Ford Stock (NYSE:F)
In a sales update on Thursday, Ford Motor Company (NYSE:F) emphasized increases in the market share for electric vehicles and robust truck sales.
The Michigan-based automaker sold 179,279 vehicles in December, up from 173,740 in December 2021, according to a corporate data release on Thursday. The sales for the entire year fell short of the 1.91 million units sold the year before, coming in at 1.86 million.
Even so, the company was able to speed up the growth of EVs while keeping truck sales strong. 101,649 more trucks were sold in December than the previous year, while 653,957 more trucks were sold overall. The next-closest competitor, the Chevrolet Silverado made by General Motors (GM), was outsold in sales by the F series trucks by more than 140,000 units.
Sales of EVs increased by more than twofold to 61,575 vehicles for the entire year. In terms of EV sales in the US, Ford is currently in second place, trailing Tesla. Ford’s industry share increased by 0.7 percentage points in 2022, and a lot was accomplished.
“In keeping with our goal, our SUV lineup saw broad-based growth, and our brand-new EVs grew at a rate that was twice as fast as the total EV market,” he said. “Ford is well positioned going into 2023 with a solid retail order bank.”
In the last quarter of 2022, car sales at General Motors went up more than expected. General Motors took back the annual sales crown from Toyota Motor after sales dropped sharply in the first half of the year.
Better than anticipated, GM revealed on Wednesday that Q4 new vehicle sales in the US increased by 41% year over year. Toyota’s 13% rise in Q4 sales in the US market was better than anyone expected. In a hint that the supply situation is still getting better, both automotive behemoths had their Q4 sales increase from quarter to quarter.
Honda Motor surpassed full-year U.S. sales projections on Wednesday, while Ford did the same on Thursday. In December, EV sales more than tripled, and in 2022, they will more than double, according to Ford. On Wednesday, Stellantis, the parent company of Chrysler, surpassed Q4 and full-year projections.
Analysts from J.D. Power and LMC Automotive think that the total number of new car sales in the U.S. will go up in Q4 2022, after falling in each of the three previous quarters due to supply problems.
General Motors would hold the top spot in U.S. sales for the entire year, according to analysts at Cox Automotive, before Wednesday’s figures were released. In 2021, amidst the shortage of auto chips, Japan’s Toyota overtook GM for the first time in the United States. According to Cox, Honda’s sales are likely to decrease the most in 2022.
Featured Image: Pexels @ Julissa Helmuth