Ford Motor Company (NYSE: F) has reported its best year of selling autos in the United States since 2020, thanks to the increasing demand for crossover SUVs and pickup trucks.
Ford Motor had its best year selling autos in the United States since 2020. This happened because people wanted the company’s crossover SUVs and pickup trucks. A day before this, many other car companies also shared that they sold many more new vehicles.
Based in Detroit, Ford said they sold 1.99 million autos in 2023, a 7.1% increase from the previous year. Back in 2020, Ford sold a little over 2 million new vehicles.
Last year, the total number of new vehicles sold in the U.S. was around 15.5 million. Out of these, almost 17% were vehicles with electric power, like hybrids, as per data provided by Wards Intelligence.
People in America like larger vehicles, especially crossover SUVs and pickup trucks. They feel these vehicles are safer and more advantageous than smaller vehicles like sedans and hatchbacks.
However, some analysts are worried. They say that high-interest rates might make people less interested in buying new vehicles in the future.
Ford’s electric vehicles (EVs), like the F-150 Lightning pickup truck and Mustang Mach-E crossover, saw a significant increase in sales. They sold 72,608 EVs, almost 18% more than the previous year. These electric cars made up 3.6% of all the vehicles Ford sold.
Ford also did well with its hybrid vehicles. They sold over 133,000 hybrids, more than 25% higher than last year. Hybrid cars made up about 7% of all the vehicles Ford sold.
Ford Motor Company (NYSE: F) ranked as the third-largest car manufacturer in the United States by sales, with 1.99 million vehicles sold, trailing behind General Motors and Toyota.
Peter Williams, a financial writer with over five years of experience, specializes in covering stock market movements, bond markets, commodities, and macroeconomic trends.
