The Economic

Impact of
Ford and the
F-Series
September 2020

Image: Ford.
 Context for this document
Summary of the study

BCG evaluated the importance of the F-Series

and Ford to the US economy through the lenses
of employment, GDP, and manufacturing
impact, as well as through comparisons to
other US companies and products

Approach

BCG evaluated the impact of the F-Series

and Ford across four dimensions:

1. Employment impact at a national and

select regional levels
2. Economic impact at a national
and select regional levels
3. Ford's current and historical US
manufacturing presence
4. Product usage illustrating how the F-Series
and Ford support Americans

Source: BCG analysis.

Our study has 13 to 14 US jobs are supported
for each direct Ford F-Series
uncovered several employee1
key economic and
Economic
employment and employment
impacts of Ford impact This equates to ~500 thousand
and its F-Series total jobs attributable to the F-
production Series

The F-Series contributes

approximately ~$49 billion to
US GDP, including multiplier
effects2

F-Series trucks are used by and

support up to 13 million
Americans in their daily work

Source: BCG analysis.

1Includes dealership employment and impact on local communities.
2Multiplier effects include after-sales services and community GDP impact driven by employee respending.
 Ford assembled 2x as many full- The F-Series is among the most valuable
size pickups in the US as any consumer products in the US
competitor in 2019

Manufacturing Usage The F-Series is the most popular vehicle

impact impact on the road in the US today…

Ford is the leading US auto

manufacturer—responsible
for one in five vehicles assembled …and the F-Series is the highest-selling
domestically vehicle in the US over the last ten years

The F-Series is the best-selling pickup

Ford is a leader in automotive truck in the world over the last ten years
innovation in terms of patent
quality and recency

The F-150 is the most popular vehicle

on the road in 39 of 50 US states

The F-150 is the most American-

made full-size pickup truck Ford is the most popular pickup truck in
(based on an external study) 75% of commercial vocations

Source: BCG analysis. 3

 Contents of this report

1 2 3 4

Employment GDP impact Manufacturing Usage impact

impact impact

Images: Ford.
Employment impact

GDP impact

Manufacturing impact

Usage impact

Image: Ford.
 F-SERIES

The F-Series supports ~500,000

American jobs, representing ~13–14
jobs for every direct Ford employee
Dealers:
Job creation
US jobs attributable to the F-Series

Mfg. & Corporate:

Job creation ~39–45
~16
~73
(thousands)

~138–153 13–14x
~480–
9–10x total
500
manufacturing multiple
~177 multiple

~37
Direct Community jobs Dealers Community jobs Total
Suppliers Dealer suppliers

E.g. F-Series assembly F-Series supplier Dealer sales Dealer's

line staff member, machinist, staff, vehicle accountant,
Ford engineer community nurse technician community teacher

Sources: Bureau of Labor Statistics (2019); F-Series supplier spending (2019); F-Series P&L (2019); F-Series plant-level costs
and headcounts (2019); RIMS II ratios (2012 and 2017); Ford government relations (2019); public dealer reports; BCG
analysis; image: Ford.
Note: Dealers attributable to F-Series sales are based on state-level F-Series sales volume. Jobs supported exclude any
employment impact through truck usage or employment impact resulting from taxes paid.
66
 FORD

Ford USA supports ~1 million

American jobs, representing ~11–12
jobs for every direct Ford employee
Dealers:
Job creation
US jobs attributable to Ford USA

Mfg. & Corporate:

Job creation ~98–118

~40
~178
(thousands)

11–12x
~271–304 ~1,010–
~340 8–9x total
1,060
manufacturing multiple
~338 multiple

~87
Direct Community jobs Dealers Community jobs Total
Suppliers Dealer suppliers

E.g. Ford assembly Ford supplier Dealer sales Dealer's

line staff member, machinist, staff, vehicle accountant,
Ford engineer community nurse technician community teacher

Sources: Bureau of Labor Statistics (2019); Ford US supplier spending (2019); Ford US P&L (2019); RIMS II ratios (2012 and
2017); Ford government relations (2019); public dealer reports; BCG analysis; image: Ford.
Note: Jobs supported exclude any employment impact through truck usage or employment impact resulting from taxes paid.
77
 Workers supported
by the F-Series

