Ford carsThe company's car sales in the US last month plummeted 33.1% from the same period last year, as the global chip shortage caused serious damage to the automotive industry, it said on Thursday.

Ford Motor said that the company's total car sales in the US in August were 124,176, a year-on-year decrease of 33.1%. Among them, truck sales fell 29.4%, SUV sales fell 25.3%, and sedan sales fell 86.0%.

August has always been one of the highest automobile sales months of the year, but the global chip shortage caused car inventory levels to plummet to historic lows, and prices for new cars and trucks soared.

Compared to last year, sales of almost all models in Ford's product line declined last month. Most notably, Ford's best-selling F-series pickup dropped 22.5% to 57,321 units.

Meanwhile, the company's electric vehicle sales bucked the trend and increased 67.3% to 8,756 units. More than 130,000 units of Ford's all-electric pickup truck, the F-150 Lightning, have been pre-ordered.

According to consulting firm AlixPartners, the global chip shortage is expected to cause the global automotive industry to lose $110 billion in revenue in 2021.

By Wednesday's close, Ford Motor's stock price had fallen 12.1% over the past three months, and the S&P 500 index had risen 7.9% during the same period.