Yahoo Finance Ford (F) Reports U.S. Sales Growth of 10.5% Y/Y in February
Ford’s F U.S. sales in February increased 10.5% year over year on the back of strong hybrid and electric vehicle (EV) sales, making the automaker the No. 1 seller in America for two consecutive months.
The legendary automaker sold 174,192 units of cars and trucks in February. During the same month, sales of EVs, hybrid models and internal combustion engines rose 81%, 32% and 7.5% year over year, respectively.
The rise in hybrid vehicle sales reflects Ford's commitment to increasing its investment in hybrid technology. In February, the sales of hybrid vehicles totaled 12,045 units, including 6,463 small Maverick hybrid pickup units.
Sales of EVs that depend on pricing and demand of the vehicles have fluctuated month to month. In February, the company witnessed a rise of 64.3% and almost 100% in the sales of the Mustang Mach-E crossover and all-electric F-150 Lightning pickup, respectively. Earlier this February, Ford reduced the prices of both models, which are likely to have boosted their sales. Sales of sports utility vehicles rose 23.7% to approximately 85,000 units in the same month. However, the sales of F-Series trucks fell 5.8% year over year.
Ford claims that in the first two months of 2024, F-Series pickup sales totaled 100,531 units, making it America’s best-selling truck, ahead of Silverado by more than 21,000 units.
Although the sales of EVs and hybrid models rose in February, the sales of traditional cars and trucks contributed 89.5% of the company’s total sales.
Per the Automotive News, in February, the shipments of new F-Series pickup 2024 models were delayed due to an undisclosed quality issue. As a result, sales of the highly profitable pickups tumbled 5.8% to 51,829 units.
In light of rising quality and warranty concerns, Jim Farley, Ford's CEO, has implemented enhanced testing protocols and stringent quality checks for new vehicle launches.
In the first two months of 2024, Ford’s sales rose 6.6% year over year to 311,325 units.
The company kicked off the year with strong truck sales despite just starting the deliveries of the F-150 model year 2024. F is ramping up the sales of model year 2024 vehicles, beginning with XL and STX trims and expanding to higher trim levels. Ford currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Among Ford’s competitors, who report monthly sales, the trend is generally positive for February. Honda Motor Co., Ltd. HMC sold more than 100,000 units, representing an increase of 37.8% year over year. However, the sales of its Acura division fell 6%.
With sales of 60,341 units in February, Hyundai set a record. Kia sales fell 3% to 60,859 units.
In February, Toyota Motor Corporation’s TM sales went up 16% to 165,900 units. Sales of the Lexus division rose 17%, taking Toyota’s total sales to 184,450 units. TM’s combined sales of hybrid and EVs rose 84% to 68,445 units.
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