Global Trade
July 31, 2026
Ford rebuilds F-Series output after Novelis disruption
Written by Nicholas Bell
Ford narrowed the year-over-year decline in second-quarter F-Series production after the Novelis aluminum supply disruption cut output more sharply during the first quarter.
Lower gross stocks and postponed Super Duty fleet orders indicate that the production recovery had not yet moved fully through Ford’s distribution system by the end of June.
The company produced 254,299 F-Series trucks during the second quarter, down 1.7% from 258,792 a year earlier. F-150 production increased 1.8% to 153,496 units, while combined Super Duty production decreased 6.7% to 100,803 units.
The quarterly comparison differs from Ford’s first-half totals, which still include the sharper production declines immediately following the Novelis Oswego rolling mill disruption.
F-Series production decreased 7.2% to 466,909 units during the first six months of 2026. First-quarter F-Series production declined by 13% to 212,610 units year over year.
First-half F-150 production fell 4.4% from the prior year period to 291,174 units, while Super Duty production dropped 11.5% to 175,735 units over the same period.
Ford continues to work through Novelis disruption
On the earnings call, Chief Financial Officer Sherry House said the hot mill restart remained on schedule and Ford had secured contingency material.
They said the company had incurred about $800 million in Novelis-related temporary costs through June and expects the full-year cost to reach about $1.5 billion. That leaves about $700 million of expected costs for the second half of the year.
The $1.5 billion estimate is the lower end of Ford’s previous guidance of $1.5 billion to $2 billion. Ford also lowered its expected volume recovery to about $2.5 billion from a previous range of $2.5 billion to $3 billion.
As a result, the company left its expected year-over-year benefit from the Novelis recovery unchanged at about $1 billion.
Separately, Ford expects more than $2 billion of commodity headwinds for full-year 2026, driven primarily by higher aluminum prices. The company said that outlook excludes Novelis-related temporary aluminum sourcing costs.
F-150 recovers faster than Super Duty
F-Series production recovery differed by plant throughout the quarter and the first half of the year.
The company’s Dearborn Truck plant in Michigan produced 78,153 F-150s during the second quarter, up 5.9% from a year earlier. Kansas City Assembly in Missouri produced 75,343 units in the quarter, down 2.1% year over year. Combined output from the two plants moved slightly above the second quarter of 2025.
Super Duty production remained lower in the second quarter. Kentucky Truck and Ohio Assembly produced a combined 100,709 units, down from 108,031 in the previous year period. The gap was much wider over the full first half, when production decreased 22,968 units.
The different rates of recovery for F-150 and Super Duty line up with Ford’s more specific comments about commercial trucks.
Ford Pro President Alicia Boler Davis said Novelis was the primary cause of postponed Super Duty fleet orders. She said Ford expects to make up those orders during the second half and finish with Super Duty availability aligned with demand.
The company also plans to launch Super Duty production at its Oakville, Ontario, assembly plant during the fourth quarter. The plant will provide capacity for up to 100,000 additional trucks, although Ford did not indicate how much Oakville would produce during the quarter.
Lower stocks outlast production decline
Ford’s gross stocks show why management continued to describe F-Series supply as recovering as the year-over-year production shortfall narrowed during the second quarter.
The company ended June with around 190,400 F-Series trucks in gross stock, down 18.2% from a year earlier. Total Ford truck stocks fell 14.5% to 288,800 units, while companywide gross stocks declined 11.8% to 471,000 units.
F-Series accounted for about two-thirds of the decline in Ford’s total gross stocks.
Chief Executive Officer Jim Farley said F-Series had about 45 days of supply, which Ford considers lean.
Andrew Frick, president of the Ford Blue and Model e segments, said the company directed its limited production toward higher-margin sales channels. Management also said Ford maintained lower incentives and reduced rental volume compared with a year earlier.
Earnings results
Second-quarter Ford Blue wholesales fell 8.6% from a year earlier to 636,000 units.
Second-quarter F-Series sales declined 11% year over year to 197,900 units, while first-half sales fell 13.3% to 357,801 units.
The company’s Explorer platform rose 13.8% to 65,538 units, as did the Bronco line by 15.9% to 45,739 units. Those increases came as Ford’s SUV lineup contained fewer continuing models than a year earlier following the discontinuation of the Escape and the earlier phaseout of the Edge.
Total Ford SUV second-quarter sales declined 15.4% year over year to 189,347 units.
Ford Pro reported 372,000 wholesale units during the quarter, down 13.3% year over year, while half-year sales fell 11.9% to 688,000 units.
Financials
Company revenue excluding Ford Credit fell 4.4% to $44.89 billion in the second quarter but edged 0.4% higher to $84.71 billion for the first half.
EBIT increased 17.3% to $2.69 billion during the quarter and rose 84.3% to $6.32 billion through June.
Ford recorded a quarterly net loss of $1.33 billion, compared with a $36 million loss a year earlier, while first-half net income increased to $1.22 billion from $435 million.
