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Ford's Q3 US Sales Increase 1% Y/Y on Strong Hybrid Sales
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Ford Motor Company’s (F - Free Report) U.S. sales rose 1% year over year in the third quarter of 2024, outperforming the overall market, which saw a 2% decline year over year. Retail sales increased 4% from the year-ago quarter, thanks to Ford and Lincoln's strategy of offering powertrain options. The company sold 504,039 vehicles, up 0.7% from last year's 500,504 units.
On a year-over-year basis, Hybrid sales surged 38% and electric vehicle (EV) sales increased 12%, while gas and diesel vehicle sales, which make up 86% of Ford's sales, dropped 2.8%. Lincoln's sales grew by 26% year over year to 25,713 units. Year to date, Ford has sold 1.55 million vehicles, up 2.7% from the same period in 2023.
Truck sales rose 6% in the third quarter. F-Series pickup sales rose 4.2% year over year, including a 105% jump in electric Lightning sales and a 12% boost in Super Duty sales. Ranger sales surged 110% year over year, while Maverick sales grew 33% year over year. Transit van sales declined 5.6% year over year, although the electric E-Transit saw a 13% increase year over year.
SUV sales fell 5.6% year over year. Explorer gained 25% following its third-quarter refresh launch, while Bronco dropped 19% year over year. On a year-over-year basis, Escape declined 7.3% and Expedition fell 13%. Bronco Sport was up 4.1% from the year-ago quarter, but the all-electric Mustang Mach-E dropped 9.8% year over year. Meanwhile, sales of Ford's only car model, the Mustang coupe, declined 8.2% year over year.
At Lincoln, Aviator sales increased 279% and Nautilus sales rose 35% on a year-over-year basis, marking its best third quarter since 2007, while Corsair sales dropped 12% and Navigator was down by less than 1% year over year.
Ford’s EV Sales Continue to Rise With Strong F-150 Lightning Sales
Ford sold 67,689 EVs in the nine months ended September 2024. The electric F-150 Lightning saw its sales more than double in the third quarter, contributing to 12% quarterly growth in Ford's EV sales. The Ford E-Transit, the best-selling electric van in the United States, recorded a 13% increase with 2,955 units sold.
In the third quarter, Ford's EVs had the highest transaction price among non-luxury brands. Ford also launched its "Power Promise" campaign this week to offer to pay for a home charger and its installation for new EV buyers until the end of the year.
Meanwhile, General Motors saw a 2% drop in overall sales during the third quarter, but its EV sales grew 60% year over year to 32,095 units.
The Zacks Consensus Estimate for RACE’s 2024 sales and earnings suggests year-over-year growth of 12.33% and 17.94%, respectively. Earnings per share (EPS) estimates for 2024 and 2025 have improved 10 cents and 14 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 21.88% and 17.12%, respectively. EPS estimates for 2024 and 2025 have each improved by a penny in the past 30 days.
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Ford's Q3 US Sales Increase 1% Y/Y on Strong Hybrid Sales
Ford Motor Company’s (F - Free Report) U.S. sales rose 1% year over year in the third quarter of 2024, outperforming the overall market, which saw a 2% decline year over year. Retail sales increased 4% from the year-ago quarter, thanks to Ford and Lincoln's strategy of offering powertrain options. The company sold 504,039 vehicles, up 0.7% from last year's 500,504 units.
On a year-over-year basis, Hybrid sales surged 38% and electric vehicle (EV) sales increased 12%, while gas and diesel vehicle sales, which make up 86% of Ford's sales, dropped 2.8%. Lincoln's sales grew by 26% year over year to 25,713 units. Year to date, Ford has sold 1.55 million vehicles, up 2.7% from the same period in 2023.
Truck sales rose 6% in the third quarter. F-Series pickup sales rose 4.2% year over year, including a 105% jump in electric Lightning sales and a 12% boost in Super Duty sales. Ranger sales surged 110% year over year, while Maverick sales grew 33% year over year. Transit van sales declined 5.6% year over year, although the electric E-Transit saw a 13% increase year over year.
SUV sales fell 5.6% year over year. Explorer gained 25% following its third-quarter refresh launch, while Bronco dropped 19% year over year. On a year-over-year basis, Escape declined 7.3% and Expedition fell 13%. Bronco Sport was up 4.1% from the year-ago quarter, but the all-electric Mustang Mach-E dropped 9.8% year over year. Meanwhile, sales of Ford's only car model, the Mustang coupe, declined 8.2% year over year.
At Lincoln, Aviator sales increased 279% and Nautilus sales rose 35% on a year-over-year basis, marking its best third quarter since 2007, while Corsair sales dropped 12% and Navigator was down by less than 1% year over year.
Ford’s EV Sales Continue to Rise With Strong F-150 Lightning Sales
Ford sold 67,689 EVs in the nine months ended September 2024. The electric F-150 Lightning saw its sales more than double in the third quarter, contributing to 12% quarterly growth in Ford's EV sales. The Ford E-Transit, the best-selling electric van in the United States, recorded a 13% increase with 2,955 units sold.
In the third quarter, Ford's EVs had the highest transaction price among non-luxury brands. Ford also launched its "Power Promise" campaign this week to offer to pay for a home charger and its installation for new EV buyers until the end of the year.
Meanwhile, General Motors saw a 2% drop in overall sales during the third quarter, but its EV sales grew 60% year over year to 32,095 units.
F’s Zacks Rank & Key Picks
Ford currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Ferrari N.V. (RACE - Free Report) , Blue Bird Corporation (BLBD - Free Report) and BYD Company Limited (BYDDY - Free Report) , 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 Zacks Consensus Estimate for RACE’s 2024 sales and earnings suggests year-over-year growth of 12.33% and 17.94%, respectively. Earnings per share (EPS) estimates for 2024 and 2025 have improved 10 cents and 14 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 21.88% and 17.12%, respectively. EPS estimates for 2024 and 2025 have each improved by a penny in the past 30 days.