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July 26, 2011 8:15 AM, EDT

Ford’s Second-Quarter Profit Declines

Ford Motor Co.’s second-quarter profit declined $201 million from a year ago, the company said Tuesday.

Net income slipped to $2.4 billion, from $2.6 billion a year ago, the No. 2 U.S. automaker said in a statement. Sales rose to $35.5 billion, an increase of $4.2 billion, following last year’s sale of Volvo Cars.

CEO Alan Mulally raised prices for Fiesta and Explorer to help offset expected higher costs this year, Bloomberg reported.

During the quarter, Ford announced plans to triple its production capacity for electric vehicles in the U.S. to more than 100,000 by 2013.