Ford Motor Company (NYSE:F) provides two types of vehicle sales data in the annual and quarterly statements.
The vehicle sales data are:
(1) Wholesale vehicle sales, and
(2) Retail vehicle sales.
The difference between the two is explained in the following paragraphs.
Wholesale Vehicle Sales
Wholesale vehicle sales are basically vehicles sold to dealerships and the majority of such sales is correlated with the quarterly and yearly revenue presented in the income statements.
In short, wholesales are sales to dealers and are recognized as revenue in the financial statements.
Retail Vehicle Sales
Retail vehicle sales represent primarily sales by dealerships to end customers and are based on estimated vehicle registrations which include medium and heavy trucks.
For such sales, Ford does not recognize the revenue generated from the sales of dealerships to end customers and in most parts, the retail sales data merely represents the strength of Ford’s brands.
What Is Covered Here
With the above said, this article covers only Ford’s vehicle retail sales.
Other than retail sales, we are also tracking Ford’s market share by region and market share by country.
In addition, we also cover specifically Ford Motor’s vehicle sales in the U.S., which are also broken down into vehicle types, powertrains, and brands.
Investors who are interested in Ford’s vehicle wholesale may visit this page at Ford’s Vehicle Wholesale.
Keep in mind that vehicle sales and retail sales are used interchangeably in this article and they are meant the same.
Let’s dive in!
Ford Vehicle Sales by Region
At first glance, Ford’s vehicle sales come primarily from 3 regions and they are North America, Europe 20, and China.
As of 2022, Ford’s retail volume in North America hit 2.2 million vehicles while that of Europe 20 totaled 0.8 million vehicles.
Ford’s China contributed 0.5 million vehicles to its retail volume in 2022.
These regions are the largest markets for Ford Motor in terms of vehicle sales.
Granted, the combined retail volume from North America, Europe 20, and China alone hit 3.5 million vehicles in 2022, roughly 88% of the company’s total volume reported in the same year.
Ford’s vehicle sales in South America and ASEAN totaled only 0.1 million vehicles each in 2022.
A trend worth pointing out is Ford’s declining vehicle sales in most regions since 2015.
For example, Ford’s vehicle sales in North America have declined from 3.0 million units reported in 2015 to only 2.2 million units as of 2022, a record low in the past 8 years.
The same trend applies to Europe 20 where Ford’s vehicle sales also have declined considerably since 2015.
The rate of decline for Ford’s vehicle sales in China is probably one of the worst.
As seen in the chart, Ford’s sales in China in 2022 were less than half of what it used to be back in 2015.
Ford Market Share by Region
Vehicle sales are not the only numbers that have declined for Ford Motor.
As seen in the chart above, Ford’s market share also has tumbled in most regions over the past 8 years.
In particular, Ford’s market share in North America, Europe 20, and China – its 3 biggest retail markets, has declined considerably since 2015.
For example, Ford’s market share in North America stood at only 12.5% as of 2022, one of the new lows and a drop of 1.5 percentage points from the number reported in 2015.
The same applies to Europe 20 where Ford’s market share has declined by 1.6 percentage points since 2015 and reached only 6.4% as of 2022, also a new low in the past 8 years.
Far from over, Ford’s market share in China has declined by more than half since 2015 and reached only 2.1% as of 2022, a far lower number compared to the market share of 4.7% reported in 2015.
Ford Vehicle Sales by Country
It is without doubt that the United States is Ford Motor’s biggest car market as shown in the chart above.
As of 2022, Ford’s vehicle sales totaled 1.9 million units in the U.S. alone, the highest among all countries, and was way ahead of the results of other countries by a huge margin.
Ford’s China comes in second as one of the biggest car markets for the company.
In 2022, Ford’s retail volume in China totaled 0.5 million vehicles, also far higher than the retail sales of any other country but less than one-third of the number produced in the U.S.
The United Kingdom, Germany, and Cadana came in at roughly the same vehicle volume which was about 0.1 million units in 2022.
