As supply chain shortages ease and automotive production continues to ramp back up, we’ve seen quite a bit of improvement related to inventory levels over the past several months, even as a six-week-long United Auto Workers (UAW) strike threatened to put a dent in it. After posting a 70 days’ supply to end 2022, new Ford inventory levels hit a 75 days’ supply in June, but things got far worse by the end of Q3, when that number plunged to a 19 days’ supply. The Blue Oval bounced back to a 67 days’ supply entering November, however, and as average transaction pricing continues to decline, new Ford inventory reached a new recent high last month at a 105 days’ supply. According to new data from S&P Global Mobility, that number also ranked Ford at the top of the mass market segment as well.
According to S&P, Ford currently has around 250,000 units of 2023 model year vehicles in its inventory, which is more than any other mass market brand at the moment by a relatively large margin. Of that total, around 105,000 units consist of Ford F-Series pickups and the all-electric Ford F-150 Lightning. It is worth noting that The Blue Oval is carrying the 2023 Ford Explorer into the first quarter of 2024, which impacts these numbers somewhat, but the gap between it and second-place Toyota is notable, nonetheless.
As Ford Authority previously reported, 2024 Ford Explorer production is slated to begin at the Chicago Assembly plant on January 2nd, though as always, this date is subject to change. Additionally, a planned mid-cycle refresh for the crossover has been pushed back to the 2025 model year. Meanwhile, production of the refreshed 2024 Ford F-150 is currently scheduled to begin on December 18th at the Dearborn Truck Plant.