Ford Motor is renowned for its consistent success in selling trucks. For a remarkable 46 years, its F-150 model has held the title of the best-selling truck in America, and for the past 41 years, it has also claimed the title of the best-selling vehicle overall in the country.
However, Ford’s endeavor to establish dominance in the electric-truck market hasn’t met with immediate success. In 2022, Ford’s all-electric F-150 Lightning truck was outperformed by the EV upstart, Rivian Automotive. While Ford will have to wait another year to capture the crown of being the largest electric-truck seller, it’s worth mentioning that the F-150 Lightning did secure the position of being the number one electric truck in America for the month of December.
Throughout 2022, Ford delivered a total of 179,279 vehicles in December and 1,864,464 vehicles overall within the United States. Although sales decreased by approximately 2% compared to the total of 1,905,955 vehicles delivered in 2021, it is important to note that F-150 sales remained strong at 653,957 units, even with a nearly 10% decrease from the previous year.
It is crucial to understand that the decline in sales cannot be solely attributed to weak demand. Ford, along with other major automakers, struggled with parts shortages caused by various factors such as Covid-related lockdowns in China and a shortage of semiconductors. At one point during last year, Ford even faced a shortage of blue oval badges that are used to complete the branding on some of its cars.
Despite these challenges, Ford’s F-150 still managed to secure the top position for both trucks and vehicles sold throughout the entire year in the United States. Moreover, Ford garnered success in selling 15,617 units of its all-electric F-150 Lightning, while Rivian sold 20,332 electric trucks.
Ultimately, Rivian may have claimed the title for the full year, but it is worth highlighting that Ford surpassed the EV upstart in terms of electric pickups sold in December. This impressive performance in the truck market puts Ford in a favorable position as it continues its efforts to establish a strong presence in the electric-vehicle industry.
Ford’s EV Sales Surge, Challenging Tesla and Rivian
In a strong finish to the year, Ford reported selling 2,359 Lightnings in the final month of 2022. Meanwhile, Rivian, a key competitor, did not disclose its monthly sales figures but delivered a total of 8,054 electric vehicles (EVs) in the fourth quarter. These deliveries included R1S SUVs and electric-delivery vehicles for Amazon.
Ford’s impressive sales performance throughout 2022 resulted in a total of 61,575 EVs sold in the United States, marking a remarkable yearly growth of over 125%. This achievement secures Ford’s position as the country’s second-largest seller of EVs, trailing only behind Tesla.
Despite not reporting regional deliveries, Tesla is expected to have delivered approximately 390,000 EVs in the U.S. by the end of the third quarter. If this trend continues, Tesla is on track to achieve nearly half a million deliveries for the full year.
Looking ahead to 2023, Ford aims to increase Lightning production to approximately 12,500 units per month by year-end. This boost in manufacturing capacity should result in annual deliveries ranging from 80,000 to 90,000 Lightnings. On the other hand, industry forecasts suggest that Rivian will sell around 65,000 EVs in 2023.
As of Thursday, Ford’s stock rose by 0.6%, while Rivian shares experienced a 4.4% decline. The entire EV sector faced significant challenges on this particular day, and Tesla shares dropped by 4.6%. Furthermore, the S&P 500 and Dow Jones Industrial Average both recorded an 0.8% decrease.
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