Transportation
Plunging Pickup Truck Sales Threaten Detroit’s Profit Engine
- Stellantis, Ford and GM all showed weakness in first quarter
- Falling pickup sales part of broader shift to cheaper vehicles
Workers assemble components of a Rivian pickup truck at the company's manufacturing facility in Normal, Illinois.
Photographer: Jamie Kelter Davis/BloombergThis article is for subscribers only.
Sales of pricey pickup trucks at Stellantis NV, Ford Motor Co. and General Motors Co. faltered in the first quarter, a sign that high borrowing costs are eroding Americans’ appetite for the Detroit automakers’ main profit driver.
Ram pickup sales plunged 15% to 89,417 in the first quarter, driving overall sales down 10% in the period, Stellantis reported Wednesday. Sales of F-Series trucks, Ford’s best seller, fell 10% to 152,943 as the automaker said it delayed delivery of more than 60,000 models for extra quality checks. Since Feb. 9, the company has not shipped the electric F-150 Lightning due to an undisclosed quality issue.