≡ Menu

Advertisement


Tracking Ford Vehicle Wholesale Delivery Numbers

Ford Motors (NYSE:F) presents 2 types of vehicle deliveries numbers in its annual and quarterly releases, and they are

(1) wholesale vehicle sales, and
(2) retail vehicle sales.

The difference between the two is explained below.

Wholesale Vehicle Sales

Wholesale vehicle sales or deliveries consist primarily of vehicles sold to dealerships.

Such vehicles are shipped directly to the dealerships from Ford’s manufacturing facilities or warehouses.

Ford recognizes such deliveries as revenue when the shipments safely arrive in the dealerships.

Therefore, the majority of such sales correlate with Ford’s recognized revenue presented in the company’s income statements.

Retail Vehicle Sales

On the other hand, retail vehicle deliveries represent sales by dealerships to end customers and are based on estimated vehicle registrations.

However, Ford does not recognize such sales as part of the company’s revenue or income.

Therefore, Ford’s retail vehicle sales do not correlate with the company’s revenue figures in the income statements.

What We Cover Here

In this article, we cover only Ford’s vehicle wholesale deliveries.

For Ford’s retail sales data, please head out to the following page.

Aside from the vehicle delivery numbers, this article also covers quarterly and year-on-year growth rates.

Besides, we also look at the breakdown of Ford’s vehicle wholesale by region and by type.

Let’s move on!

Ford’s Vehicle Wholesale By Quarter

Ford vehicle wholesale - quarterly

Ford vehicle wholesale – quarterly

* Vehicle wholesale figures are obtained directly from Ford’s quarterly and annual reports.
* Ford’s fiscal year begins on Jan 1 and ends on Dec 31.

The chart above shows Ford’s quarterly total vehicle deliveries between fiscal 2017 and 2022.

The vehicle delivery data presented here includes all deliveries by Ford’s subsidiaries as well as its unconsolidated affiliates in China.

According to the chart, Ford’s quarterly vehicle deliveries have been trending downward since 2016, with the delivery figure reaching an average of only 1 million vehicles per quarter in fiscal 2022.

The COVID-19 pandemic coupled with the supply constraint has caused Ford’s wholesale vehicle deliveries to decline to only 645,000 units in 2Q 2020, the lowest quarterly figure ever seen in the last 5 years.

However, Ford’s wholesale vehicle deliveries recovered significantly to their pre-COVID levels in subsequent quarters.

As of 2022 2Q, Ford delivered about 1.0 million vehicles on a wholesale basis, up 35% from a year ago.

All in all, Ford’s vehicle wholesale has been on a decline over the last 6 years and the company delivered only about 1.0 million vehicles per quarter as of fiscal 2022.

Ford’s Vehicle Wholesale By TTM

Ford vehicle wholesale - ttm

Ford vehicle wholesale – ttm

* Vehicle wholesale data shown in the chart above is presented on a TTM basis.
* TTM figures came from the author’s own calculation and consist of the sum of the quarterly data on a trailing 12-month or 4-quarter basis.

To clearly see the long-term trend of Ford’s vehicle delivery numbers, we look at the TTM or trailing 12-month plot which is shown in the chart above for the period from fiscal 2017 to 2022.

According to the chart, the trend is much clearer and it shows that Ford’s TTM vehicle deliveries have been declining in the last 6 years.

Ford used to deliver more than 6 million vehicles back in fiscal 2017 on a wholesale basis.

However, that figure has dropped to only 4 million units in fiscal 2020, and even less in fiscal 2021.

As of fiscal 2Q 2022, Ford’s TTM vehicle deliveries totaled only 4.1 million units, the lowest figure that Ford has ever reported since 2017.

In short, Ford’s TTM vehicle deliveries have been trending down on a long-term basis and reached their lowest levels in fiscal 2022.

Ford’s Vehicle Wholesale By Regions – Quarterly

Ford vehicle wholesale by region - quarterly

Ford vehicle wholesale by region – quarterly

* Vehicle wholesale by region is obtained directly from Ford’s quarterly and annual reports.
* Vehicle wholesale in China includes data that comes from unconsolidated affiliates.
* Ford’s fiscal year begins on Jan 1 and ends on Dec 31.

The chart above breaks down Ford’s vehicle deliveries according to regions such as North America, South America, Europe and China.

Ford only broke down the China vehicle delivery data starting in 1Q 2020 and recast the historical data that dates back to 4Q 2018.

According to the chart, North America has been the biggest wholesale market for Ford between fiscal 2017 and 2022, contributing close to 650,000 vehicle deliveries per quarter to the company.

However, this figure has been declining and reached fewer than 500,000 deliveries per quarter as of fiscal 2022.

The 2nd largest market goes to Europe at roughly 200,000 vehicle deliveries per quarter and the 3rd place was claimed by China at about 100,000 vehicle deliveries per quarter on average.

