Ford Motor (NYSE: F) reported a 2% drop in U.S. sales for 2022, owing to persistent supply-chain issues and global chip shortages. The company, however, was able to increase its overall market share by 0.7% with support from strong demand for its SUVs and electric vehicles (EVs).
Ford sold 1.86 million vehicles in 2022, down from 1.91 million in the previous year. Total truck sales dipped 5.5% to 955,543, while sales of cars fell 29.4% to 47,665. Meanwhile, a 4.1% increase in SUV sales was witnessed.
On a positive note, the number of EVs delivered increased by 126% in 2022, which resulted in a new sales record of 61,575 vehicles. Remarkably, Ford retains its second position among EV manufacturers in America after Tesla (TSLA).
It is worth mentioning that the company’s retail orders for 2023 model-year vehicles totaled a record 329,000 vehicles, up 69.6% from the last year.
Is Ford Stock a Buy Sell or Hold?
Analysts are cautiously optimistic about Ford with a Moderate Buy consensus rating based on four Buys, four Holds, and one Sell. The average price target for F stock is $15.99 implying upside potential of 30.5% at current levels.
