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Ford Motor Co F Stock Quote

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Morningstar‘s Ford Motor Company Stock Analysis F

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Ford's U.S. Sales Lag Industry for September but Outpace for Q3

Analyst Note

| David Whiston, CFA, CPA, CFE |

September 2022 U.S. light-vehicle sales had an easy comparable versus September 2021, when U.S. light-vehicle inventories bottomed out below 1 million units due to the chip shortage. September 2022 sales per Wards rose 9.5% year over year to 1.1 million, while the seasonally adjusted annualized selling rate was 13.49 million versus 12.31 million in September 2021 and 13.12 million in August 2022. Although the U.S. macroeconomic situation has worsened this year versus 2021, we remain confident that SAAR levels remain at severe recessionary levels due to a lack of chips. We are not worried that sales will collapse from here, even if the United States enters a recession. Higher interest rates do not help auto sales at the margin, but we calculate that for a nearly 70-month new-vehicle loan, a 100-basis-point increase raises the monthly payment by about $18, an amount that we don’t see wiping out auto demand. We think auto loan rates would need to rise another 400-500 basis points from present levels to become a problem.

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Company Profile F

Business Description

Ford Motor Co. manufactures automobiles under its Ford and Lincoln brands. In March 2022 the company announced that it will run its combustion engine business, Ford Blue, and its BEV business, Ford Model e, as separate businesses but still all under Ford Motor Company. The company has about 12.5% market share in the United States, about 6.5% share in Europe, and about 2.4% share in China including unconsolidated affiliates. We expect market share increases as inventory improves coming out of the chip shortage. Sales in the U.S. made up about 64% of 2021 total company revenue. Ford has about 183,000 employees, including about 56,000 UAW employees, and is based in Dearborn, Michigan.

One American Road
Dearborn, MI, 48126
T +1 313 322-3000
Industry Auto Manufacturers
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 183,000

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