Mathilde Carlier
Research Expert covering transportation and logistics
Ford Motor Company - Statistics & Facts
In February 2024, autoworkers at one of Ford Motor Company's assembly plants in Louisville, Kentucky, threatened to strike after CEO Jim Farley mentioned rethinking the placement of its factories as a result of the October 2023 strikes. This would have been the second strike action faced by the American automaker in the past year, after the United Auto Workers' 2023 strike hampered production in the U.S. and profits for the Big Three, comprised of General Motors Company, Stellantis, and Ford Motor Company. By the sixth week of the strike, the three Detroit manufacturers were estimated to have lost some 4.35 billion U.S. dollars. Though the 2023 strike found a resolution in November 2023 as the tentative deal to end the work stoppage was approved by Ford's UAW workers, this illustrates a challenging financial period for the automaker, including an increase in its debt.
As one of the global leaders in car manufacturing, Ford Motor Company's revenue came to nearly 176.2 billion U.S. dollars in 2023, up from some 158 billion in 2022. Despite the financial hurdles faced by the manufacturer, the company also recorded the second-highest net income since 2007. The bulk of Ford Motor Company's 2023 revenue was generated from the sales of its two main automobile brands, Lincoln and Ford. The manufacturer's subsidiaries also include Ford Motor Credit Company, which provides financing, leasing, and insurance to and through its dealers. Ford Credit helped facilitate the purchase of new and used vehicles by retail customers, rental companies, and government entities, along with making it possible for dealerships to improve their facilities.
Ford is the automaker's most popular brand and claims the spot as the second most valuable American automotive brand worldwide as of June 2024, behind Chinese automaker BYD.
The company has been focusing its U.S. and global efforts on its Ford Blue segment, which amounted to 101.9 billion U.S. dollars of the manufacturer's total revenue and to the largest volume of vehicle wholesales. Ford Blue represents the company's internal combustion engine and hybrid vehicle production, including plug-in hybrid electric vehicles such as the Ford Ranger. The model, slated for delivery in early 2025, was announced at the end of the third quarter of 2023.
While the manufacturer slowed down its electrification efforts, it also expanded its engineering, research, and development expenditures up to 8.2 billion U.S. dollars to boost its performance. In 2023, Ford launched Latitude AI, a subsidiary aimed at developing new automated driving technology, and part of this research expense is projected to go towards artificial intelligence and its application in vehicle security.
This increasing focus on new technology could boost Ford's global performance. The manufacturer is yet to rank among the leading plug-in electric vehicle producers worldwide, despite the popularity of the Mustang Mach-E in its home market. The global market for electric vehicles is projected to be worth nearly 907 billion U.S. dollars by 2028.
As one of the global leaders in car manufacturing, Ford Motor Company's revenue came to nearly 176.2 billion U.S. dollars in 2023, up from some 158 billion in 2022. Despite the financial hurdles faced by the manufacturer, the company also recorded the second-highest net income since 2007. The bulk of Ford Motor Company's 2023 revenue was generated from the sales of its two main automobile brands, Lincoln and Ford. The manufacturer's subsidiaries also include Ford Motor Credit Company, which provides financing, leasing, and insurance to and through its dealers. Ford Credit helped facilitate the purchase of new and used vehicles by retail customers, rental companies, and government entities, along with making it possible for dealerships to improve their facilities.
Ford is the automaker's most popular brand and claims the spot as the second most valuable American automotive brand worldwide as of June 2024, behind Chinese automaker BYD.
The U.S. contributes heavily to Ford Motor Company's success
On March 12, 2024, the Ford Motor Company recorded a market capitalization of over 48.6 billion U.S. dollars, ranking below fellow American brands Tesla but higher than General Motors. The United States is Ford's primary national market, where its eponymous brand marque was the best-selling car brand in 2023. While Ford's success in its domestic market is clear, the impact of supply shortages was not as felt in 2023 as it was in previous years: In November 2023, it would have taken Ford 105 days to run out of vehicle stock in the United States. The company's market share grew in 2022, boosted by the release of the Ford F-150 lighting, an all-electric version of Ford's best-selling model, which jumped to the eleventh spot in the EV bestsellers in the U.S. in 2022. However, by 2023, Ford Motor Company had lost market share, down to 13 percent of the market.The company has been focusing its U.S. and global efforts on its Ford Blue segment, which amounted to 101.9 billion U.S. dollars of the manufacturer's total revenue and to the largest volume of vehicle wholesales. Ford Blue represents the company's internal combustion engine and hybrid vehicle production, including plug-in hybrid electric vehicles such as the Ford Ranger. The model, slated for delivery in early 2025, was announced at the end of the third quarter of 2023.
Slowing down in the electric vehicle market
In 2023, Ford Motor Company announced it would reduce the production of the F-150 Lightning pickup and Mustang Mach-E electric crossover. Both the F-150 Lightning and the Mustang Mach-E were among the best-selling plug-in electric cars in the United States, with the Mustang Mach-E ranking in the top five. Despite this, Ford Motor Company's fully electric vehicle sales were far below American EV giant Tesla's. Ford's investments in electric mobility are yet to pay off, which is one of the reasons behind this planned decrease in the all-electric production volume. In 2023, Ford Model e, the company's segment focusing on connected electric vehicles and electric architecture, reported losses up to 4.7 billion U.S. dollars before interest and taxes. Though the automaker is shifting its electric mobility focus, some notable advances were recorded in 2023. That year, Ford committed to joining the North American Charging Standard by 2025, giving Ford EV customers access to Tesla's charging stations.While the manufacturer slowed down its electrification efforts, it also expanded its engineering, research, and development expenditures up to 8.2 billion U.S. dollars to boost its performance. In 2023, Ford launched Latitude AI, a subsidiary aimed at developing new automated driving technology, and part of this research expense is projected to go towards artificial intelligence and its application in vehicle security.
This increasing focus on new technology could boost Ford's global performance. The manufacturer is yet to rank among the leading plug-in electric vehicle producers worldwide, despite the popularity of the Mustang Mach-E in its home market. The global market for electric vehicles is projected to be worth nearly 907 billion U.S. dollars by 2028.
