Ford Motor will publish its US vehicle sales monthly and quarterly after the company's new CEO, Jim Farley, promises Wall Street more transparency.
The decision comes more than a year after the Detroit automaker followed its nearby rival, General Motors, and switched to quarterly sales reporting only. Several other automakers, including Fiat Chrysler and Volkswagen, have since followed suit.
Ford spokesman Said Deep said the change is about "providing more frequent information to investors on US sales and dealer inventory during the pandemic." He said it is expected to continue "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 criticized for not doing it. Farley succeeded Hackett on October 1.
"My commitment to each of you is transparency, including targeted, measurable performance indicators so you can objectively track our progress," Farley told analysts on October 28th.
Ford previously said the move to quarterly sales results would give investors a broader and more accurate report on the company's sales. Toyota Motor, Honda Motor, and others continued to report monthly sales.
Ford saw US light vehicle sales declined 6.1% last month compared to October 2019. This is a bigger loss than the industry, which Cox Automotive reported was a slight 0.9% year-over-year increase .
Ford's sales last month were hampered by declines in the automaker's discontinued passenger sedans, as well as a 26.2% decrease in transit vans and a 4.2% decrease in popular F-Series pickups. Production of its pickups was partially affected by a factory overhaul to produce redesigned versions of its F-150 pickup. The drop in van sales was likely due to a drop in fleet sales due to the coronavirus pandemic.
Cox Automotive expects US vehicle sales of 14.3 million for the year, a 16% decrease from 2019 due to the coronavirus pandemic.