Ford Motor Co. (F) saw a 7.1% increase in U.S. vehicle sales in 2023, reaching just under 2 million vehicles. This growth, although significant, falls short of rival General Motors Co. (GM) who experienced twice the growth rate. As a result, Ford’s stock has declined for six consecutive days, indicating the longest losing streak since September 27, 2022.
Electric Vehicle Sales Show Encouraging Growth
Ford reported selling a total of 25,937 electric vehicles (EVs) during the fourth quarter, marking a 24% increase from the previous quarter. Furthermore, the record-breaking sale of 72,608 EVs for the year was a highlight. Overall, Ford sold a total of 1,995,912 vehicles in 2023, representing a 7.1% rise compared to the previous year.
F-Series Continues Dominance
Continuing its reign, Ford’s F-Series maintained its position as the best-selling truck in the U.S for the 47th consecutive year. With truck sales increasing by 13% to a total of 1,081,777 units in 2023, it is clear that the F-Series remains a popular choice among consumers.
Ford’s Performance Amidst Challenges
Ford’s report follows General Motors Co.’s announcement that U.S. auto sales rose by 14% to reach 2.6 million vehicles. Despite facing challenges such as labor strikes and supply issues, Ford CEO Jim Farley commended the company’s impressive growth and momentum, attributing it to their diverse lineup of gas, electric, and hybrid vehicles.
Stock Performance Comparison
Over the past three months, Ford’s stock has experienced a decline of 2.9%. In contrast, General Motors shares have seen a 13.8% rally, while the S&P 500 has advanced by 10.4%.
In summary, Ford’s 2023 U.S. vehicle sales demonstrated steady growth, especially in the electric vehicle segment. Despite falling short of rival General Motors, the company remains optimistic about its performance and is determined to continue momentum into the future.
