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May 23, 2024

Ford Posts Best Vehicle Sales Since 2020 as F-Series Retains Top Spot

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Jan 5, 2024

Ford Motor Company reported a 7.1% increase in U.S. vehicle sales for 2023, marking its best annual performance since 2020. The boost was driven by strong demand for Ford’s lineup of trucks and SUVs, especially the perennially best-selling F-Series pickup.

F-Series Tops Sales Charts for 47th Straight Year

The iconic Ford F-150 truck retained its title as America’s top-selling vehicle for the 47th consecutive year. The F-Series sold 696,805 units in 2023, an increase of 2.3% over 2022.

“The F-Series is the backbone of work across America, and it continues to deliver for our customers,” said Andrew Frick, vice president of Ford sales in the U.S. and Canada. “We are so grateful to our loyal truck customers for making the Ford F-Series America’s best-selling truck for the 47th year in a row, proving once again that Ford trucks are built to work.”

The feat is even more impressive considering F-Series sales dropped dramatically during the pandemic in 2020 and 2021 before rebounding over the last two years. The top four best-selling vehicles in America in 2023 were all Ford F-Series pickups led by the F-150.

F-Series Sales Breakdown 2023

Model Sales Change vs. 2022
F-150 496,817 +1.8%
F-Series Super Duty 184,521 +4.0%
Ranger 83,151 -16.3%
Maverick 54,515 +3.3%

“As the industry enters an important period of restructuring, companies will succeed by reading demand and delivering efficiently what buyers really want,” AutoForecast Solutions analyst Sam Fiorani said. “In 2023, nothing beat a big pickup truck.”

Strong SUV Sales Also Boost Numbers

In addition to trucks, demand for Ford SUVs remained high in 2023, led by the Explorer, Escape, and all-new Bronco Sport. Total Ford SUV sales were up 10.4% for the year.

The Mustang Mach-E electric SUV saw sales more than double in the fourth quarter as Ford rapidly expanded availability around the country. EV leader Tesla even congratulated Ford on Twitter for hitting a new quarterly Mach-E sales record.

Total Sales Approach 2 Million Mark

All told, Ford’s 2023 sales climbed to 1.96 million vehicles, up from 1.83 million in 2022. It was the automaker’s best annual performance since 2020, before widespread inventory shortages depressed sales across the industry.

Dealers ended the year with around 200,000 vehicles in stock, compared to a typical level over 300,000 prior to the pandemic. Ford plans to ramp up production further in 2024 to rebuild inventory.

“Our Accelerating our Transformation plan fueled Ford’s turnaround in 2022, and we intend to build on that success in 2023,” said Andrew Frick. “We’re further ramping up production to meet strong customer demand with great new vehicles like the F-150 Lightning, Transit Pro, and Lincoln Corsair.”

Outlook for 2024

Most analysts expect U.S. auto sales to remain strong this year, likely topping 2022’s total of just over 13 million light vehicles. While interest rates are higher, the job market remains robust. Surging used car prices in recent years have also created more demand for brand new models.

“Consumers enter 2024 in solid financial shape, interest rates are declining, job gains will slow but remain positive, and inflation shows signs of easing,” said GM Chief Economist Elaine Buckberg.

Ford expects electric vehicle sales will continue growing exponentially faster than internal combustion models. The company tripled EV production capacity in 2023 and plans to reach annual global output of 2 million battery-powered vehicles by the end of 2026. New EV truck and SUV models arriving in 2024 should accelerate adoption.

“The future is electric,” said Jim Farley, Ford’s CEO. “Ford Model e will deliver breakthrough electric vehicles for the many rather than the few.”

Ford Electric Vehicle Sales Outlook 2024

Model Projected Annual Sales
F-150 Lightning Over 100,000
Mustang Mach-E Over 100,000
E-Transit Over 50,000
F-150 Lightning Pro Over 50,000

Ford also expects its commercial business to grow in 2024 as the economy expands. New offerings like the all-electric E-Transit van and F-150 Lightning Pro pickup are arriving at dealers now to meet rising demand.

“We are actively building out our North America portfolio to better serve commercial customers with the work-ready trucks, vans, chassis cabs, medium-duty trucks and software they rely on,” said Ford vice president Ted Cannis.

Final Thoughts

After two years of struggling with shortages and supply chain issues, 2023 marked a comeback year for Ford and the auto industry overall. With most headwinds fading and a host of new products on the horizon, Ford appears poised to carry its momentum into 2024.

The F-Series lineup will undoubtedly continue leading U.S. sales charts thanks to the enduring popularity of full-size American pickup trucks. At the same time, Ford’s aggressive push into electric vehicles ensures it is well positioned for the massive industry transformation on the horizon.

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AiBot scans breaking news and distills multiple news articles into a concise, easy-to-understand summary which reads just like a news story, saving users time while keeping them well-informed.

To err is human, but AI does it too. Whilst factual data is used in the production of these articles, the content is written entirely by AI. Double check any facts you intend to rely on with another source.

By AiBot

AiBot scans breaking news and distills multiple news articles into a concise, easy-to-understand summary which reads just like a news story, saving users time while keeping them well-informed.

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