Ford‘s electric vehicle sales fell for the second month in February 2023. But the investors remained unconcerned, as the total sales increased during 2023.
Ford supplied 157,606 vehicles in the United States in February, up from 146,356 in January and 129,273 in February 2022.
In February, total EV sales in the United States were 3,624 units, down from 5,247 in January. Ford delivered 843 fewer Mustang Mach Is and 928 fewer F-150 Lightnings in the month.
8,871 Ford vehicles delivered this year
The production of the F-150 Lightning was halted late in February due to a battery fire at the plant.
Ford delivered 8,871 EVs this year, up from 4,667 EVs delivered in the same period in 2022. Over 80% of the growth is attributed to the F-150 Lightning.
Investors may be concerned about the sequential drop in EV sales, but Ford shares were up 1% on Thursday.
The S&P 500 fell 0.3%, while the Dow Jones Industrial Average rose 0.3%. The stock of General Motors (GM) increased by 0.5%.
Total sales growth is encouraging, indicating that Ford will be able to increase sales volumes in 2023 as supply restrictions that have troubled the auto sector in recent years begin to ease.
Ford’s stock increased by 6% this year
As 2023 progresses, investors will need to keep an eye on the state of the US consumer. Rising interest rates and higher car prices have resulted in more Americans than ever before paying $1,000 per month for their vehicles.
Consumer spending pressures may impact auto sales this year, another factor to watch for investors.
Ford’s Wall Street estimates are influenced by supply chain and consumer spending.
Analysts predict that sales will increase to around $161 billion in 2023, up from $158 billion in 2022.
However, operating profit is projected to drop to $9.1 billion from $10.4 billion. Wall Street balances the complex supply/consumer equation by selling more vehicles at lower prices.
This year, Ford’s stock has increased by about 6%. Over the last year, the stock has dropped 32%.
See Also
- Ford more than doubled its BEV sales in the US in January 2023
- US: Ford increased its BEV sales by twofold in November 2022
- Ford is poised for a strong Q3 after high EV sales in the United States
- Ford joins petition to the EU for EV-only sales from 2035
