Ford Motor Company reported a 7.1% increase in U.S. new vehicle sales for 2023, marking its best year since 2019. The growth was fueled by strong demand for the company’s F-Series pickup trucks and SUV models.
F-Series Retains Best-Selling Vehicle Crown for 47th Straight Year
The iconic Ford F-Series retained its title as America’s best-selling vehicle for the 47th consecutive year. The F-Series sold over 696,000 units in 2023, a 2.3% increase over 2022.
“The F-Series has been the backbone of work and productivity across the American economy for nearly half a century,” said Kumar Galhotra, president of Ford Blue. “We are proud and humbled that Ford F-Series is America’s choice for getting things done.”
The F-150 continued to lead F-Series sales by a wide margin. Customer interest in the all-new F-150 Lightning electric pickup also contributed to segment growth.
| Model | 2023 Sales | Change vs 2022 |
|---|---|---|
| F-Series Total | 696,000+ | +2.3% |
| F-150 | ~500,000 | +1.7% |
| F-150 Lightning | ~15,000 | New for 2023 |
“The F-150 Lightning is quickly becoming the flagship for Ford’s push into electrification and a catalyst for growth across the entire F-Series lineup,” said market analyst Jessica Caldwell.
Total Ford Electrified Vehicle Sales Soar 126%
As part of its $50 billion investment in electric vehicles through 2026, Ford has made strong early gains in transitioning its portfolio.
The automaker sold over 84,000 electrified vehicles in 2023, including battery electric, plug-in hybrid and hybrid models. This represents a 126% surge compared to 2022. Impressively, one in five Ford SUVs sold last year had an electrified powertrain.
“We are scaling quickly to meet incredible consumer demand for our new EVs,” said Andrew Frick, vice president of Ford Sales U.S. and Canada. “Dealer stocks of Mustang Mach-E are recovering from supply chain disruptions and inventories of F-150 Lightning are growing.”
The Mustang Mach-E led Ford’s EV sales with 27,140 units moved in 2023, followed by 15,617 F-150 Lightning trucks. E-Transit vans and Escape/Escape Hybrid SUVs also saw strong uptake.
Industry-Wide Vehicle Sales Rebound to Pre-Pandemic Level
Robust pickup truck and SUV sales pushed total U.S. new auto sales to just over 15 million units last year. This represents a nearly 3% increase compared to 2022 sales, and marks the best year for the auto industry since 2019 prior to the coronavirus pandemic.
“The overall economy remains resilient in the face of some significant economic uncertainties,” said Ford chief economist Emily Kolinski Morris. She expects the positive momentum to carry through at least the first half of 2024 barring any major financial shocks.
Toyota held onto its position as America’s No.2 automaker behind General Motors last year. However, Ford continues to close the gap after posting higher percentage sales growth in 2023. Industry experts highlight this as an intensifying battle for hybrid and electric vehicle market share between the giants.
Outlook for 2024 and Beyond
With growing EV model availability and improving inventory levels, Ford expects electrified vehicle sales to account for over 30% of its U.S. volume in 2024. This includes the launch of the electric Explorer SUV and Lincoln Aviator this year.
F-Series sales face growth headwinds however from recent price hikes and higher interest rates. Affordability concerns may curb demand among middle and lower income consumers going forward. An anticipated slowdown for home renovations and commercial construction could also negatively impact pickup truck purchases industry-wide.
“Nonetheless, we believe loyal generations of tradesmen and outdoor enthusiasts will continue turning to their trusted F-150 through all economic cycles,” said auto expert George Peterson. “It is simply an American institution.”
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