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Ford Achieves Record-Breaking Quarterly Sales with Electric Vehicles



Ford Motor Co. reported its highest-ever quarter for electric vehicle (EV) sales, driven by strong demand for the Mustang Mach-E. In September, Ford experienced a 65% surge in overall EV sales. However, the ongoing strike by United Auto Workers (UAW) against the company is impacting Ford’s shares, and the company is concerned about keeping EV battery costs low.

Despite achieving record-breaking EV sales, Ford’s stock performance has been weighed down by the UAW strike. Over the past three months, Ford stock has declined by 20.34%, although it still holds a year-to-date gain of 12.55%. Looking at the Ford Motor chart, the stock is trading below both its 50-day and 200-day moving averages, with a cup-with-handle formation that broke down.

Ford’s third-quarter EV sales showed a 14.8% increase, reaching a volume of 20,962 vehicles, the highest in the company’s history. The strong sales performance was largely driven by the success of the Mustang Mach-E, with a 42.5% increase in sales for the quarter. In September alone, Mach-E sales reached a new record of 5,872 vehicles, a 153% year-over-year gain. Furthermore, the Ford E-Transit became the best-selling electric van, with a quarterly sales increase of 89.8% to 2,617 units. Ford anticipates that the F-150 Lightning pickup truck will contribute to sales growth in the fourth quarter, as production capacity increases at the Rouge Electric Vehicle Center in Michigan.

Alongside EVs, Ford also experienced an increase in hybrid vehicle sales.

The UAW strike has had an impact on Ford’s shares, with investors adopting a wait-and-see approach. However, analysts maintain a “hold” rating on the stock, with a price target of $14.50, implying an upside of 21.85%. Analysts forecast Ford to earn $2.08 per share, showing an 11% increase, but expect a 10% decline to $1.86 per share the following year. The strike is likely to affect fourth-quarter results as dealer inventory declines, although full-size pickups and SUVs remain in production.

Ford CEO Jim Farley has stated that gasoline-powered vehicles will continue to be part of the company’s product offerings. In contrast, rival General Motors plans to produce only electric light-duty pickups and passenger cars after 2035. Ford has not set a global deadline but has announced that it will sell EVs exclusively in Europe by 2030. EV sales have faced challenges due to consumer concerns about the availability of charging stations, limited range for long-distance drives, high prices compared to gas-powered cars, battery fires, and cold-weather performance.

A recent survey by Cox Automotive revealed that EV consideration is at a record high, with 51% of consumers considering buying a new or used EV, up from 38% two years ago. However, half of U.S. adults still express reluctance to consider purchasing an EV.

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