The desire for Ford Motor’s pickup trucks and crossover SUVs continued to drive the carmaker to its best annual auto sales performance since 2020 on Thursday, the day after many of its competitors announced double-digit increases in new vehicle sales.

Sales of cars increased 7.1% to 1.99 million units in 2023, according to the Detroit carmaker. Ford reported selling slightly more than 2 million new cars in 2020.

According to figures from Wards Intelligence, total new car sales in the United States last year were approximately 15.5 million, with electrified vehicles, including hybrids, accounting for nearly 17% of the total.

Due to their preference for the safety and functionality of larger vehicles over sedans and hatchbacks, American customers have shifted their purchasing behaviour towards crossover SUVs and pickup trucks.

Analysts have cautioned, nevertheless, that high borrowing rates could eventually reduce customer demand for new cars.

Ford’s electric vehicle (EV) sales, which include the F-150 Lightning pickup truck and Mustang Mach-E crossover, increased by over 18% to 72,608 units over the previous year. 3.6% of the company’s sales were made up of EV models.

Ford sold 133,743 hybrid vehicles last year, jumping more than 25% from the previous year and making up around 7% of the company’s overall sales.

Ford was the third-largest automaker in the US by sales, after General Motors and Toyota, with 1.99 million vehicles sold.

(Adapted from Reuters.com)