Ford's Stock Slumps After October Sales Show Sharp Drop

Shares of Ford Motor Co. slumped 1.1% in premarket trade, after the auto maker reported a sharp decline in sales during October, with all vehicle types showing weakness. Total sales dropped 11.7% to 188,813 vehicles, with trucks declining 2.2% to 83,722 vehicles, sport-utility vehicles falling 9.4% to 60,166 and cars plunging 27.5% to 44,925. By brand, Ford sales dropped 12.5% while Lincoln sales increased 6.9%. Within the Ford brand, Fusion model sales fell 21.0%, Focus declined 43.0% and Taurus dropped 18.4%. Within trucks, F-Series sales inched up 0.1% and Transit increased 9.0%, while Transit Connect tumbled 61.5%. The stock has tumbled 18% year to date through Tuesday, while rival General Motors Co. shares have lost 7.4% and the S&P 500 has gained 3.3%.

Copyright © 2016 MarketWatch, Inc.