~17M 1
x 26–35% x 2.1–2.4 F-Series trucks support
workers in their daily jobs
F-Series on estimated in average truck
across all major industries,
the road commercial use occupancy including:
Based on vehicle in Based on registration Based on usage intensity • Construction workers
operation data information, quantitative estimates obtained via • Farmers and ranchers
analysis, and expert expert interviews
interviews • Independent contractors
• Delivery service people
• Emergency vehicle drivers
=

F-Series trucks are used

by and support up to 13M Americans in their
daily work F-Series in commercial use
estimated as those registered
to an organization; personal
vehicles used commercially, for
Representing approximately 8% of the US labor force
personal projects (e.g., DIY
renovations), or in recreation
are in addition to those
counted in commercial use
Sources: Expert interviews; BCG analysis.
116.6 million F-Series in operation based on IHS Markit Vehicles in Operation (VIO) in US as of 4/1/20 (see IHS disclaimer).
Employment impact

GDP impact

Manufacturing impact

Usage impact

Image: Ford.
 Multiplier effect:
F-SERIES After-sales and employee
respending ($18 billion)
The F-Series

US GDP contribution of the F-Series ($billions)

contributes ~$49 Product GDP contribution ~13
billion to US Manufacturing and sales ($31 billion)

GDP through ~3 ~5

production ~49
and multiplier ~17
effects
~11

Direct Suppliers Dealers Dealers Community Total

(Sales)1 (After-sales services)2 impact

Ford activities, Supplier activities, Retail sale Repairs, servicing, Employee respending
such as R&D, vehicle such as part of F-Series financing, and on community
assembly manufacturing, trucks insurance on F-Series industries such as
professional services vehicles food, health care, etc.
Sources: Bureau of Labor Statistics (2019); F-Series supplier spending (2019); F-Series P&L (2019); F-Series plant-level costs and headcounts (2019);
RIMS II ratios (2012 and 2017); Ford government relations (2019); public dealer reports; BCG analysis.
Note: Dealers attributable to F-Series sales are based on state-level F-Series sales volume. Impact is attributable only to vehicle and parts/accessory
sales. Excludes fuel economy and Ford credit impact.
1Based on vehicle sales accounting for approximately 35% of dealer gross profits.
2Does not include services and repairs by non-Ford dealers. 10
 FORD

Ford USA contributes ~$100 billion to US GDP through

production and multiplier effects
Multiplier effect:
After-sales and employee
US GDP contribution of Ford USA ($billions)

respending ($42 billion)

Product GDP contribution ~29

Manufacturing and sales ($58
billion)
~7 ~13

~100
~32

~19

Direct Suppliers Dealers Dealers Community Total

(Sales)1 (After-sales services)2 impact
Ford activities, Supplier activities, Retail sale Repairs, servicing, Employee respending
such as R&D, such as part of Ford vehicles financing, and on community
vehicle assembly, manufacturing, insurance on Ford industries, such as
etc. professional services vehicles food, health care, etc.
Sources: Bureau of Labor Statistics (2019); Ford US supplier spending (2019); Ford US P&L (2019); RIMS II ratios (2012 and 2017); Ford government relations (2019); public dealer reports; BCG analysis.
Note: Impact is attributable only to vehicle and parts/accessory sales. Excludes fuel economy and Ford credit impact.
1Based on vehicle sales accounting for approximately 35% of dealer gross profits.
2Does not include services and repairs by non-Ford dealers.
11
Employment impact

GDP impact

Manufacturing impact

Usage impact

Image: Ford.
Ford assembled twice as many full-size
pickups in the US as any competitor in 2019

Full-size pickup trucks assembled in the US (thousands)

1,000

2.1x

FCA
500
GM

Toyota
Nissan
0
2010 2012 2014 2016 2018

Sources: Based on IHS Markit CYE 2019 US Light Vehicle Production data (see IHS disclaimer);
BCG analysis; image: Ford.
Note: GM pickup truck brands include Sierra and Silverado.
1313
Ford is responsible for one in five
vehicles assembled in the US

Vehicles assembled
% of US vehicle assembly
(2019, thousands)

