Revenue: US$39.4b (up 10% from 3Q 2021).
Net loss: US$827.0m (down by 145% from US$1.83b profit in 3Q 2021).
US$0.21 loss per share (down from US$0.46 profit in 3Q 2021).
$F daily, weekly, and monthly charts are all looking sturdy:
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Reasonable to ask if the auto industry is recession proof. Empty dealer lots seem to be filling. Wait lists are shortening. Chip supplies are improving. Higher interest rates has to make cars more costly. Inflation has to squeeze dollars available for something new. Maybe keep the old one a year longer.
Are new car buyers still plentiful? Or is the business slowing. Carvana says the glory days are ending.
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Ford Motor Company (NYSE:F) reported U.S. sales dropped 10% Y/Y to 158,327 units in October.
Retail sales for the month plunged 18.6% Y/Y.
Truck sales fell 7.7% Y/Y to 87,205 units and retail truck sales plunged 21% Y/Y.
SUV sales for the month down 14.1% Y/Y to 67,266 units and retails SUV sales slipped 18.2% Y/Y.
EVs sales jumped 119.8% Y/Y to 6,261 units with retail sales up 79.1% Y/Y.
F-150 Lightning continues as America’s best-selling electric truck with sales of 2,436, best monthly sales performance since its introduction this year.
F-Series expands its lead through October as America’s best-selling truck on total sales of 523,712 vehicles.
Mustang Mach-E sales increased 7.3% Y/Y.
Maverick sales were up 123% Y/Y to 9,233 trucks and the Maverick Hybrid accounted for about 47% of sales.
“Ford continues to see strong demand for its vehicles, with orders for ’23MY vehicles up 134 percent over this time last year. The all-new Super Duty saw a record 52,000 orders in just five days. The F-Series continued as America’s No. 1 truck, expanding its lead over our second-place competitor to more than 100,000 trucks this year. We doubled our electric vehicle sales. F-150 Lightning had its best monthly sales performance since launch.” – Andrew Frick, vice president, Sales, Distribution & Trucks, Ford Blue.
Last week, the company slashed prices of Mustang Mach-E in China.
Stock slumped more than 25% over a period of one year.
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