Ford launched its new 2024 F-150 pickup truck on Tuesday. The goal is to keep it the best-selling vehicle in America.
The all-electric F-150 Lightning pickup truck gets a lot of attention, but make no mistake the traditional truck is still Ford’s more important vehicle.
The importance of the F-150 to Ford can’t be understated. It’s been the best-selling vehicle in the U.S. for some 40-plus years and the best-selling truck for almost 50. Through the end of August, Ford has sold 514,716 F-150s in America, up 22% year over year and accounting for about 38% of Ford’s U.S. total sales.
Lightnings aren’t the only F-150s with batteries, however. About 10% of F-150 sales in 2023 are hybrids. “We’re looking to double our mix of hybrid sales … to at least 20% next year,” says Andrew Frick, vice president of Ford’s traditional car unit, Ford Blue.A price reduction on hybrids isn’t all that Ford is doing with its 2024 model year F-150s. Easier towing and improved driver-assistance features are included. “Personally, I love the tailgate,” added Frick.
Truck customers will care about the new features. Investors should care about the launch too. F-150 typically accounts for about 35% of Ford’s total U.S. sales volume. Include the smaller Ranger and Maverick trucks and the number jumps to about 45%. The Ford Ranger has been redesigned for 2024 as well.
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