21 20 22 21 20 Ford 2,170

18 20 19 18 16 GM 1,677

13 FCA 1,420
15 13 11 13
12 11 Toyota 1,195
11 11 11
11 11
11 11 11 Honda 1,205

25 25 26 25 28
Others1 2,926

2015 2016 2017 2018 2019

Total: 10,593
Sources: Based on IHS Markit CYE 2019 US Light Vehicle Production data (see IHS disclaimer); BCG analysis;
image: Ford.
1Including BMW, Daimler, Geely, Hyundai, Karma Automotive, Mercedes-Benz, Navistar, Renault-Nissan-Mitsubishi,

Kia, Tesla, Volkswagen. 14

 An external study confirms the F-150 is the
most American-made full-size pickup
American University's 2019 Made in American Auto Index found
that the F-150 is the most American-made full-size pickup
Kogod Made in America Index1
F-1503
80
Canyon Colorado
The F-150 leads
the industry
Ridgeline both in number
Tacoma
70 of vehicles sold
Tundra Sierra 15004 Silverado 15004
and as the most
Ram 15005
American-made
Titan Ranger truck2
60

Frontier6

50
0 100 200 300 400 500 600

Truck classification Full-size Mid-size Vehicles sold (2019, thousands)2

Sources: Made in America Auto Index (Kogod School of Business at American University); BCG analysis; image: Ford.
Note: Ford F-150, Chevrolet Colorado, and GMC Canyon all earned a Made in America score of 78/100. Excludes Jeep Gladiator.
1The Kogod Made in America Auto Index, developed by the Center for Automotive Research, evaluates vehicles' domestic content based on

seven criteria using publicly available data: profit margin, labor, location of research and development, inventory capital, engine construction,
transmission construction, and body chassis construction.
2Based on IHS Markit US Total New Vehicle Registrations (full-size pickup and mid-size pickup) CY 2019 (see IHS disclaimer).
3F-150 classified as a full-size truck; excludes Super Duty, DOHC, and DSI models.
4Excludes HD models (Silverado VIN=1 models scored 71 on the Made in America index, not shown).
5Ram includes both Classic and non-Classic models, with an average score of 65 shown; the Classic model scored 73.5, and the non-Classic 15
model scored 58.5 on the Made in America Index.
6The average of the 4- and 6-cylinder models is shown (which scored 59 and 45, respectively, on the Made in America index).
 Ford is a leader in the automotive industry for
combined quality and recency of patent filings

Average
Competitive Average Competitive Impact™
Impact™
is a measure 3
of a patent's
economic Tesla
value1 Ford is a
2
Ford leader in the
auto industry
FCA in both patent
GM Competitive
1
Nissan Honda Impact and
Toyota Freshness
Volkswagen

0
0 30 35 40

10,000 patent families Freshness % (2017)

Freshness is a measure of a
company's patents' recency2
Sources: LexisNexis PatentSight; BCG Center for Growth & Innovation Analytics; image: Ford.
Note: Competitive Impact™, Technology Relevance™, and Market Coverage™ are trademarks of LexisNexis PatentSight.
1As measured by a patent's Technology Relevance™ and Market Coverage™; Competitive Impact™ is stated relative to other patents in the same field
(e.g., a value of three means that the patent is three times as important as the average patent in the field).
2Measured as the number of patent filings since 2017 divided by the number of patents filed since 2013; analysis based on ~114,000 patent families
belonging to Fiat Chrysler Automobiles, Ford Motor Company, General Motors Company, Honda Motor Company, Nissan Motor Company, Toyota Motor
Corp., and Volkswagen Group filed since 2013. 16
 Illustrative examples
Ford’s IP is
supporting
innovation
across Industry Aircraft Surgical Exercise Vision
monitoring robotics machine technology
industries
Citing Aircraft-operating-data System for controlling Exercise program based Machine learning
patent monitor provides articulating arm as part on real-world routes, program analyzes body
Ford patents are integrated view of asset of confidence-based including video display language to improve
cited in innovative health robot-assisted surgery and topographical interaction between
new products across system simulation humans and robots
industries, from
agriculture
to biopharma

