,815 $ (1,276)
Less: (Provision for) / Benefit from income taxes 34 (182) (813) (862) (160)
Income / (Loss) before income taxes $ 1,084 $ 7 35 $ (62) $ 4,677 $ (1,116)
Less: Special items pre-tax 3 ,480 106 3,193 (295) (2,246)
Income / (Loss) before special items pre-tax $ (2,396) $ 629 $ (3,255) $ 4,972 $ 1,130
Less: Interest on debt ( 450) (453) (677) (926) (1,649)
Adjusted EBIT (Non-GAAP) $ (1,946) $ 1,082 $ (2,578) $ 5,898 $ 2,779
Memo:
Revenue ($B) $ 1 9.4 $ 26.8 $ 53.7 $ 63.0 $ 127.1
Net income / (loss) margin (GAAP) (%) 5.8% 2.1% (1.6)% 6.1% (1.0)%
Adjusted EBIT margin (%) (10.0)% 4.0% (4.8)% 9.4% 2.2%
Second Quarter First Half
2020 2021 2020 2021
Diluted After-Tax Results ($M)
Diluted after-tax results (GAAP) $ 1,117 $ 5 61 $ (876) $ 3,823
Less: Impact of pre-tax and tax special items 2,525 50 1,451 (252)
Adjusted net income - diluted (Non-GAAP) $ (1,408) $ 5 11 $ (2,327) $ 4,075
Basic and Diluted Shares (M)
Basic shares (average shares outstanding) 3,975 3,992 3,969 3 ,986
Net dilutive options, unvested restricted stock units and unvested restricted stock shares* 17 36 - 36
Diluted shares 3,992 4,028 3,969 4 ,022
Earnings / (Loss) per share - diluted (GAAP) $ 0.28 $ 0.14 $ (0.22) $ 0.95
Less: Net impact of adjustments 0.63 0.01 0.37 (0.06)
Adjusted earnings per share - diluted (Non-GAAP) $ (0.35) $ 0 .13 $ (0.59) $ 1.01
Second Quarter First Half
* In the first half of 2020, there were 25 million shares excluded from the calculation of diluted earnings / (loss) per share, due to their anti-dilutive effect
16
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate
Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adjusted Free Cash Flow ($M)
Memo:
Q2 First Half Full Year 2020
Pre-Tax Results ($M)
Income / (Loss) before income taxes (GAAP) $ 735 $ 4,677 $ (1,116)
Less: Impact of special items 106 (295) (2,246)
Adjusted earnings before taxes (Non-GAAP) $ 629 $ 4,972 $ 1,130
Taxes ($M)
(Provision for) / Benefit from income taxes (GAAP) $ (182) $ (862) $ (160)
Less: Impact of special items (56) 4 3 (670) *
Adjusted (provision for) / benefit from income taxes (Non-GAAP) $ (126) $ (905) $ 510
Tax Rate (%)
Effective tax rate (GAAP) 24.8% 18.4% (14.3)%
Adjusted effective tax rate (Non-GAAP) 20.0% 18.2% (45.1)%
* Full Year 2020 includes $(1.3)B expense related to the establishment of valuation allowances against primarily U.S. tax credits
2021
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 2020 2021
Net cash provided by / (used in) operating activities (GAAP) $ (473) $ 9 ,115 $ 11,088 $ 4,539 $ 4 ,492 $ 756 $ 8 ,642 $ 5,248
Less: Items Not Included in Company Adjusted Free Cash Flows
Ford Credit operating cash flows 201 1 3,964 4,417 3 ,010 4 ,998 9 ,638 1 4,165 14,636
Funded pension contributions (175) (107) (147) (141) (229) (164) (282) (393)
Global Redesign (including separations) (172) (99) (105) (127) (345) (970) (271) (1,315)
Ford Credit tax payments / (refunds) under tax sharing agreement 407 18 44 8 4 - 425 4
Other, net (15) ( 178) ( 431) ( 214) 77 (260) ( 193) (183)
Add: Items Included in Company Adjusted Free Cash Flows
Automotive and Mobility capital spending ( 1,770) ( 1,165) (1,247) ( 1,520) ( 1,358) ( 1,504) ( 2,935) (2,862)
Ford Credit distributions 343 826 831 1,290 1,000 4,000 1,169 5,000
Settlement of derivatives (28) 64 ( 336) 129 (25) ( 133) 36 (158)
Company adjusted free cash flow (Non-GAAP) $ ( 2,174) $ ( 4,758) $ 6,558 $ 1 ,902 $ ( 396) $ (5,125) $ ( 6,932) $ (5,521)
First Half
17
Adjusted ROIC ($B)
Four Quarters Four Quarters
Ending Q2 2020 Ending Q2 2021
Adjusted Net Operating Profit / (Loss) After Cash Tax
Net income / (loss) attributable to Ford $ (2.1) $ 3.4
Add: Non-controlling interest (0.0) (0.0)
Less: Income tax 0.4 (0.2)
Add: Cash tax (0.4) (0.5)
Less: Interest on debt (1.2) (1.9)
Less: Total pension / OPEB income / (cost) (2.0) (0.7)
Add: Pension / OPEB service costs (1.1) (1.1)
Net operating profit / (loss) after cash tax $ (0.8) $ 4.6
Less: Special items (excl. pension / OPEB) pre-tax 1.4 (4.2)
Adj. net operating profit / (loss) after cash tax $ (2.1) $ 8.7
Invested Capital
Equity $ 30.9 $ 34.8
Redeemable non-controlling interest - -
Debt (excl. Ford Credit) 40.0 25.9
Net pension and OPEB liability 11.8 11.5
Invested capital (end of period) $ 82.6 $ 72.2
Average invested capital $ 67.9 $ 72.8
ROIC* (1.1)% 6.3%
Adjusted ROIC (Non-GAAP)** (3.1)% 12.0%
* Calculated as the sum of net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters
** Calculated as the sum of adjusted net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters
18
Special Items ($B)
2020 2021 2020 2021
Global Redesign
South America $ (0.0) $ (0.1) $ ( 0.0) $ (0.5)
Europe (0.1) (0.2) (0.2) (0.3)
Russia (0.0) 0.0 0.0 0.0
China (including Taiwan) (0.0) 0.2 (0.0) 0.2
India (0.0) - (0.0) -
Separations and Other (not included above) (0.0) (0.0) (0.0) (0.0)
Subtotal Global Redesign $ (0.1) $ (0.1) $ ( 0.2) $ (0.6)
