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Ford's (F) U.S. Sales Rise 7% in Q1 on Strong Demand for EVs
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Ford (F - Free Report) sold 508,083 vehicles in the United States in the first quarter of 2024. The figure rose 7% year over year. F's strategy to provide a wide range of customers by offering freedom of choice across gas, hybrid and electric vehicles (EVs) has driven the company’s sales.
Increasing demand for hybrid trucks and SUVs positioned the automaker to deliver its record quarterly hybrid sales. Ford Maverick continues to attract more customers to the brand. Maverick hybrid became America’s best-selling truck with sales of 19,660 units, up 77% year over year.
The legendary automaker sold 38,421 units of hybrid vehicles in the first quarter, up 42% year over year. With more versions of the new F-150 hybrid flowing to the dealers, hybrid sales are expected to flourish. The first quarter of 2024 was Ford’s best-ever quarter for hybrid sales since the company started selling hybrid vehicles.
Per Andrew Frick, president of Ford Blue, the new F-150 will play a crucial role for the company across gas, hybrid and electric vehicle segments. The robust performance of the all-new Lincoln Nautilus and Nautilus Hybrid, coupled with the market debut of the latest F-150 and Ranger in March, position the automaker for solid growth momentum in 2024.
Ford began the year as America’s best-selling truck manufacturer thanks to strong sales of hybrid vehicles. Maverick outperformed Toyota’s Tacoma to remain America’s best-selling midsize pickup. Among all the buyers of Maverick, nearly 60% are new to the brand.
With the commencement of sales of the new F-150 in March, F-Series sold a total of 152,943 units and started the year as America’s best-selling trucks. Super Duty and Maverick year-over-year sales rose 23% and 82%, respectively, in the first quarter.
Total sales reached 216,997 units for Ford brand SUVs, rising 15% year over year and reporting its best-ever quarter thanks to robust sales of Explorer SUVs. A total of 58,465 units of Explorer SUVs were sold in the quarter, making it America’s best-selling three-row SUV. Sales of Escape, Bronco Sport and Expedition increased 73%, 6% and 11% from the year-ago period.
Lincoln sales rose 31% to 24,894 units. A total of 9,231 units of the all-new Lincoln Nautilus were sold in the first quarter, up 68% year over year, marking a record quarterly sale since its market debut in 2018. Sales of Lincoln Corsair and Aviator increased 56% and 19%, respectively.
EV Sales — Off to a Great Start
Ford’s EV sales started the year on a high note, with sales of 20,223 units in the first quarter, up 86.1% year over year. The automaker became America’s second best-selling EV brand for the quarter, just behind Tesla. Mustang Mach-E sales reached 9,589 units in the first quarter, rising 77% year over year.
A total of 7,743 units of F-150 Lightning were sold in the first quarter, rising 80% from the year-ago period and making it America’s best-selling electric truck.
The Ford E-Transit sales reached 2,891 units in the first quarter, representing a rise of 148% year over year and making it America’s best-selling electric van. E-Transit reported its best-ever sales quarter since its market debut in 2022.
Ford Pro Continues to Strengthen Its Portfolio
Transit van sales increased 25% to 39,890 units in the first quarter, setting record sales performance. F’s commercial vans continue to strengthen the company’s portfolio, with sales of 55,295 units in the first quarter, rising 19% year over year.
Among 40% of 2024 F-150 Lightning customers are repeat customers. Ford E-Transit has a huge demand among government customers and small businesses.
The Zacks Consensus Estimate for LI’s 2024 sales and earnings per share (EPS) indicates year-over-year growth of 59.4% and 22.4%, respectively. The EPS estimates for 2024 have moved up 10 cents in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings implies year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved 86 cents and $1.01, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 67 cents and 71 cents, respectively, in the past 30 days.
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Ford's (F) U.S. Sales Rise 7% in Q1 on Strong Demand for EVs
Ford (F - Free Report) sold 508,083 vehicles in the United States in the first quarter of 2024. The figure rose 7% year over year. F's strategy to provide a wide range of customers by offering freedom of choice across gas, hybrid and electric vehicles (EVs) has driven the company’s sales.
Increasing demand for hybrid trucks and SUVs positioned the automaker to deliver its record quarterly hybrid sales. Ford Maverick continues to attract more customers to the brand. Maverick hybrid became America’s best-selling truck with sales of 19,660 units, up 77% year over year.
The legendary automaker sold 38,421 units of hybrid vehicles in the first quarter, up 42% year over year. With more versions of the new F-150 hybrid flowing to the dealers, hybrid sales are expected to flourish. The first quarter of 2024 was Ford’s best-ever quarter for hybrid sales since the company started selling hybrid vehicles.
Per Andrew Frick, president of Ford Blue, the new F-150 will play a crucial role for the company across gas, hybrid and electric vehicle segments. The robust performance of the all-new Lincoln Nautilus and Nautilus Hybrid, coupled with the market debut of the latest F-150 and Ranger in March, position the automaker for solid growth momentum in 2024.
Ford began the year as America’s best-selling truck manufacturer thanks to strong sales of hybrid vehicles. Maverick outperformed Toyota’s Tacoma to remain America’s best-selling midsize pickup. Among all the buyers of Maverick, nearly 60% are new to the brand.
With the commencement of sales of the new F-150 in March, F-Series sold a total of 152,943 units and started the year as America’s best-selling trucks. Super Duty and Maverick year-over-year sales rose 23% and 82%, respectively, in the first quarter.
Total sales reached 216,997 units for Ford brand SUVs, rising 15% year over year and reporting its best-ever quarter thanks to robust sales of Explorer SUVs. A total of 58,465 units of Explorer SUVs were sold in the quarter, making it America’s best-selling three-row SUV. Sales of Escape, Bronco Sport and Expedition increased 73%, 6% and 11% from the year-ago period.
Lincoln sales rose 31% to 24,894 units. A total of 9,231 units of the all-new Lincoln Nautilus were sold in the first quarter, up 68% year over year, marking a record quarterly sale since its market debut in 2018. Sales of Lincoln Corsair and Aviator increased 56% and 19%, respectively.
EV Sales — Off to a Great Start
Ford’s EV sales started the year on a high note, with sales of 20,223 units in the first quarter, up 86.1% year over year. The automaker became America’s second best-selling EV brand for the quarter, just behind Tesla. Mustang Mach-E sales reached 9,589 units in the first quarter, rising 77% year over year.
A total of 7,743 units of F-150 Lightning were sold in the first quarter, rising 80% from the year-ago period and making it America’s best-selling electric truck.
The Ford E-Transit sales reached 2,891 units in the first quarter, representing a rise of 148% year over year and making it America’s best-selling electric van. E-Transit reported its best-ever sales quarter since its market debut in 2022.
Ford Pro Continues to Strengthen Its Portfolio
Transit van sales increased 25% to 39,890 units in the first quarter, setting record sales performance. F’s commercial vans continue to strengthen the company’s portfolio, with sales of 55,295 units in the first quarter, rising 19% year over year.
Among 40% of 2024 F-150 Lightning customers are repeat customers. Ford E-Transit has a huge demand among government customers and small businesses.
Zacks Rank & Other Key Picks
F currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked players in the auto space are Li Auto Inc. (LI - Free Report) , Toyota Motor Corporation (TM - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) , each flaunting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LI’s 2024 sales and earnings per share (EPS) indicates year-over-year growth of 59.4% and 22.4%, respectively. The EPS estimates for 2024 have moved up 10 cents in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings implies year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved 86 cents and $1.01, respectively, in the past 30 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 67 cents and 71 cents, respectively, in the past 30 days.