From 2013 through

2017, Ford's patents
Industry Medtech Health care/ Audio Home
were cited
devices pharmacy technology automation
~23,000 Citing Medical treatment Controlled release of Voice-activated virtual Detection and mitigation
times across patent device and method peptide formulations to assistant used to retrieve of harmful gases via
different industries for stimulating deliver treatment and deliver information integration with home
neurons of a patient solutions to to the user using a automation systems
administration devices wireless earpiece
17
Sources: LexisNexis PatentSight; BCG Center for Growth & Innovation Analytics.
Ford is investing in the
future of mobility
Future of mobility patents include autonomous and electric
vehicles, artificial intelligence, machine vision, internet of things,
1 in 5 of Ford's
patent families since 2013
connected vehicles, and additive manufacturing, among others
are focused on the future
Patent family citation frequency of mobility
Tesla
6
Ford
Ford is a leader in
patent family

84%
4
4
GM citations and
number of future Ford has filed
FCA
of mobility
2
2
Honda
patents more future of mobility
Toyota Nissan patents than FCA and
VW Group GM combined
0
0
5 10 15 20

1,000 future of mobility % of all families filed since

patent families 2013 focused on future of mobility

Sources: LexisNexis PatentSight; BCG Center for Growth & Innovation Analytics.
Note: Analysis based on 18,000 active and inactive patent families relating to the future of mobility belonging to FCA, Ford, GM, Honda,
Nissan, Tesla, Toyota, and VW Group filed since 2013. Competitive Impact™ is a trademark of LexisNexis PatentSight. 1818
Employment impact

GDP impact

Manufacturing impact

Usage impact

Image: Ford.
The F-Series is among the largest US consumer products—bigger than
Android and combined major sports leagues

Major sports leagues' combined revenue

Revenue ($billions)

~$40 billion

55
42
36
32
19
15 15
11 9
5

iPhone Ford Android OS Global Disney US Budweiser NFL MLB NBA NHL
relative size

(US)1 F-Series (US)3 experiences4 refrigerators5 (AB InBev US)

(US)2
F-Series

0.8x 1.2x 1.3x 2.2x 2.8x 2.8x 3.8x 4.7x 8.5x

Sources: Company financial statements; Google legal disclosures; Forbes; IDC; Euromonitor; Chicago Tribune; BCG analysis.
Note: Company financials are last fiscal year. Product list is not exhaustive and focuses on select products.
1IDC Quarterly Mobile Phone Tracker, 2019.
2F-Series North American total sales of ~$49 billion.
3Operating system revenue (not device sales) estimated based on 2016 revenue using user growth as a proxy.
4Disney Parks, Experiences and Products segment includes Disney theme parks and resorts, cruises and merchandise licensing, and retail revenue.
20
5Euromonitor Appliances and Consumer Electronics Market Size Report, 2019.
The F-Series alone generated more revenue than
many recognizable companies in 2019
2019 revenue ($billions)

42 40 39 39 37
31 28
23 21 20
14
3
Ford McDonald's Nike John Deere Coca-Cola Starbucks2 Capital Visa Tesla3 Netflix Uber Twitter
relative size

F-Series (US)2 One

(US) 1
F-Series

1.0x 1.1x 1.1x 1.1x 1.4x 1.5x 1.8x 2.0x 2.1x 3.0x 12.2x

Sources: Company financial statements; BCG analysis.

Note: Company financials are taken from last fiscal year, and company list is not exhaustive and focuses on select companies.
1F-Series North American total sales of ~$49 billion. 21
2Includes franchise revenues.
3Excludes energy generation and storage and services segments.
 Share of vehicles in operation (%)

Ford F-Series 5.7

Chevrolet Silverado 3.7

The F-Series is Dodge Ram

Toyota Camry 2.5
2.8

the most popular Honda Accord 2.3

Honda Civic 2.1
vehicle on the Toyota Corolla 1.9
Combined,
road in the Honda CR-V
GMC Sierra
1.6
1.6 F-Series trucks
US today Nissan Altima 1.4 account for ~16.6
Toyota RAV4
Ford Escape
1.3
1.3
million, or ~6%,
Ford Explorer 1.3 of vehicles on the
Toyota Tacoma 1.2 road
Jeep Grand Cherokee 1.2
Jeep Wrangler 1.1
Chevrolet Equinox 1.0
Ford Fusion 1.0
Chevrolet Malibu 1.0
Ford Focus 0.9
Chevrolet Impala 0.9
Dodge Caravan 0.9
Toyota Highlander 0.8
Chevrolet Tahoe 0.8