Similarly, the European region’s vehicle deliveries also have been on a decline and reached only 200,000 deliveries per quarter as of fiscal 2022.

The chart shows that Ford’s vehicle wholesale has declined in most market segments except for China over the last 6 years.

For example, Ford reported about 500,000 vehicle deliveries per quarter on average in fiscal 2022 in North America, the lowest since 2017.

Similarly, Ford delivered fewer than 20,000 vehicles on average per quarter in South America as of fiscal 2022, the worst the company has ever seen.

Despite having lower vehicle deliveries in most regions, Ford’s China vehicle wholesale has maintained roughly the same figure on a quarterly basis.

In fact, Ford’s quarterly China vehicle wholesale has inched slightly higher in fiscal 2022 compared to the prior year.

As of 2022 2Q, Ford delivered 618,000 vehicles in North America, up significantly from the previous quarter and the quarter a year ago.

Similarly, Ford delivered 222,000 vehicles in Europe in fiscal 2Q 2022, down from the prior quarter but up 22% from a year ago.

Ford’s China vehicle deliveries were down in fiscal Q2 2022 compared to a year ago at only 114,000 vehicles.

Ford’s South America region vehicle deliveries are the lowest among all market segments and the company delivered only 18,000 vehicles in fiscal 2Q 2022, up slightly from the prior quarter.

However, Ford’s South America vehicle wholesale represents less than 5% of Ford’s total sales.

Therefore, the impact from this region has been insignificant.

Ford’s Vehicle Wholesale By Regions – TTM

Ford vehicle wholesale by region - ttm

Ford vehicle wholesale by region – ttm

* Vehicle wholesale by region data shown in the chart above is presented on a TTM basis.
* TTM figures came from the author’s own calculation and consist of the sum of the quarterly data on a trailing 12-month or 4-quarter basis.

Again, to clearly see the long-term trend of Ford’s vehicle deliveries, we look at the TTM plot which is shown in the chart above.

The TTM plots above present a much clearer trend for Ford’s vehicle deliveries in North America, China, South America and Europe.

That said, Ford’s vehicle wholesale has declined since fiscal 2017 across all regions except for China.

Ford’s China vehicle deliveries have actually been on a steady rise and reached 590,000 vehicles as of fiscal 2022 Q2 on a TTM basis, down 11% from a year ago but up 9% from 2020.

For other regions such as North America and Europe, Ford’s TTM vehicle deliveries have plunged to all-time lows in 2021.

However, we are seeing a turnaround in Ford’s vehicle deliveries in North America and Europe in 2022.

As of Q2 2022, Ford delivered 2.3 million and 0.91 million vehicles in North America and Europe, respectively.

On the other hand, Ford’s South America vehicle wholesale plunged to only 79,000 vehicles as of fiscal 2Q 2022 on a TTM basis, down 46% from a year ago.

Ford’s Vehicle Wholesale By Type In The U.S. – Quarterly

Ford vehicle wholesale by type in the U.S. - quarterly

Ford vehicle wholesale by type in the U.S. – quarterly

* Vehicle wholesale by type in the U.S. data is obtained directly from Ford’s quarterly and annual reports.
* Ford’s fiscal year begins on Jan 1 and ends on Dec 31.

The chart above shows the breakdown of Ford’s vehicle delivery by type in the U.S. between fiscal 2018 and 2022.

Only 3 types of vehicle deliveries are shown in the chart, namely truck, SUV, and car/sedan.

Accordingly, Ford’s truck wholesale in the U.S. averaged 270,000 vehicles per quarter for the company.

As of 2Q 2022, Ford delivered 278,000 trucks in this quarter alone, slightly above the historical average.

In terms of SUV or crossover, Ford’s wholesale in this segment in the U.S. averaged 200,000 vehicles per quarter.

In 2Q 2022, Ford’s SUV wholesale totaled 228,000 units, also above the historical average.

Ford’s car or sedan wholesale in the U.S. has been downright a disaster and is the lowest among the 3 vehicle types.

As seen, in fiscal 2022, Ford delivered only 10,000 cars or sedans per quarter on average in the U.S. compared to the historical average of 55,000 vehicles per quarter.

According to Ford, the company’s profitability has been largely dependent on sales of large vehicles such as trucks and SUV/crossovers as outlined in the 2019 Q4 financial report:

  • “Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States.

    A shift in consumer preferences away from larger, more profitable vehicles (including trucks and utilities) at levels beyond our current planning assumption, whether because of spiking fuel prices, a decline in the construction industry, government actions or incentives, or other reasons, could result in an immediate and substantial adverse effect on our financial condition or results of operations.”

Judging from the trend, if Ford’s truck and SUV wholesales continue to rise in subsequent quarters, Ford will make a lot of profits.

