Ford Motor Co. is raising its forecast for U.S. auto sales this year, citing improving consumer confidence, employment, low interest rates and other factors.
Ford's Americas President Mark Fields said Wednesday that the company now expects full-year U.S. sales in the range of 14.5 million to 15 million. That's up from 13.5 million to 14.5 million at the beginning of this year.
"We had been planning for industry sales to improve to this level, but it has happened a bit sooner than we planned," Fields said.
Fields said Ford will likely lose market share because it won't make enough vehicles to satisfy demand. The company may add production capacity in the fourth quarter, he said.
Automakers posted their best monthly sales since 2007 in March, with 1.4 million vehicles sold.