F-Series Ford
Sources: Based on IHS Markit Vehicles in Operation (VIO) vehicles still on the road in the US as of 4/1/20 (see IHS disclaimer);
BCG analysis; image: Ford.
Note: Dodge Ram includes both Dodge and Ram trucks, including light-duty vehicles (GVW 1-3) only. 22
 The F-150 is the most popular vehicle
on the road in 39 of 50 US states

WA
Number of states as best-selling vehicle MT ND
ME
NH

39
OR ID VT
MN
WI MA
SD NY RI
WY
3
CT
3 2 2 1 IA
MI
PA NJ
NV NE DE
IL IN OH MD
UT DC
CA CO WV
KS MO VA
KY
NC
Ford Toyota Honda Toyota Chevrolet Honda AZ OK AR
TN
NM
F-150 Camry Accord Tacoma Silverado Civic SC

MS AL GA
TX LA
FL

AK

HI

Sources: Based on IHS Markit Vehicles in Operation (VIO) in the US as of 4/1/20 (see IHS disclaimer); BCG analysis. 23
 The F-Series is the highest-selling
vehicle in the US over the last ten years

Top ten vehicles sold in the US 2010–2019 (thousands)

7,579
7,084
F-Series' sales are greater than those
Sierra of the Camry and Corolla combined
1,949

4,145
3,763
3,193 3,187 3,187 3,003 2,911 2,744
Silverado
5,135

F-Series GM Dodge Camry3 Civic Accord CR-V Corolla4 RAV4 Escape

trucks1 Ram2

Sources: Based on cumulative IHS Markit US Total New Vehicle Registrations CY 2010–2019 as of April 30, 2020 (see IHS
disclaimer); BCG analysis; image: Ford.
1Includes HD models.
2Includes Ram 1500, 2500, and 3500.
3Includes Camry Classic, Gracia, and Solara.
4Includes Corolla Cross and EX models. 24
 The F-Series is the best-selling pickup
truck in the world over the last ten years

Global top ten vehicles sold between 2010–20191 (thousands)

Sierra
2,495

9,124
Silverado
5,841
5,117

OEM 1 OEM 2 F-Series OEM 1 GM FS Ford OEM 1 OEM 1 OEM 2 OEM 3 Ram
Car Car Car trucks1 Focus Car Car Car SUV trucks2
F-Series among top
Sources: Based on cumulative IHS Markit Global New Vehicle Registration data CY 2010–2019, which is compiled from government
three selling vehicles
and other sources and captures 95% of global new vehicle volumes in more than 80 countries as reported in June 2020 (see IHS
disclaimer); BCG analysis; image: Ford.
1General Motors full-size pickups include both Sierra and Silverado trucks and their associated HD models.
globally
2Ram not among the top-selling vehicles and is shown here for comparison purposes only; Ram trucks include Dodge and Ram

trucks, including Ram 1500, 2500, and 3500.

25
25
25
 Ford is the most popular pickup Ford is the
truck across commercial vocations most popular
truck in

75%
Fleet market share1 % of 2019 new commercial pickup
(sizes proportional) registrations by vocation2

Mining 59%

of vocations2
11%
Utility services 51%
18%
40% Government
11%
47%

Emergency vehicles 42%

14%
Petroleum 42%
18%
Construction 40%
21%
Nearest Manufacturing 35%
25% competitor
21%
Agriculture 35%
22%
Specialized hauling 33%
19%
Hazardous materials 33%
11%
Bus transportation 31%
35% All others 17%
Forestry 28%
14%
Ford Nearest competitor
Sources: Cox Automotive Research; BCG analysis.
1Data from 2018.
2Based on IHS Markit CY 2019 US TIPNet registrations by vocation, excluding registrations to individuals (see IHS disclaimer);

illustrative vocations shown (not exhaustive). 26

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Image: Ford.