Other Items
NA Hourly Buyouts $ - $ ( 0.0) $ ( 0.2) $ (0.0)
Gain on transaction with Argo AI 3.5 - 3.5 -
Transit Connect Customs Ruling (0.0) - (0.0) -
Subtotal Other Items $ 3.5 $ (0.0) $ 3.2 $ (0.0)
Pension and OPEB Gain / (Loss)
Pension and OPEB remeasurement $ 0.1 $ 0.3 $ 0.2 $ 0.3
Pension Settlements & Curtailments - (0.0) (0.0) (0.0)
Subtotal Pension and OPEB Gain / (Loss) $ 0.1 $ 0.3 $ 0.2 $ 0.3
Total EBIT Special Items $ 3.5 $ 0.1 $ 3.2 $ (0.3)
Cash Effects of Global Redesign (Incl. Separations) $ (0.1) $ (1.0) $ ( 0.3) $ (1.3)
Second Quarter First Half
19
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions)
For the periods ended June 30,
2020 2021 2020 2021
Second Quarter First Half
(unaudited)
Financing revenue
Operating leases $ 1,401 $ 1,367 $ 2,860 $ 2,747
Retail financing 941 1,004 1,917 1,994
Dealer financing 341 187 826 473
Other financing 27 13 49 27
Total financing revenue 2,710 2,571 5,652 5,241
Depreciation on vehicles subject to operating leases (990) (191) (2,042) (759)
Interest expense (839) (680) (1,823) (1,484)
Net financing margin 881 1,700 1,787 2,998
Other revenue
Insurance premiums earned 34 17 81 44
Fee based revenue and other 49 53 92 73
Total financing margin and other revenue 964 1,770 1,960 3,115
Expenses
Operating expenses 305 322 667 665
Provision for credit losses 93 (166) 679 (206)
Insurance expenses 60 4 66 9
Total expenses 458 160 1,412 468
Other income/(loss), net 37 13 25 (62)
Income before income taxes 543 1,623 573 2,585
Provision for/(Benefit from) income taxes 67 (28) 103 89
Net income $ 476 $ 1,651 $ 470 $ 2,496
20
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
December 31,
2020
June 30,
2021
(unaudited)
ASSETS
Cash and cash equivalents $ 14,349 $ 13,938
Marketable securities 4,860 2,055
Finance receivables, net
Retail installment contracts, dealer financing, and other financing 97,043 83,775
Finance leases 8,027 7,748
Total finance receivables, net of allowance for credit losses of $1,305 and $1,061 105,070 91,523
Net investment in operating leases 26,655 26,237
Notes and accounts receivable from affiliated companies 853 433
Derivative financial instruments 2,601 1,786
Assets held-for-sale 36 9
Other assets 3,705 2,830
Total assets $ 158,129 $ 138,811
LIABILITIES
Accounts payable
Customer deposits, dealer reserves, and other $ 1,087 $ 1,026
Affiliated companies 490 591
Total accounts payable 1,577 1,617
Debt 137,677 121,005
Deferred income taxes 504 500
Derivative financial instruments 524 449
Other liabilities and deferred revenue 2,280 2,170
Total liabilities 142,562 125,741
SHAREHOLDER’S INTEREST
Shareholder’s interest 5,227 5,227
Accumulated other comprehensive income / (loss) (478) (471)
Retained earnings 10,818 8,314
Total shareholder’s interest 15,567 13,070
Total liabilities and shareholder’s interest $ 158,129 $ 138,811
21
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the periods ended June 30,
2020 2021
First Half
(unaudited)
Cash flows from operating activities
Net income $ 470 $ 2,496
Adjustments to reconcile net income to net cash provided in operations
Provision for credit losses 679 (206)
Depreciation and amortization 2,436 1,116
Amortization of upfront interest supplements (1,048) (1,166)
Net change in finance and wholesale receivables held-for-sale (74) —
Net change in deferred income taxes 65 (81)
Net change in other assets (27) 548
Net change in other liabilities (383) (69)
All other operating activities (9) 76
Net cash provided by/(used in) operating activities 2,109 2,714
Cash flows from investing activities
Purchases of finance receivables (20,424) (17,194)
Principal collections of finance receivables 19,377 21,320
Purchases of operating lease vehicles (5,063) (5,943)
Proceeds from termination of operating lease vehicles 4,022 5,998
Net change in wholesale receivables and other short-duration receivables 9,953 10,565
Proceeds from sale of business 1,340 —
Purchases of marketable securities (4,139) (5,998)
Proceeds from sales and maturities of marketable securities 2,425 8,792
Settlements of derivatives 37 (47)
All other investing activities (31) (39)
Net cash provided by / (used in) investing activities 7,497 17,454
Cash flows from financing activities
Proceeds from issuances of long-term debt 20,146 9,388
Principal payments on long-term debt (22,965) (26,525)
Change in short-term debt, net (1,668) 1,065
Cash distributions to parent (1,169) (5,000)
All other financing activities (41) (29)
Net cash provided by/(used in) financing activities (5,697) (21,101)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (174) 18
Net increase / (decrease) in cash, cash equivalents and restricted cash $ 3,735 $ (915)
Cash, cash equivalents and restricted cash at beginning of period $ 9,268 $ 14,996
Net increase / (decrease) in cash, cash equivalents and restricted cash 3,735 (915)
Cash, cash equivalents and restricted cash at end of period $ 13,003 $ 14,081

