By Dhirendra Tripathi
Investing – Ford (NYSE:F) shares rose more than 6% Thursday after the company reported higher sales in the U.S in May, riding on its SUV and electric vehicle platform with tight inventories.
Total U.S. sales of 161,725 were higher by 4.1% while retail sales fell 11.2%.
SUVs accounted for 80,134 units, almost half of the total U.S. sales. Ford brand retail SUVs posted best May sales since 2003, while Ranger sales recorded their best May sales since 2004.
Ford brand SUVs were up 51.8% from a year ago on new product launches. Ranger sales expanded 41.8% relative to last year.
The carmaker's electrified vehicle sales jumped 184% on strength of F-150 PowerBoost Hybrid, Mustang Mach-E, Escape and Explorer Hybrid.
Since the bookings started last month, the automaker has received more than 70,000 reservations for its forthcoming electric vehicle F-150 Lightning.
The F-150 Lightning will be one of the mainstays of Ford’s EV play.
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