Ford Motor 2023 Q3 Sales up 8%

Ford Motor Company (NYSE:F) today posted a sales increase of 7.7% for Q3 of 2023. Ford said it was the No. 1 selling truck manufacturer again in Q3 and year-to-date. With 825,179 pickups and vans sold through September of this year, Ford said it has outsold GM’s pickups and vans by ~64,000 vehicles. Ford’s overall Q3 truck sales, including pickups and vans, are up 15.3% compared to 2022 on sales of 275,554 vehicles. Gains came from the new Super Duty pickups (up 17.6%), Maverick (+83.4%) and Transit (+28.3%). However the F-150 did not lead its segment at sales of ~37,000 with its lowest market share in a year. (AutoInformed: GM Posts 21% US Q3 Sales Increase)

“We saw strong balanced sales growth providing choice to our customers in the third quarter, with growth coming from our gas engine, electric, hybrid and commercial van lineup,” said Andrew Frick, vice president, sales, distribution and trucks. “Ford’s truck lineup remains the industry’s top seller.”

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Ford’s Q3 EV sales were up 14.8% on best ever sales of 20,962 vehicles. This is a bit of a mixed blessing as Ford is losing ~$40,000 on each sale. Much of this gain came from Mustang Mach-E sales, up 42.5% percent for the quarter and best since its debut in 2021. In the month of September, Mach-E sales of 5872,  set a new record and a year-over-year gain of 153% for the month. E-Transit was the No. 1 selling electric van with its best ever quarterly sales results of 2617,up 89.8%. During September, Ford’s overall electric vehicle sales were up 65.0 percent. Ford’s electric business – Model e – is forecast to lose ~$4.5 billion during 2023. It lost $1.2 billion during Q2, or $40,000 a vehicle. Ford is in the process of completely revamping its product development to address this.

Ford hybrid sales, led by F-150 and Maverick hybrid trucks, posted Q3 sales of 34,861 vehicles – up 41.4% year-over-year. F-150 Hybrid sales increased 46.9% at 12,311. Maverick Hybrid now represents 56.5% of all Maverick trucks sold. Q3 Maverick sales totaled 23,931 trucks, an increase of 83.4% YoY.

Lincoln posted decent Q3 sales from Corsair, Nautilus and Navigator. However, Aviator sales were impacted due to the 360-degree camera recall, parts are only now starting to arrive at retail stores for new customer vehicles. Navigator Q3 sales expanded 46% on sales of 4527 SUVs. Sales of the new Lincoln Corsair produced an increase of 25.9% for the quarter. Nautilus also was up 32% increase over Q3 last year.

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