Ford Motor Company F achieved significant growth in 2024, driven by its strategy of offering diverse powertrain options and vehicle types. In 2024, U.S. retail sales increased 6% year over year, doubling the broader industry growth rate while fourth-quarter retail sales surged 17% year over year, led by a 25% year-over-year rise in F-Series trucks.
The F-Series exemplifies Ford's Freedom of Choice strategy, offering gas, diesel, hybrid and electric models — all of which experienced year-over-year sales growth in December. Total F-Series sales rose 21% year over year in the fourth quarter, solidifying its position as America's best-selling truck for the 48th consecutive year.
Ford's overall fourth-quarter sales grew 9% year over year, contributing to a full-year increase of 4% year over year, with 2,078,832 vehicles sold, outperforming the industry's estimated 2% year over year growth. The company entered 2025 with bolstered inventories to offset potential supply disruptions during key product launches, including the new Expedition, Navigator and Bronco.
Electrified vehicles played a key role in Ford's success. In 2024, sales reached 285,291 units, up 38% year over year, outpacing competitors like GM and Stellantis. Ford's Power Promise program, which offers complimentary home chargers and 24/7 EV support, helped fourth-quarter electric vehicle sales hit a record 30,176 units. Each electric model set new annual sales records. Mustang Mach-E sales reached 51,745 units, up 27% year over year, F-150 Lightning sales totaled 33,510 units, up 39% year over year while E-Transit sales reached 12,610 units, up 64% year over year. Mustang Mach-E also became the second-best-selling electric SUV in the United States, trailing only Tesla's Model Y.
Ford's 2024 hybrid vehicle sales also reached a record 187,426 units, up 40% year over year, driven by strong demand for hybrid trucks. The F-150 hybrid led as the top-selling hybrid truck with 73,845 units, up 47% year over year, while the Maverick hybrid set a record with sales of 68,752 units, rising 31% year over year.
Explorer SUV, Super Duty & Luxury Vehicle Sales Thrive
Ford's SUV sales in 2024 totaled 771,042 units. The Explorer remained America's top three-row SUV with 194,094 units sold and the Expedition saw a 6% year over year increase to 78,035 units, with an updated model launching in early 2025. The Bronco family recorded 233,873 annual sales, including a 38% year-over-year rise in fourth-quarter sales.
Super Duty truck sales rose 14% year over year, with a 30% year over year increase in fourth-quarter sales. Transit vans dominated the segment, accounting for nearly half of the full-size van sales and extending Ford's leadership in the commercial van market for the 46th year. Transit sales grew 18% year over year to 152,738 units in 2024.
Based on end-of-quarter estimates, F's Pro Intelligence software subscriptions grew 27% year over year to 649,000. Customers drove more than 300 million miles using BlueCruise, Ford's hands-free driving technology, which will debut upgraded versions in new 2025 models.
Lincoln sales also surged, with a 28% annual increase to 104,823 vehicles, marking its best retail performance since 2007. Its fourth-quarter sales rose 35% year over year due to strong Nautilus and ’25MY Aviator sales. In 2024, the Nautilus sales totaled 36,544 units, increasing 50% year over year, with 39% being hybrids. The Aviator also saw a 62% increase year over year with 25,235 units sold in 2024.
F’s Zacks Rank & Key Picks
Ford currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are BYD Company Limited BYDDY, Geely Automobile Holdings Limited GELYY and Blue Bird Corporation BLBD, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 25.07% and 31.51%, respectively. EPS estimates for 2024 and 2025 have improved 14 cents and 21 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GELYY’s fiscal 2025 sales and earnings suggests year-over-year growth of 60.04% and 138.89%, respectively. EPS estimates for fiscal 2025 and 2026 have improved by 63 cents and 62 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s fiscal 2025 sales and earnings suggests year-over-year growth of 10.97% and 12.14%, respectively. EPS estimates for fiscal 2025 have improved 18 cents in the past 60 days.
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