Ford’s 2023 In Review: Innovation, Growth, and Leadership

In a transformative year for Ford, 2023 emerged as a testament to the company’s commitment to diversifying consumer options, marking remarkable milestones in gas-powered, electric, and hybrid vehicles. The year saw Ford solidify its position as a leader in the automotive landscape, charting new records and paving the way for an electrifying future.

A record-breaking finale capped off Ford’s electric vehicle segment, with the fourth quarter witnessing unprecedented sales figures, culminating in an outstanding year for EVs. Q4 saw a surge in sales, totaling 25,937 EVs—a remarkable 24 percent leap compared to Q3—while the annual EV sales amounted to 72,608 vehicles, marking an 18 percent increase. Notably, this growth was fueled by the exceptional performance of the F-150 Lightning, America’s best-selling electric truck, which experienced a staggering 74 percent surge in Q4 sales. Additionally, the Mustang Mach-E achieved a commendable 3 percent increase for the year, recording its best sales since its inception in 2021, with 40,771 units sold.

The E-Transit, Ford’s remarkable electric van, established itself as America’s top-selling electric van nameplate in 2023, boasting a sales increase of 18 percent, amounting to 7,672 units.

Jim Farley, President, and CEO of Ford, commended the resilience and success of the gas, electric, and hybrid vehicle lineup, acknowledging the challenges faced throughout the year, from labor strikes to supply chain disruptions. Farley expressed pride in Ford’s recognition as the No. 2 EV brand in America, highlighting the imminent launch of digitally advanced next-generation EVs.

Looking ahead to 2024, Ford stands poised for success, anticipating new iterations of their most popular trucks and SUVs, a year of innovation for Super Duty and Mustang, and substantial developments for Lincoln.

The year witnessed an unprecedented acceleration in Ford’s hybrid sales, notably in Q4, where a record-breaking 37,229 vehicles were sold—a staggering 55 percent increase. Annual sales for Ford hybrid vehicles marked a commendable 25 percent surge, with both the Maverick Hybrid and F-150 Hybrid claiming the titles of the best-selling hybrid trucks in America. The Maverick Hybrid showcased exceptional growth, achieving a 67 percent gain, accounting for more than half of the Maverick’s total sales in 2023. Meanwhile, the F-150 Hybrid experienced a 41 percent sales increase compared to the previous year, with 50,103 units sold in 2023.

Ford’s overall sales soared to 1,995,912 vehicles in 2023—a substantial 7.1 percent surge over 2022, marking the company’s best performance since 2020.

The Ford F-Series continued its reign, securing the title of America’s best-selling truck for the 47th consecutive year and maintaining its position as the best-selling vehicle for the 42nd consecutive year. The F-150 Lightning and F-150 Hybrid emerged as the top-selling electric and full-size hybrid trucks for 2023, with a total of 750,789 customers choosing a new Ford F-Series truck. Ford dominated truck sales, emerging as the No. 1 truck manufacturer for Q4 and the full year, delivering unparalleled choices in electric, hybrid, or gas-powered trucks. Outperforming the competition, Ford sold 1,081,777 trucks and vans in 2023, surpassing the second-place pickup and van sales by over 65,000 units.

The F-Series expanded its lead in 2023, with sales soaring by 15 percent over the previous year, surpassing second-place Silverado by approximately 200,000 trucks. Gas- and diesel-powered F-Series sales surged by 12 percent, with the top-selling F-150 Lightning and F-150 Hybrid achieving record-breaking sales of 55 and 41 percent, respectively.

Ford and Lincoln’s SUV segments exhibited robust performance, with notable increases in sales for the Bronco Family (up 8 percent), Edge (up 24 percent), and Expedition (up 18 percent). Lincoln Navigator sales witnessed a substantial 33 percent surge, reaching 17,549 units. Lincoln SUVs concluded the quarter on a high note, showcasing growth fueled by models like Aviator (up 11 percent) and Nautilus (up 42 percent).

The success story extended to Ford’s commercial vehicle division, with the Ford Transit van dominating as America’s top-selling commercial van for the 45th consecutive year. The year marked a remarkable 21 percent increase in commercial van sales, with the Transit van climbing by 30 percent and the E-Series vans experiencing a 34 percent surge.

The all-new 2024 Mustang garnered a fast start, initiating sales in August and witnessing a notable 21 percent surge in total sales during Q4.

Record-breaking EV sales defined Ford’s performance for the year, with notable increases across the board for F-150 Lightning, Mustang Mach-E, and E-Transit, climbing by 55, 3, and 18 percent, respectively. Ford secured its position as America’s No. 2 EV brand in 2023.

Ford’s commercial vehicle dominance was underscored by its leadership position in commercial vehicles, evident through recent registration data that highlighted Ford as the No. 1 commercial vehicle provider. The share in commercial truck and van segments grew to 40 percent, marking a 0.9 percentage point increase from the preceding year in class 1-7.

As Ford surges ahead into the future, the company remains primed for continued success, underpinned by its legacy of excellence, innovation, and customer-centric offerings.

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