 

[Zaph]

To be expected. No inventory on dealer lots. How you supposed to sell trucks. Guess you could order, but what's even the leeway time on that?

This. So far I've seen 2 Ford dealerships with barren lots. One with zero Rangers for sale. Sales are down because they have nothing to sell.

It was weird, the parking spots for cars on the lots, the few they had were parked longways so each vehicle took up 3 or 4 spots.

 

[Your Miles May Vary]

This. So far I've seen 2 Ford dealerships with barren lots. One with zero Rangers for sale. Sales are down because they have nothing to sell.

It was weird, the parking spots for cars on the lots, the few they had were parked longways so each vehicle took up 3 or 4 spots.

That's what I've been noticing as well.

 

[Megawatt]

Local dealer told me they bought a ranger from New Jersey (we are in Las Vegas). They added $2500 to the price tag, Ranger sold immediately. That was the only supply they could find.

Two months ago my spray in bed liner was delayed two weeks. There was no product available to spray.

My 2021 with 7000 miles has a defective rear axle. It’s been a week and still no ETA on the replacement parts. Ford is picking up the rental car charge so it’s costing them every day.

 

[Hounddog409]

That's what I've been noticing as well.

Yes. Same as all dealers. Not just ford.

Local chevy dealer has ZERO new pickups. Some SUV's spread out across the lot.

Same with Jeep. Local dealer has 1 new Wrangler. Some Compass amd Cherokees.

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