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Ford’s (NYSE:F) November Report Depicts an Encouraging EV Trend

Story Highlights

Ford witnessed a 103% year-over-year growth in EV deliveries in November. However, overall sales declined about 8% due to weakness in SUV and truck demand.

Ford Motor (NYSE:F) delivered 6,255 electric vehicles (EVs) in November, up 103% year-over-year and marking the fifth consecutive month of triple-digit sales growth. Furthermore, Ford is said to have grabbed the second-best position among EV manufacturers in America.

Interestingly, the automaker claimed its market share in the EV segment increased to 8.6% in November, up from 2% in the previous year. During the month, Ford sold 2,062 of its F-150 Lightning electric trucks, 654 Ford E-Transit vans, and 3,539 Mustang Mach-E SUVs.

Overall, Ford witnessed an 8% decline in November sales figures. The company sold 61889 SUVs in November, which fell 15% from the last year, on lower demand for Bronco Sport, Edge, and EcoSport vehicles. Also, truck sales fell 1.2% to 81,210 as a result of a decline in Ranger and Transit Connect trucks.

Nevertheless, Vice President for Sales, Distribution & Trucks at Ford Blue, Andrew Frick, said that retail orders for 2023 model year vehicles are up 104% year-over-year, driven by record orders of Super Duty and Maverick vehicles.

Is Ford a Buy or Sell?

On TipRanks, the company has a Moderate Buy consensus rating based on six Buys, four Holds, and one Sell. The stock’s average price target of $17 suggests upside potential of 22.66%. So far this year, the shares of Ford have declined by 34.3%.

Moreover, the company’s 3.61% dividend yield compares favorably with the sector’s average of 2.18%. Currently, Ford’s price/earnings ratio is trading at 6.3x, reflecting a 53.9% discount from the sector’s median of 13.68. This discounted valuation makes the stock an attractive pick.

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