Similar to the retail sales by region, Ford’s vehicle sales in most countries also have been on a decline, down significantly since 2015.
For example, Ford’s retail volume in the U.S. was down by nearly 30% since 2015 while that of China was down by more than 50% over the past 8 years.
Ford Market Share by Country
While the U.S. is Ford’s biggest market for vehicle sales, its market share in the U.S. has been on a decline, tumbling to only 13.1% as of 2022 from its high of 14.7% reported back in 2015.
Ford experienced a similar market share decline in the United Kingdom, with market share dipping from 14.3% reported in 2015 to 12.1% as of 2022.
Far from over, Ford’s market share in Brazil has declined by the most, dropping from 10.4% in 2015 to only 1.7% as of 2022.
While Ford has been able to maintain its market share in China in the past several years, it did not stop it from tumbling by more than half over the past 8 years.
As seen, Ford’s market share in China totaled only 2.1% as of 2022, the lowest figure that has ever been reported since 2015.
The only country in the chart that has held up firmly in terms of market share was Canada.
Between 2015 and 2022, Ford has been able to maintain its market share in Canada at more than 14% consistently and the figure even rose slightly to 15.2% as of 2022.
Truck, SUV, And Sedan Sales In The U.S. (Quarterly)
Three types of vehicle sales numbers in the U.S. are presented in the chart above, namely trucks, SUVs, and Sedans.
Granted, Ford’s truck and SUV sales in the U.S. have been quite stable in the past 8 years except for the sedan segment in which Ford’s numbers have crashed badly.
On average, Ford’s retail volume for trucks totaled about 270,000 units in the U.S. while the figure for SUVs came in at 200,000 since 2016.
Truck, SUV, And Sedan Sales In The U.S. (TTM)
The TTM plot above smoothes out the bumps seen in the quarterly plot and can better display the trend of Ford’s vehicle sales in the U.S.
While Ford was able to maintain the figures for truck sales in the U.S. prior to 2020, it seems to have failed to do so in recent years.
For example, Ford used to be able to do 1.2 million units in terms of trucks sales in the U.S. but the figures have steadily tumbled after 2020 and reached only 1 million units on a TTM basis as of 1Q 2023
On the contrary, Ford’s SUV sales in the U.S. have risen considerably after hitting a new low in 2020.
As of 1Q 2023, Ford’s retail volume for SUVs in the U.S. hit a record high of 862,000 vehicles on a TTM basis, up considerably from the new low measured in 2020.
Consistent with the quarterly plot, Ford’s sedan or car sales in the U.S. have crashed and reached only 49,000 units as of Q1 2023 on a TTM basis, a record low since 2016.
Percentage Of Truck, SUV And Sedan Sales To Total Volume
From the perspective of percentage, Ford’s truck sales in the U.S. have risen considerably over the past 8 years as shown in the chart above.
As of 1Q 2023, the percentage of Ford’s truck sales to total volume reached a record high of 52.3% while that of SUV consists of 45% of the company’s total retail volume in the same quarter, also a record figure.
On the other hand, Ford’s sedan volume represents only 2.6% of total volume as of Q1 2023, down considerably from the 26.5% measured back in 2016.
EV, Hybrid And ICE Sales In The U.S. (Quarterly)
For vehicle sales by powertrain in the U.S., Ford’s ICE or internal combustion engine vehicles form the majority of the company’s total vehicle sales, topping 438,000 vehicles in 1Q 2023.
Ford’s hybrid vehicle sales in the U.S. came in at only 27,000 vehicles in Q1 2023 while that of electric vehicles totaled the least, at only 11,000 vehicles in the same quarter.
In terms of growth rates, Ford’s ICE vehicle sales grew 11% in 1Q 2023 from a year ago while that of hybrid vehicles remained roughly the same in the latest quarter on a year-over-year basis.
Ford’s EV sales grew the most at 38% in 1Q 2023 from a year ago.
Percentage Of EV, Hybrid And ICE Sales To Total Volume
It is no surprise to see that Ford’s ICE vehicle sales took the lion’s share of the company’s total retail volume, topping at a massive 92% as of 1Q 2023.
