In a positive development for the auto industry, Ford announced on Thursday that it sold almost two million vehicles in the United States in 2023. This marked a growth of just over seven percent compared to the previous year. The strong sales figures were driven by an increase in electric vehicle (EV) sales and continued growth in internal combustion engine trucks.
Despite facing various challenges throughout the year, including a labor strike and supply issues, Ford managed to deliver solid growth and momentum. Ford’s CEO, Jim Farley, attributed the success to their diverse lineup of gas, electric, and hybrid vehicles, as well as the efforts of their dealers. Farley expressed confidence in their product range, stating that they have the products that customers want.
These impressive sales numbers came despite a six-week strike by the United Auto Workers (UAW) union in 2023. The strike affected production at the Big Three automakers—Ford, General Motors (GM), and Stellantis. However, Ford was able to recover from the strike and achieve significant sales figures.
The success in 2023 was primarily driven by a 15 percent increase in sales of Ford’s F-series vehicles. The F-series has maintained its status as America’s top-selling range of trucks for nearly 50 years. This continued popularity among consumers contributed significantly to Ford’s overall sales.
Out of the nearly two million vehicles sold by Ford, close to 1.8 million were internal combustion engine vehicles. While this indicates the continued demand for traditional vehicles, there was also notable growth in EV and hybrid sales compared to the previous year. This suggests that Ford’s efforts to transition towards more environmentally friendly vehicles are gradually paying off.
Ford’s strong sales performance in 2023 is a positive sign for the company and the broader auto industry. It demonstrates that consumers are still interested in a range of vehicle options, including both traditional and electric vehicles. As the demand for EVs continues to rise, Ford’s commitment to producing electric, hybrid, and gas vehicles positions them well to meet the evolving needs of customers.
Looking ahead, Ford is likely to continue focusing on expanding their EV portfolio and investing in sustainable mobility solutions. They will need to navigate challenges such as the global semiconductor shortage and increasing competition in the EV market. However, with their strong sales performance and a lineup of highly anticipated upcoming vehicles, Ford is well-positioned to maintain its market presence and drive further growth in the years to come.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
