Benzinga - by Anan Ashraf, Benzinga Editor.
Ford Motor Co (NYSE:F) said it has sold over 700,000 F-series trucks in the U.S. this year, maintaining its status as the best-selling truck in the country for an impressive 47th consecutive year, even as it faced a whirlwind of problems in the form of a historic labor union strike and waning demand for its electric vehicles.
What Happened: CEO Jim Farley shared the accomplishment on social media, stating, “700,000+ customers chose a new @Ford F-Series truck in 2023, making it the best-selling truck in the U.S. for the 47th consecutive year and [the] best-selling vehicle in the nation for the 42nd year in a row.”
Farley emphasized Ford’s diverse truck offerings, with the F-150 Lightning leading as the best-selling full-size electric truck in the U.S. and the F-150 Hybrid claiming the title of the best-selling full-size full-hybrid pickup in the country.
700,000+ customers chose a new @Ford F-Series truck in 2023, making it the best-selling truck in the U.S. for the 47th consecutive year and best-selling vehicle in the nation for the 42nd year in a row.And with F-150 Lightning as best-selling full-size electric truck in U.S.… pic.twitter.com/gbXbYTRR6a
— Jim Farley (@jimfarley98) December 28, 2023
Robert Kaffl, Ford’s U.S. sales director, highlighted the enduring success of the F-series, noting that the streak spans four generations and surpasses the lifespans of various consumer products, including compact discs, MP3 players, and the entire brick-and-mortar video rental industry.
Ford is now developing its second-generation full-size electric pickup truck, touted by Farley as “one of the most thrilling vehicles in his career.” The company intends to build the truck at its EV and battery manufacturing campus in West Tennessee in 2025.
Why It Matters: In the third quarter, the company reported the sale of 190,477 F-series trucks, reflecting a noteworthy 13.4% year-on-year increase. By the end of the quarter, F-series truck sales totaled 573,370, surpassing General Motors Co‘s Silverado by a substantial margin of 169,949 trucks.
This positive trend in F-series sales is pivotal, marking the first instance of year-on-year growth since 2018. F-series sales have been dropping rapidly over the last few years.
However, this success comes amid challenges, including a historic six-week labor union strike that impacted all of Detroit’s “Big Three” automakers. Ford, despite reaching an agreement, incurred significant costs.
Furthermore, Ford’s decision to slash production of the F-150 Lightning, despite record sales in November, underscores the challenges in navigating changing market demands.
Additionally, reports indicate that about 400 Ford dealers, who initially joined the EV program announced last year, are now opting out due to stringent investment criteria and other membership conditions.
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