Ford Motor (NYSE:F) stock gained about 3% yesterday after it reported promising U.S. auto sales numbers for the first quarter. The automaker sold 508,083 vehicles in Q1, marking a 6.8% year-over-year increase. The increase in sales can be attributed to a 42% rise in hybrid vehicle sales and an 86% surge in electric vehicle (EV) sales during the quarter.
Interestingly, the company bolstered its position as the second-largest EV seller in the U.S., trailing only Tesla (TSLA), with 20,223 EVs delivered in Q1. Ford’s Mustang Mach-E, an electric SUV, and the electric truck, the F-150 Lightning, witnessed strong demand during the quarter.
Additionally, Ford’s Q1 sales report reveals that the Ford Maverick has become the best-selling hybrid truck in the U.S., with a 77% increase in sales from the previous year. Furthermore, Ford’s luxury brand, Lincoln, experienced 31% sales growth, driven by robust demand for the Lincoln Nautilus.
What is the Price Target for F Stock?
Ford is well-positioned for success even in the event of an EV slowdown, thanks to its emphasis on launching new hybrid models and the ongoing high demand for its internal combustion engine (ICE) vehicles. However, intense competition and pricing pressure could potentially impact Ford’s margins negatively.
Currently, Wall Street analysts are sidelined on Ford stock. It has a Hold consensus rating based on five Buys, six Holds, and four Sells. Having gained about 15% year-to-date, the analysts’ average price target on F stock of $13.52 implies about 1% downside risk.
