Ford Motor Co.’s U.S. light-vehicle sales fell 17 percent in the first quarter, including a 26 percent drop in March, as the global semiconductor shortage continued to stymie production.

The automaker on Monday said in-transit inventory improved 74 percent in March compared with February, which it says is a sign sales will soon improve. It also pointed to a record 88,000 retail orders taken in last month as it continues to incentivize customers to custom-order vehicles.

“F-Series had a record 50,000 new retail orders in March, while a record 41 percent of our overall retail sales came from previously placed retail orders,” Andrew Frick, Ford Blue’s vice president for sales, distribution and trucks, said in a statement.

The automaker said its electrified vehicle sales rose 38 percent in the first quarter, largely on continued strong demand for the Mustang Mach-E, which posted a 1.8 percent gain for the quarter. Ford last month began delivering E-Transit electric vans, but it did not break out sales. Overall Transit sales fell 37 percent in the quarter.

Brands (first quarter): Ford, down 17%; Lincoln, down 25%

Notable nameplates: Ford F-Series, down 31%; Explorer, down 34%; Bronco Sport, up 25%; Mustang, down 19%; Escape, down 2.5%; Edge, up 19%; Ranger, down 27%; Lincoln Corsair/MKC, down 2.4%; Aviator, down 18%; Navigator, down 56%

Incentives (March): $1,687 per vehicle, down 44% from a year earlier, TrueCar says.

Average transaction price (March): $47,621, up 5.5% from a year earlier, according to TrueCar.

Inventory: 268,00 at the end of March, up from 199,000 at end of February but down from 370,000 at end of March 2021.

Quote: “Our newest products continue to turn at a record pace, as Bronco, Bronco Sport, Mustang Mach-E and Maverick had their best combined sales performance yet, with 33,398 vehicles sold,” Frick said in the statement. “Ford is ready to deliver and positioned well for spring sales growth.”

Did you know? Lincoln’s U.S. sales have fallen 10 consecutive months, although the brand took in a record 3,600 new retail orders in March.