Ford Motor Company revenue 2008-2023
The Ford Motor Company reported revenue streams of nearly 176.2 billion U.S. dollars in 2023. This figure represents a growth in revenue of nearly 11.5 percent year-on-year. Vehicle wholesales grew from around 4.2 million units in 2022 to approximately 4.4 million units in 2023. The fiscal year end of the company is December, 31st.
A challenging year for the automotive industry
Though Ford's revenue appeared to trend upward from 2014 to 2018, the following years' results represented a sharp decline. In 2020, the COVID-19 pandemic severely impacted the automotive industry worldwide, and Ford was no exception: its revenue decreased 22 percent year-on-year, displaying the lowest result since the Great Recession. Despite an increase in the manufacturer's performance in 2021, the effects of the pandemic are still felt throughout its recovery. While vehicle sales started trending upwards again in the third quarter of 2020, the automotive industry was hit by different challenges in 2021: namely, the global chip shortage. The 2023 fiscal year brought its own share of hurdles for Ford, especially as strikes at its U.S. assembly plants impacted its output.
Ford and the future
In May 2021, Ford announced plans to expand into emerging markets, such as connected vehicles and subscription services. Moreover, the company intends to invest more than 30 billion U.S. dollars in electric vehicles through 2025 and it forecasts 40 to 50 percent of the sales volume will come from electric vehicle sales by 2030. That same month, the American automaker revealed the new electric model of its most popular F-Series pickup, the F-150. However, Ford is planning to scale back its F-150 Lightning truck production in 2024, to match up with a slowing demand for electric vehicles. In March 2023, the compay established Latitude AI, to develop new automated driving technology.
