Ford F reported its fourth quarter and full-year 2023 deliveries in the United States. The auto giant consolidated its leadership position in the gas vehicle line-up with its best-selling trucks and vans. In 2023, it sold a total of 1,995,912 vehicles in the United States, up 7.1% year over year. In the fourth quarter of 2023, it sold 487,840 vehicles, up 0.8% year over year.
Ford sold a record number of electric vehicles (EVs) in the fourth quarter of 2023 to conclude a record EV sales year. The automaker sold 25,937 EVs in the fourth quarter of 2023, up 24% quarter over quarter and 72,608 EVs in 2023, up 18% year over year.
F-150 Lightning and Mustang Mach-E sales were the highest contributors to EV sales growth. The Mustang Mach-E had its best year of sales since its launch in 2021. Its sales for 2023 totaled 40,771 units, up 3% year over year. In 2023, Ford’s F-150 Lightning and E-Transit sales were up 55% and 18% year over year, respectively.
With sales of 7,672 units, its E-Transit was America’s top-selling electric van nameplate in 2023.
Per Jim Farley, president and CEO of Ford, the company retained the position of the No. 2 EV brand in America. In 2024, F plans to launch new versions of its most popular trucks and sport utility vehicles (SUVs), including the new Super Duty, Mustang and Lincoln.
F’s hybrid sales totaled 37,229 units in the fourth quarter, up 55% year over year and full-year hybrid sales registered record sales. Both the first and second best-selling hybrid trucks belong to Ford. In 2023, Maverick Hybrid sales totaled 52,361 units, up 67% year over year and contributed to more than half of Maverick’s total sales in 2023. With sales of 50,103 units, F-150 Hybrid sales rose 41% year over year.
Ford F-Series was rated as America’s best-selling truck for the 47th year in a row, while it was rated as America’s best-selling vehicle for the 42nd year in a row. Its F-150 Lightning was ranked the No.1 selling electric truck and the F-150 Hybrid was rated the No. 1 selling full-size hybrid truck for 2023. A total of 750,789 customers opted for Ford F-Series trucks in 2023.
The firm retained the spot of No.1 selling truck manufacturer in the fourth quarter of 2023 and the full year of 2023. Ford sold a total of 1,081,777 trucks and vans in 2023, up 13% year over year.
Its F-series secured the top spot in 2023 and sold 750,789 units in 2023, up 15% year over year. It sold around 200,000 units more than the Silverado, the second-best-selling Ford truck. Sales of F-series gas- and diesel-powered vehicles rose 12% year over year, while sales of the F-150 Lightning and F-150 Hybrid rose 55% and 41%, respectively.
In 2023, sales of Bronco SUV, Edge SUV and Expedition SUV rose 8%, 24% and 18%, respectively. With sales of 17,549 units, Lincoln Navigator’s sales grew 33% in 2023. Lincoln SUVs fourth-quarter sales rose 9% on the back of solid sales of Aviator and Nautilus.
F’s commercial vans have been an industry leader for 45 straight years. Ford Transit van was America’s No. 1 selling commercial van in 2023, with 129,009 units sold in 2023, up 30% year over year. With the sales of 42,957 cutaway vans, Ford E-Series sales rose 34% year over year.
Its 2024 Mustang, launched in August 2023, sold 13,290 units in the fourth quarter, up 21% quarter over quarter.
Per the latest registration data through October, Ford was the No.1 commercial vehicle seller. Commercial truck and van share rose 40%, up 0.9 percentage points from the corresponding period of 2022 in class 1-7.
Zacks Rank & Key Picks
F currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Volvo VLVLY, NIO Inc. NIO, and Toyota Motor Corporation TM. While VLVLY sports a Zacks Rank #1 (Strong Buy) at present, NIO and TM each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings suggests year-over-year growth of 4.2% and 70.6%, respectively. The EPS estimates for 2023 and 2024 have improved by 8 cents and 7 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for NIO’s 2023 sales indicates year-over-year growth of 11.8%. The EPS estimates for 2023 and 2024 have improved by 14 cents and 13 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings implies year-over-year growth of 11% and 45.4%, respectively. The EPS estimates for 2024 and 2025 have moved up $1.98 and 5 cents, respectively, in the past 60 days.
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