Following sturdy outcomes from rivals GM and Toyota, Ford (F) posted sturdy gross sales positive aspects for the yr, although solely a modest achieve within the fourth quarter following the tip of a six-week labor strike.
For the yr, Ford reported US gross sales complete gross sales jumped 7.1% to roughly 1,995,912 automobiles, making it the Dearborn-based automaker’s greatest yr since 2020. Ford famous sturdy gross sales in its vans enterprise, with 1,081,777 vans and vans offered in 2023 – up 13%. Throughout its nameplates, Ford noticed famous progress with the Bronco Sport (up 28.1%), Edge (up 24.1%), and Lincoln Navigator (up 32.9%), amongst others.
Ford’s gross sales of hybrids and EVs have been additionally a spotlight, with gross sales up 25.3% and 17.9% respectively. Ford says it’s now the quantity 2 EV vendor within the US, behind solely Tesla with 61,575 EVs offered final yr. Inside its EV phase, Ford stated F-150 Lightning EV gross sales have been up xx%, and that Mustang Mach-E gross sales of 40,771 for the yr have been a 3% enchancment, and its greatest yr since launching in 2021.
Like different automakers, Ford’s push into hybrids comes as prospects desire the effectivity and decrease value of entry in comparison with EVS, particularly with truck choices. Ford reported Maverick Hybrid pickup gross sales hit 52,361 final yr, a 67% achieve, which is greater than half of Maverick’s complete gross sales in 2023. The F-150 Hybrid posted a 41% leap in gross sales yr over yr, with 50,103 items offered.
“In a yr of challenges, from a labor strike to produce points, our wonderful lineup of gasoline, electrical and hybrid automobiles and our implausible sellers delivered strong progress and momentum. We have now the merchandise that prospects need,” Ford CEO Jim Farley stated in an announcement. “I’m particularly proud Ford remained the No. 2 EV model in America and our next-gen, digitally superior new EVs are on the best way.”
The UAW labor strike appeared to restrict Ford in This fall, albeit barely. Ford stated This fall gross sales have been up solely 0.8% in comparison with a yr in the past, because the UAW strike prolonged into October, and sure required weeks of ramping following its finish. Bronco SUV, Expedition SUV, and Transit Join Van gross sales took a success in This fall as Kentucky Truck Plant and different Ford amenities have been impacted by strike-related actions.
Ford’s sturdy total yearly numbers comply with a giant yr for GM, which noticed gross sales climb 14% in 2023, and Toyota, with the Japanese automaker reporting a 6.6% rise in gross sales within the US.
Ford CEO Jim Farley stated the corporate was “spring-loaded” for a giant 2024 as properly, noting new variations of in style vans and SUVs, new Tremendous Responsibility truck and Mustang gross sales, in addition to new automobiles for Lincoln on the best way.
But it surely wasn’t all excellent news for Ford in 2023 — recollects and steep prices related to them bit the automaker. Most just lately Ford introduced one other recall of its F-150 pickup, with practically 113,000 affected by a rear axle hub bolt that “could fatigue and break,” inflicting a lack of energy and threat of accident. Final yr Ford the automaker experiencing essentially the most recollects, with 57 recollects introduced affecting over 6 million automobiles, per NHTSA and Division of Transportation knowledge.
Pras Subramanian is a reporter for Yahoo Finance. You possibly can comply with him on Twitter and on Instagram.
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