Ford Motor Company (NYSE: F) sold the most electric vehicles (EVs) in the U.S. last year after Tesla. While that sounds exciting, it's worth noting that it accounts for less than 8% of the U.S. EV sales compared to Tesla's 65% share of the EV market. Still, it's a mini-achievement for Ford. Yet the stock corrected 44% in 2022. Let's discuss if Ford looks like a buy in 2023.
The first factor that favors Ford over other automakers is deep brand loyalty. The century-old brand has managed to stay relevant in the highly competitive auto sector. Importantly, that hasn't changed. Even as electric vehicles are expanding their share in the auto market, Ford is transforming itself to focus on the EV segment. A loyal customer base means that whenever Ford launches an EV, it sees immense demand.
Ford's F-150 Lightning is the best-selling electric truck in America since its launch in May 2022. The truck won the 2023 MotorTrend Truck of the Year award for its "instantaneous torque and standout ride and handling."
Source Fool.com