Ford (NYSE:F) reported impressive U.S. auto sales figures for the fourth quarter and full-year 2023. The automaker sold 1,995,912 vehicles in 2023, marking a 7.1% year-over-year increase. The increase comes despite a six-week-long strike by the United Auto Workers, which affected the company’s production figures.
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Ford’s full-year performance benefitted from a 13% growth in truck and van sales and an 18% jump in sales of electric vehicles (EVs). Interestingly, the company bolstered its position as the second-largest EV seller in the U.S., trailing only Tesla (TSLA), with 61,575 EVs delivered in 2023. Also, the sale of hybrid vehicles increased by 25% year-over-year in 2023.
In the final quarter of 2023, Ford witnessed sales of 487,840 vehicles, up about 1% from the same quarter last year. It is worth mentioning that sales of the Bronco SUV, Expedition SUV, and Transit Connect Van experienced declines in Q4. This can be attributed to production challenges at the Kentucky Truck Plant and other Ford facilities arising from strike-related events.
What is the Price Target for F Stock?
Despite a strong performance, Ford lagged behind its rival General Motors (GM), which reported a 14.1% growth in vehicle sales in 2023. Nevertheless, Ford recently raised the price for its highly demanded electric truck, the F-150 Lightning, which should aid top-line growth.
Wall Street analysts project a 12.6% jump in Ford stock to reach the average price target of $13.15 in the next 12 months. F stock has a Moderate Buy consensus rating based on six Buys, six Holds, and two Sells. Over the past year, shares of the company have been up 5.4%.
