Nasdaq F Ford

Global automobile manufacturer Ford Motor Company (F) released its November 2021 sales figures. Ford saw a 5.9% year-over-year growth in total sales, and a 4.5% jump in retail sales against November 2020. About 29% of Ford retail sales in November came from prior customer orders, as stated by the company.

Ford also claimed to be America’s best-selling vehicle manufacturer for the third consecutive month, and the only major U.S. automaker to beat year-over-year November sales. Following the news, shares were up 2.7% before closing up 1.5% at $19.87 on December 2.

Record November Sales

Ford’s electric vehicle (EV) sales witnessed a whopping 153.6% growth to 11,116 EVs against November 2020. This growth was three times faster than the overall EV segment, raising the company’s EV market share to 10%.

Ford SUVs also fetched record retail sales up 25.6% year-over-year, with the Bronco family sales totaling 19,773 SUVs, and the Mustang Mach-E sales rising 8.4% compared to November 2020. The Mustang Mach E also claims to be America’s second-best full-electric SUV behind Tesla Inc.’s (TSLA) Model Y.

Meanwhile, Ford sold 70,839 pick-up trucks, a 15.8% year-over-year growth. The F-series made a record 14.6% jump compared to November 2020, making it the leader in the trucks segment for the 45th consecutive year.

Ford manufactured a total of 178,562 vehicles in November 2021, and received a record 74,000 new vehicle retail orders in the same month.

Management Comments

The Vice President of Ford Sales in the U.S. and Canada, Andrew Frick, said, “On the strength of Mustang Mach-E, Ford delivered record electrified vehicle sales, growing more than three times faster than the overall segment. Retail sales were up 4.5 percent over a year ago, with SUVs having a best-ever November sales performance on record sales of our all-new Bronco family. We expect growth to continue, thanks to adding 74,000 new vehicle orders in November.”

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Analysts’ Take

Yesterday, Wolfe Research analyst Rod Lache lifted the price target on the stock to $22 (10.7% upside potential) from $17. However, the analyst downgraded the stock to a Hold rating from Buy.

According to Lache, Ford has reached its potential stock price appreciation (133% up year-to-date and about 61% since April), which he had anticipated based on its turnaround. The analyst now prefers rival General Motors (GM) mainly because he expects significant earnings upside based on the commercial success of its Autonomous Driving platform.

Overall, the Ford stock has a Moderate Buy consensus rating based on 9 Buys, 3 Holds, and 2 Sells. The average Ford price target of $18.38 implies 7.5% downside potential to current levels.

Website Traffic

TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Ford's performance.

In October, Ford website traffic recorded a 9% year-over-year decrease in monthly visits. However, year-to-date website traffic growth increased 11.89% compared to the same period last year.

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