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.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
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.
