Ford (NYSE:F) reported slower sales growth in the second quarter due to a cyberattack that affected a key software system used at dealerships. The automaker sold 536,050 vehicles in Q2, up by 1% year-over-year. The slower growth resulted from high borrowing costs and economic uncertainty, leading to a slowdown in demand.
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Ford’s Q2 Sales Breakdown
Ford’s growth in sales was led by its truck business segment, which saw sales of 308,920, growing 5% year-over-year. This was the company’s best Q2 truck sales performance since 2019. Ford sold 199,463 of its F-Series trucks in Q2.
When it comes to electric vehicles, sales rose 61% year-over-year to 23,957. Furthermore, the company remained optimistic about its EVs, particularly the Mustang Mach-E and F-150 Lightning, which are attracting new customers.
According to TipRanks’ “Bulls Say, Bears Say,” analysts bullish on Ford are optimistic about its EV business and believe that “there is a clear path to significant operating leverage and ultimately profits for the company’s EV unit.”
Meanwhile, the company’s sales of hybrid vehicles increased 56% year-over-year to 53,822, setting a new quarterly sales record for the hybrid vehicles unit.
Is Ford a Good Stock to Buy?
Analysts remain cautiously optimistic about Ford stock, with a Moderate Buy consensus rating based on seven Buys, four Holds, and one Sell. Over the past year, Ford has declined by more than 9%, and the average Ford price target of $15.36 implies an upside potential of 19.5% from current levels.