The figure reported in 1Q 2023 remained roughly the same compared to the quarter a year ago, illustrating that Ford’s vehicle sales still came primarily from internal combustion engine vehicles.
Ford’s hybrid vehicle sales made up only 5.7% of the company’s total retail volume while that of electric vehicles was even smaller, at only 2.3% of the total volume in Q1 2023.
Compared to the results reported a year ago, Ford’s vehicle sales composition reported in 1Q 2023 was roughly the same without major changes, indicating that the company’s electrification plan was probably still in its infancy without much impact as of the first quarter of 2023.
Ford And Lincoln Sales In The U.S. (Quarterly)
Ford Motor Company owns only 2 vehicle brands, namely Ford and Lincoln.
On average, Ford brand’s vehicle sales totaled about 540,000 units per quarter while that of Lincoln brand totaled about 25,000 units per quarter between 2016 and 2023.
Therefore, Ford brand’s vehicle sales were more than 20X higher than that of Lincoln brand.
In 1Q 2023, Ford brand’s vehicle sales came in at 457,000 units on a quarterly basis, which was below its historical average and a far cry from the number reported back in 2016.
On the other hand, Ford’s Lincoln brand vehicle sales totaled 19,000 units as of 1Q 2023, also significantly below its historical average.
Therefore, we can see that both Ford and Lincoln brands’ vehicle sales have been on a decline over the long term.
Ford And Lincoln Sales In The U.S. (TTM)
The TTM plot in the chart above reinforces the fact that both Ford and Lincoln brands’ vehicle sales are on a decline.
As seen, Ford brand vehicle sales came in at 1.8 million units as of 1Q 2023 on a TTM basis, a decline of 27% over the past 8 years.
On the other hand, Lincoln brand vehicle sales totaled 84,000 units as of 1Q 2023 on a TTM basis, down by 25% since 2016.
Therefore, both Ford’s vehicle brands have declined at about the same rate over the past 8 years.
However, year-over-year, Ford brand’s vehicle sales in Q1 2023 grew 5% over the same quarter a year ago while that of Lincoln brand grew 4% in the same period.
Percentage Of Ford And Lincoln Sales To Total Volume
While the vehicle sales of Ford and Lincoln brands have been on a decline which we saw in the prior discussions, the percentages to total volume for both brands seem to be staying flat.
As seen, the percentage of Ford brand’s vehicles to total volume has remained at roughly the same ratio which was around 95% as of 1Q 2023 compared to the figure measured in 2016.
A similar trend applies to Lincoln brand’s vehicle sales whose percentage to total retail volume also has remained the same since 2016.
The stable ratios for both Ford and Lincoln brands over the past 8 years illustrate that their respective vehicle sales have risen and fallen by nearly the same rates, and thereby the relatively constant ratio.
In short, Ford Motor Company’s vehicle sales come primarily from the Ford brand, which makes up about 95% of the company’s total retail volume.
To recap, Ford Motor’s global vehicle sales in most regions and countries of the world have declined.
Apart from vehicle sales, Ford’s market share by region and by country also has tumbled considerably in most markets.
Moreover, Ford’s electrification push seems to have gained traction so far as the internal combustion engine or ICE vehicle sales still made up 92% of the company’s total retail volume as of 1Q 2023 and this ratio was relatively unchanged compared to a year ago.
In the U.S., Ford’s truck and SUV sales account for the lion’s share of the company’s total retail volume, topping roughly 97% of the total volume as of 1Q 2023.
In addition, Ford brand’s vehicles account for 95% of the company’s total vehicle volume while Lincoln brand’s vehicle account for less than 5%.
In short, Ford still has much work to do in its electrification push.
References and Credits
1. All vehicle sales and market share data are obtained and referenced from Ford’s reports, earnings releases, and SEC filings which are available in Ford’s Financials and Filings.
2. Growth rates and TTM figures are calculated by the author.
The content in this article is for informational purposes only and is neither a recommendation nor a piece of financial advice to purchase a stock.
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