Ford has released new figures that show a big jump in the number of new and used Ford Feds sold in the past year, and an increase in new car sales.
Ford has recorded an average of over 2.5 million new car and SUV sales in Australia in 2016, compared to around 3.5m in 2015.
Ford also released a report into the 2016-17 financial year, which showed the company’s profit and revenue grew to $1.3 billion, or $2.9 billion.
That was a 10 per cent increase on the previous year, with profits up 13 per cent.
But the report also showed Ford’s profit fell to $934 million, a drop of $10 million, or 8 per cent from the previous financial year.
“We are seeing the return of the Ford Focus, a luxury sedan that we launched in 2012 and that is the first Ford car to be released in the US, in partnership with the Tesla brand,” Ford chief executive officer Bill Ford told reporters at the company headquarters in Fremantle.
Ford says it has sold more than 100,000 Fords since 2012, with around 60,000 sold in 2016 alone.
In the first two months of this financial year Ford announced it would be buying back an additional 50,000 Ford F-Series vehicles, bringing the total number of vehicles Ford has to sell in the market to more than 1 million.
But analysts are sceptical that the investment will yield any significant gains in profits.
“[Ford’s] financial performance has been disappointing in recent years, with the company having fallen well short of its target profit and profitability targets,” the National Australia Bank said in a note to clients.
According to the company, its 2016 operating profit fell 5 per cent to $4.2 billion, while the 2016 dividend fell 9 per cent, or 6 cents, to $2 per share.
It is unclear what Ford will do with the remaining F-series vehicles it has already sold, with analysts predicting that the new cars will be sold at a loss.
The company has been heavily criticised for the quality of the vehicles, with some analysts predicting they will be the worst-selling vehicles in the industry.
Ford will be rolling out a new model of the F-150, the company said, which will be a more powerful and well-rounded vehicle.
And it said it will introduce the new F-X SUV, which it says will be “better suited for urban areas and will deliver the highest-quality passenger vehicle”.
Ford is also expected to release a new FWD truck in the future, and will also introduce the Ford Transit, which is expected to be an affordable pickup truck with room for a third person.
While the Fords return to a profit has been good for Ford, analysts are worried about the future.
They are worried the company will be forced to sell more vehicles to meet demand for the new Ford Fusions and F-Tractors, which were launched last year.
Ford said it expects that the Fusions, F-Sectors and FWD trucks will be available to customers in 2018.
As part of its financial review, Ford also released its 2017 financial year results, which revealed that the company lost $2 billion in 2016.
Ford will also be offering a new electric vehicle for sale in 2018 called the Ford Bolt, which has a range of up to 300 kilometres.