Ford reports 7.1% increase in U.S. new vehicle sales as industry marks best year since 2019

2024 Ford F-150 PowerBoost Platinum hybrid

Ford

DETROIT – Ford Motor’s U.S. sales increased about 7% last year, marking the automaker’s best sales since 2020 but coming in lower than the overall industry’s growth.

Ford on Thursday reported sales of nearly 2 million vehicles in 2023, a 7.1% increase from the previous year. The company finished third in overall U.S. sales, trailing Toyota Motor and General Motors.

Ford’s overall 2023 sales are lower than the industry’s sales growth, which auto data firm Motor Intelligence reports topped 15.6 million last year — marking a 12.3% increase from 2022 and the segment’s best performance since more than 17 million vehicles in 2019.

“In a year of challenges, from a labor strike to supply issues, our amazing lineup of gas, electric and hybrid vehicles and our fantastic dealers delivered solid growth and momentum. We have the products that customers want,” Ford CEO Jim Farley said in a release.

Electric vehicle sales came in at 72,608 for the year, up 18% from 2022 and boosted by nearly 26,000 EVs sold during the fourth quarter. Ford said sales of its electric F-150 Lightning pickup — which saw price adjustments earlier this week — were up 74% during the fourth quarter. Sales of the Mustang Mach-E notched the best annual tally since the vehicle launched in 2021, the company said.

Electrified vehicles, including hybrids and EVs, represented only about 10% of Ford’s overall sales in 2023.

Hybrid sales were up 25% during the full year over 2022 and up 55% in the fourth quarter.

For the 47th year in a row, Ford F-Series was America’s best-selling truck and America’s best-selling vehicle for the 42nd year in a row. Sales topped 750,000 units last year, up about 15% compared to the previous year.

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Correction: This story has been updated to correct that Ford Motor’s 2023 sales were the automaker’s best since 2020.

Source: https://www.cnbc.com/2024/01/04/ford-reports-7point1percent-increase-in-us-vehicle-sales.html

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