Is Strong Demand for Pickups the Secret to Ford's Q2 Delivery Growth?

Ford Motor Company F significantly outpaced the broader U.S. auto industry in the second quarter. It delivered 612,095 vehicles in the quarter, which rose 14.2% year over year and exceeded the estimated 1.4% industry growth. The automaker’s market share grew 1.8 percentage points from the first quarter to an estimated 14.3%.

Strong demand for pickup trucks played a key role in Ford’s strong performance. Combined sales of the F-Series, Ranger and Maverick rose 15.1% year over year to 288,564 units. Electrified vehicle sales, including hybrids and plug-in hybrids, grew 6.6% year over year to 82,886 in the second quarter. 

In the first half of the year, Ford sold a record 156,509 electrified vehicles, up 14.7% year over year, surpassing the combined EV and hybrid sales of General Motors Company GM and Stellantis N.V. STLA. Hybrid vehicle sales rose sharply to 117,521 units in the first half of the year from 92,243 units in the first half of 2024. Ford’s electric models, Mustang Mach-E, F-150 Lightning and E-Transit, averaged 12,996 sales each through June, outperforming other automakers with larger EV lineups. Electrified models accounted for 13.5% of Ford’s total second-quarter sales.

In the third quarter of 2025, Ford plans to begin deliveries of the new Explorer Tremor and the F-150 Lobo. The Explorer Tremor, equipped with a 400-horsepower EcoBoost engine, enhances Ford’s off-road vehicle lineup with greater capability. The F-150 Lobo, a performance-styled street truck, features a 5-liter V8 engine, automatic four-wheel drive and a distinct, low-slung design and offers a bold blend of power and street-ready aesthetics.

A Glance at Deliveries of Competitors

General Motors U.S. deliveries reached 746,588 units and 1.4 million units in the second quarter and first half of 2025, marking an increase of 7% and 12%, respectively. In the second quarter, EV sales rose 111% year over year to 46,280 units, while it rose 104% in the first half to 78,167 units. General Motors achieved record year-to-date crossover sales, driven by the launch of new or updated models, such as the Chevrolet Trax, Traverse and Equinox, the GMC Acadia and Terrain and the Buick Envista and Encore GX. 

In the second quarter of 2025, Stellantis sold 309,976 vehicles in the United States, down 10% year over year. The deliveries declined despite resilient demand for Jeep SUVs and Ram trucks. This continues the brand’s downward sales trend over the past year. In 2024, Stellantis saw a 15% drop in annual sales and reported a 12% decline in first-quarter sales compared to the same period in 2024.

Ford’s Price Performance, Valuation and Estimates

Ford has outperformed the Zacks Automotive-Domestic industry year to date. F shares have gained 18.9% against the industry’s decline of 23.4%.

YTD Price Performance

From a valuation perspective, Ford appears undervalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 0.29, lower than its industry’s 2.48.

EPS Estimates Revision

The Zacks Consensus Estimate for 2025 and 2026 EPS has moved down 14 cents and a penny, respectively, in the past 60 days. 
 
Ford carries a Zacks Rank #3 (Hold) at present.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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