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Ford Doubles EV 2022 Sales and Becomes Second EV Maker in US behind Tesla

On Thursday, American multinational automobile manufacturer Ford Motor Company (NYSE: F) released its 2022 sales report. It turned out that Ford saw a 2.3% decline in general automotive sales as a result of shortages of computer chips and other supply disruptions. However, when it comes to EV sales, Ford hit a record of 61,575 vehicles, becoming the second largest EV producer in America and surpassed by Tesla Inc (NASDAQ: TSLA) only.

According to Ford, it sold 1.85 million cars and light trucks in the United States in 2022, as well as 13,539 heavy trucks. The best-selling model was its F-Series truck (its sales totaled as many as 653,957 trucks). Notably, this model has been America’s best-selling truck for 46 straight years and its best-selling vehicle for 41 years in a row.

Further, Ford saw a 0.7% increase in its market share. In other words, its products were in demand in 2022 due to the rollout of new electric vehicles and SUVs.

Speaking of electric vehicle production and sales, Ford increased its EV sales by 126% in 2022. Notably, its December sales were up as much as 223%, compared to December 2021. Currently, it is chasing Tesla to become the top EV producer. And looking into 2023, Ford is very optimistic.

The company stated:

“In keeping with our goal, our SUV lineup saw broad-based growth, and our brand-new EVs grew at a rate that was twice as fast as the total EV market. Ford is well positioned going into 2023 with a solid retail order bank.”

Following the company’s sales report release, Ford stock closed the trading session 2% up, at $12.25 per share. Its market cap has totaled $48.29 billion.

EV Sales and Industry’s Challenges in 2022

The 2.3% decline in Ford 2022 retail sales resulted from supply issues. Notably, it’s not only Ford that faced semiconductor shortages. Toyota Motor Corporation, Honda, Nissan Motor Co (TYO: 7201), and Stellantis NV also reported significant declines in 2022 sales. According to a market research company Edmunds, in 2022, US auto sales fell 8% year-over-year. The auto industry sold about 13.8 million new vehicles in 2022, which is about one million fewer than in 2021. Above all, the industry saw a roughly 4.8% decline from 2020, which is worse compared to the time when the economy was hit by the COVID-19 pandemic.

To sum up, 2022 closed with the lowest sales volume in a decade. The year will definitely be recorded as a year that began with inventory challenges and ended with demand issues.

Cox Automotive Senior Economist Charlie Chesbrough commented:

“As the market closes out 2022 and we look to the year ahead, there is little reason to believe retail vehicle sales will increase in any meaningful way. With high auto loan rates in place and inflationary pressures on American consumers, vehicle affordability will continue to put downward pressure on the U.S. auto market.”

In 2022, there was only one exception: General Motors (NYSE: GM). The auto giant managed to gain momentum and achieved industry-leading sales. In 2022, General Motors delivered 2.2 million vehicles in the US, up 3% from 2021. Its sales were flat in the first three quarters, however, in Q4, General Motors saw strong demand. As a result, its quarterly sales were up 41% year over year.

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Ford Doubles EV 2022 Sales and Becomes Second EV Maker in US behind Tesla