In addition, Ford should also benefit greatly from the huge infrastructure spending outlined in the Biden administration.

When more construction activities are taking place, more trucks and SUVs will be needed and this will undoubtedly translate to higher demand for Ford’s truck and SUVs.

Ford’s Vehicle Wholesale By Type In The U.S. – TTM

Ford vehicle wholesale by type in the U.S. - TTM

Ford vehicle wholesale by type in the U.S. – TTM

* Vehicle wholesale by type in the U.S. data shown in the chart above is presented on a TTM basis.
* TTM figures came from the author’s own calculation and consist of the sum of the quarterly data on a trailing 12-month or 4-quarter basis.

Similarly, the TTM plots above present a much clearer trend for Ford’s truck, SUV, and car/sedan wholesale in the U.S.

As seen, Ford’s sales of all vehicle types in the U.S. have been on a decline although the quarterly plots tell otherwise.

Ford’s car or sedan wholesale in the U.S. is among the worst when only 47,000 deliveries were reported as of fiscal 2Q 2022, a record low for this vehicle segment.

Similarly, Ford’s truck deliveries in the U.S. also have been on a decline but a turnaround occurred as of Q2 2022 in which 1 million vehicles were delivered on a TTM basis, up 7% year-on-year.

In terms of SUV or crossover delivery, Ford’s wholesale in the U.S. has been resilient and was up significantly in 2022.

As of Q2 2022, Ford’s SUV wholesale deliveries in the U.S. came in at 896,000 units, an increase of more than 20% year-on-year.

In short, Ford’s truck and SUV wholesales in the U.S. have been strong despite the ongoing supply chain and COVID-19 pandemic.

However, Ford still has much work to do in the sedan or car segment because the wholesale for this vehicle segment has been a downright disaster.

Ford’s Total Wholesale QoQ Growth Rates

Ford vehicle wholesale quarterly growth rates

Ford vehicle wholesale quarterly growth rates

* QoQ growth rates came from the author’s own calculation and is based on Ford’s quarterly total wholesale data.

Ford’s wholesale sequential growth rates are mostly in the red in the last 3 years, indicating a consistent quarterly decline in vehicle deliveries.

In fiscal 2Q 2022, Ford’s quarterly growth rate topped 7% compared to a decline of 13% reported in the prior quarter.

Ford’s Total Wholesale YoY Growth Rates

Ford vehicle wholesale YoY growth rates

Ford vehicle wholesale YoY growth rates

* YoY growth rates came from the author’s own calculation and is based on Ford’s quarterly total wholesale data.

Similarly, Ford’s vehicle wholesale YoY growth rates also have been mostly negative as shown in the chart above, illustrating a consistent decline of Ford’s vehicle deliveries on a year-over-year basis in the last 3 years.

As of 2022 Q2, Ford’s YoY growth rate for vehicle wholesale rose 35% compared to a decline of 9% in the prior quarter, the strongest quarter ever recorded.

Conclusion

To recap, Ford’s total vehicle wholesale has been on a decline in the last 6 years, down from 6 million vehicles reported in 2017 to only 4 million vehicles as of 2022.

As of 2Q 2022, Ford delivered 1.0 million vehicles on a quarterly basis and 4.1 million vehicles on a TTM basis, up 35% but down 3%, respectively, from a year ago.

Ford’s vehicle deliveries in the North American region also have been down long-term since fiscal 2017 and reached only 618,000 units on a quarterly basis or 2.3 million units on a TTM basis in fiscal Q2 2022, up 90% and 11%, respectively, from a year ago.

Ford also experienced a similar decline in vehicle wholesale in regions such as Europe and South America.

The only region that sees an increase in fiscal 2022 was China.

Of all regions, Ford’s vehicle wholesale in South America was not only the smallest but also the worst in terms of the rate of decline.

When we look at Ford’s vehicle wholesale by vehicle segment in the U.S., Ford’s car or sedan wholesale slipped the most in fiscal 2022, reaching only 11,000 units per quarter or 47,000 units per TTM in Q2 2022.

On the other hand, Ford’s truck and SUV wholesale in the U.S. has remained resilient despite having multiple headwinds, including COVID and the microchip crisis, and has increased significantly in 2Q 2022 compared to a year ago.

References and Credits

1. Vehicle wholesale data in all charts were obtained and referenced from Ford’s financial reports which are available at Ford’s SEC Filings.

2. Featured images in this article are used under creative commons license and sourced from the following websites: Mike Mozart.

Top Statistics For Other Stocks

Disclosure

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.

If you find the information in this article helpful, please consider sharing it on social media and also provide a link back to this article from any website so that more articles like this one can be created in the future. Thank you!

{ 0 comments… add one }

Leave a Comment


X

Forgot Password?

Join Us