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Ford (F) Registers 11.2% Growth in US Vehicle Sales in Q2
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Ford Motor Company (F - Free Report) emerged as the top-selling brand in America in the second quarter of 2023, driven by the success of its trucks, electric vehicles and new vehicle introductions. The US legacy automaker achieved impressive sales growth of 11.2% during this period.
The F-Series once again became America’s top-selling truck, with a 34% rise in sales in the reported quarter. During the first half of 2023, F-Series sales went up by 27.9%, giving it an edge over General Motors’ Silverado by over 118,000 trucks.
Ford truck sales gained momentum in the second quarter due to the strong performance of the new Super Duty and improved inventory flow. In the first half of 2023, Ford truck sales totaled 549,625, greater than GM’s truck and van sales by nearly 61,000 trucks.
The F-150 Lightning and Mach-E, which achieved higher sales through stronger inventory, are fueling Ford’s EV sales growth. Andrew Frick, vice president, sales distribution and truck of Ford, said Ford became both the best-selling brand and truck for six consecutive months this year, underpinned by the performance of F-Series, vans, the new Escape and F-150 Lightning. Improved Mustang Mach-E inventory flow helped its sales climb 110% in June.
In the second quarter, F-150 Lightning sales went up by 119% compared with the year-ago quarter and by 4.1% in the first quarter of 2023. Ford’s EV sales rose 11.9% year-to-date and 35.5% in June.
Supported by the launch of an all-new Super Duty pickup and chassis cabs, F-Series sales increased to 212,516 trucks, up 24.7% compared with the first quarter. F-Series industry share rose to 36% in the second quarter, up 5 full percentage points from the same quarter last year.
Maverick sales increased by 7.8% in the second quarter. The overall sales of the F-Series, Ranger and Maverick outperformed GM’s Silverado, Sierra, Colorado, Canyon and Hummer EV in the second quarter. The combined sales of F-Series, Ranger and Maverick increased 26.7% compared with the year-ago quarter.
Moreover, Ford’s vans continued to perform well in the second quarter. With sales of 32,031, Transit retained the crown of America’s best-selling truck. Ford E-Series van sales rose 63.7% in the reported quarter and rose 55.7% during the first half of 2023. Ford’s U.S. Class 1-7 commercial truck and van shares increased to 40.3%, up 1.0 percentage point from the last year’s corresponding quarter.
Navigator’s Q2 sales increased by 20.1%, while new Lincoln Corsair sales jumped by 27.0% in June. Nautilus sales also saw a rise of 58.5% in June.
BlueCruise, driver assistance technology by Ford, has now surpassed 90 million hands-free driven miles cumulatively.
Li Auto designs, develops, manufactures and sells premium smart electric SUVs. Li shares are up 74% year-to-date. The company’s expected earnings growth rate for the current year is 2,400%.
BYD Co. is engaged in the research, development, manufacture and distribution of automobiles, secondary rechargeable batteries and mobile phone components. BYDDY shares are up 35.3% year-to-date.
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Ford (F) Registers 11.2% Growth in US Vehicle Sales in Q2
Ford Motor Company (F - Free Report) emerged as the top-selling brand in America in the second quarter of 2023, driven by the success of its trucks, electric vehicles and new vehicle introductions. The US legacy automaker achieved impressive sales growth of 11.2% during this period.
The F-Series once again became America’s top-selling truck, with a 34% rise in sales in the reported quarter. During the first half of 2023, F-Series sales went up by 27.9%, giving it an edge over General Motors’ Silverado by over 118,000 trucks.
Ford truck sales gained momentum in the second quarter due to the strong performance of the new Super Duty and improved inventory flow. In the first half of 2023, Ford truck sales totaled 549,625, greater than GM’s truck and van sales by nearly 61,000 trucks.
The F-150 Lightning and Mach-E, which achieved higher sales through stronger inventory, are fueling Ford’s EV sales growth. Andrew Frick, vice president, sales distribution and truck of Ford, said Ford became both the best-selling brand and truck for six consecutive months this year, underpinned by the performance of F-Series, vans, the new Escape and F-150 Lightning. Improved Mustang Mach-E inventory flow helped its sales climb 110% in June.
In the second quarter, F-150 Lightning sales went up by 119% compared with the year-ago quarter and by 4.1% in the first quarter of 2023. Ford’s EV sales rose 11.9% year-to-date and 35.5% in June.
Supported by the launch of an all-new Super Duty pickup and chassis cabs, F-Series sales increased to 212,516 trucks, up 24.7% compared with the first quarter. F-Series industry share rose to 36% in the second quarter, up 5 full percentage points from the same quarter last year.
Maverick sales increased by 7.8% in the second quarter. The overall sales of the F-Series, Ranger and Maverick outperformed GM’s Silverado, Sierra, Colorado, Canyon and Hummer EV in the second quarter. The combined sales of F-Series, Ranger and Maverick increased 26.7% compared with the year-ago quarter.
Moreover, Ford’s vans continued to perform well in the second quarter. With sales of 32,031, Transit retained the crown of America’s best-selling truck. Ford E-Series van sales rose 63.7% in the reported quarter and rose 55.7% during the first half of 2023. Ford’s U.S. Class 1-7 commercial truck and van shares increased to 40.3%, up 1.0 percentage point from the last year’s corresponding quarter.
Navigator’s Q2 sales increased by 20.1%, while new Lincoln Corsair sales jumped by 27.0% in June. Nautilus sales also saw a rise of 58.5% in June.
BlueCruise, driver assistance technology by Ford, has now surpassed 90 million hands-free driven miles cumulatively.
Zacks Rank & Key Picks
F currently sports a Zacks Rank #1 (Strong Buy).
Other top-ranked players in the auto space are Li Auto, Inc. (LI - Free Report) and BYD Co. Ltd. (BYDDY - Free Report) , each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Li Auto designs, develops, manufactures and sells premium smart electric SUVs. Li shares are up 74% year-to-date. The company’s expected earnings growth rate for the current year is 2,400%.
BYD Co. is engaged in the research, development, manufacture and distribution of automobiles, secondary rechargeable batteries and mobile phone components. BYDDY shares are up 35.3% year-to-date.