Ford Has Already Sold 1.1 Million Trucks and SUVs so Far This Year
Ford trucks and SUVs continue to enrich the company's bottom line
Trucks and SUVs continue to be the bread and butter of the Ford Motor Company, as products like the F-150, Explorer, and Navigator obliterate traditional cars like sedans and hatchbacks in the sales arena.
The trend isn't new, but the fact that Ford pickup trucks can continue to post solid double-digit gains in the second half of the year is impressive. More impressive is the fact that consumers aren't only buying more of these large vehicles, but they're also spending more money than ever on them. According to Ford, the average transaction price for the F-Series grew $1,500 on average per truck in June, and now sits at a staggering $46,500, which is approximately $2,600 higher than average for the segment.
In the past, consumer demand for large vehicles has plateaued as gas prices have risen, but the recent spike in oil prices hasn't hurt Ford's bottom line. And while Ford offers fuel-efficient EcoBoost engines in its pickup trucks and SUVs, data showing sales per powertrain configurations wasn't readily available from the Blue Oval. However, the automaker claims 153,402 total sales of trucks and SUVs in July, which represents an increase of 4.8 percent and surpasses the one-million vehicle mark for 2018 with 1,125,957 vehicles sold.
“Ford pickups and vans dominated last month, with overall trucks posting an increase of 10 percent," said Mark LaNeve, Ford vice president, U.S. Marketing, Sales and Service. "Combined, pickup, van, and SUVs totaled 153,402 vehicle sales, for a 4.8 percent gain."
Ford vans like the Transit and Transit connect now own more than 50 percent share of the market, and are currently trending a 60.8 percent gain in 2018. This bit of news isn't really surprising considering General Motors has completely given up on the commercial van segment, but what is a surprise is the Lincoln Navigator's dominance over the luxury SUV segment.
"Lincoln Navigator continues to be the country’s hottest new product, with sales expanding in every region of the United States," said LaNeve.
The Lincoln Navigator has been on a roll since its debut approximately a year ago and was the first American vehicle to ever top JD Power’s APEAL study. According to Ford, the luxurious behemoth posted retail sales gains of 64.7 percent in July, while retail share has nearly doubled from year-ago. Much like its pickup brethren, average transaction pricing for Navigator is up $29,900, totaling a record $84,300 per vehicle.
It will be interesting to see how consumer behavior fluctuates as Ford and its competitors release 2019 year-model vehicles into the market in the coming months.