Ford Motor (F.US) is trading lower today, following release of US sales data for Q2 2023. Company reported a 9.9% YoY increase in total vehicle sales in the April - June 2023 period, to 531,662 units. The increase was driven by a 26.2% YoY jump in truck sales. Sales of SUVs and cars were lower compared to a year ago. Ford remained as a No.1 brand in the United States in Q2 2023. However, sales report also showed a weak performance of EV sales in Q2 2023, as they dropped 2.8% YoY. This was driven by a suspension of work at factory in Mexico. Operations at Ford's factory in Mexico were suspended in January and February in order to double the capacity of the plant. While operations at the facility have already resumed, the company is yet to recover inventory levels.
Ford Motor US sales for Q2 2023
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- Electric Vehicles: 14,843 (-2.8% YoY)
- Hybrid Vehicles: 34,589 (+15.7% YoY)
- Internal Combustion: 482,230 (+10.0% YoY)
- Total: 531,622 (+9.9% YoY)
By Type
- SUVs: 225,299 (-5.0% YoY)
- Trucks: 295,602 (+26.2% YoY)
- Cars: 10,761 (-12.4% YoY)
- Total: 531,622 (+9.9% YoY)
Taking a look at Ford Motor (F.US) chart at D1 interval, we can see that the stock is pulling back today and snapping a 2-week long bullish streak. However, this could be just a brief profit taking following recent steep gains rather than correction or trend reversal. Unless we see a break back below $14.50 area, technical setup seems to continue to support bulls. Should bulls regain control over the market and resume upward move the two resistance levels to watch are marked with 38.2 and 50% retracement of the downward move launched in early-2021. The former is strengthened by previous price reactions while the latter is a textbook range of the upside breakout from recent trading range.
Source: xStation5
