Electric vehicle sales at Ford Motor Company declined in February for the second month in a row. Investors weren’t too worried because total sales rose, providing good news for the rest of 2023.
stronghold Delivered 157,606 vehicles were in the US in February, up from 146,356 delivered in January and from 129,273 delivered in February 2022.
Electric vehicle sales in the United States totaled 3,624 units in February, down from 5,247 units delivered in January. Ford delivered 843 fewer Mustang Machs and 928 fewer F-150 Lightnings per month.
Production of the F-150 Lightning was paused in late February due to a battery fire at the factory, but production is about to restart.
“We will resume production at the Rouge Electric Vehicle Center (REVC) on March 13,” a Ford spokeswoman said in an emailed statement. The additional time will allow the Ford battery supplier to deliver the product to the Ford assembly facility. “As production of the REVC increases, we will continue to retain vehicles already produced during our operation through engineering and parts updates.”
Announcement – scroll to continue
This year, Ford delivered 8,871 electric vehicles, up from 4,667 electric vehicles delivered during the same period in 2022. The F-150 Lightning accounts for more than 80% of the growth.
Investors may note the sequential decline in electric vehicle sales, but Ford shares rose in Thursday trading, up 1.9%, to close at $12.55. the
Standard & Poor’s 500
It rose 0.8%. the
Dow Jones Industrial Average
gained 1.1%. General Motors shares rose 2.1 percent.
Reboot is positive. So is overall sales growth, which shows Ford can ramp up sales volume in 2023 as supply chain constraints that have plagued the entire auto industry for years begin to recede.
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Investors will have to keep an eye on the state of the American consumer as well, as 2023 progresses. Rising interest rates and rising car prices have Americans more than ever pushed to pay $1,000 a month for their cars. Consumer spending pressure may affect auto sales and will be another item to watch for investors this year.
Supply chain and consumer spending currents influence Wall Street estimates for Ford. Analysts expect sales to rise to about $161 billion in 2023 from $158 billion in 2022. However, operating profit is expected to fall to $9.1 billion from $10.4 billion. More cars at lower prices is how Wall Street balances the complex supply/consumer equation.
Ford shares are up about 8% this year. Shares are down about 31% over the past 12 months.
Write to Al Root at [email protected]
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