Ford (F) US Sales Rise 1% in Q2 on Strong Truck Deliveries
Ford Motor Company's F U.S. sales in the second quarter increased 1% year over year, with a notable 5% rise in truck sales. The company sold 308,920 trucks, including pickups and vans, marking its best second-quarter performance for trucks since 2019. Sales of the F-Series reached 199,463 vehicles, increasing 30% from the previous quarter.
Ford's electric vehicle sales reached 23,957 units in the second quarter, up 61.4% year over year. The Mustang Mach-E and F-150 Lightning are particularly attracting new customers, with the F-150 Lightning's sales surging 77% year over year to 7,902 units.
Hybrid vehicle sales also set a new quarterly record for Ford, with 53,822 units sold, up 56% year over year. The surge in sales was significantly boosted by Maverick sales, totaling 40,420 units through the first half of the year.
Ford brand SUVs achieved record first-half sales of 406,467 units, up 3% year over year, driven by the Explorer, the best-selling three-row SUV in the United States, with 104,803 units sold. Sales of the Escape and Expedition also rose 10% and 15%, respectively, in the first half.
The Lincoln brand saw a sales increase of 18.9% to 23,923 units, driven by the new Lincoln Nautilus. In the second quarter of 2024, Nautilus hybrid sales accounted for 44% of Nautilus total sales, while Corsair and Aviator sales rose 17% and 90%, respectively.
Automakers like Ford are relying on hybrids to facilitate the transition to EVs and meet stringent federal fuel efficiency standards.
Ford’s rival, General Motors Company GM, recently reported second-quarter sales of 696,086 units, up 0.6% year over year. GM recorded its highest quarterly sales since the fourth quarter of 2020. The modest sales rise for both Ford and GM exceeds expectations for the overall market. Industry forecasters like Cox Automotive and Edmunds predict that second-quarter sales across the auto industry will remain nearly unchanged compared with the previous year.
Zacks Rank & Other Key Picks
F currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the auto space are Blue Bird Corporation BLBD and American Axle & Manufacturing Holdings, Inc. AXL, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 5 cents in the past 60 days. The EPS estimates for 2025 have moved up 20 cents in the past 30 days.
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