Ford EVs and Hybrid Models Make up for Plummeting Sales
Electric vehicles are frequently in the news with complaints of declining sales and inadequate charging infrastructure. But this might not be the case for every automotive brand. For example, Ford EVs and hybrid vehicles have increasing sales.
Ford EVs and hybrid models have increasing sales
Ford has recently been in the news because the Ford F-150 has been struggling against declining sales. This could be a massive problem as trucks are Ford’s bread and butter.
However, Ford EVs and hybrid models are making up for the losses. About one in every 20 new Ford vehicles sold were full-electric. In July, Ford sold 8,242 EVs, which is a year-over-year increase of 31%.
During the first seven months of 2024, Ford moved over 52,000 all-electric vehicles, which is an improvement of 64% compared to the same time period in 2023. Now Ford has EV sales that are higher than the national average.
Ford Hybrid models did even better. About 16,825 hybrid models have been sold, for a year-over-year sales increase of 47%.
The Ford Mustang Mach-E, Ford F-150 Lightning, and Ford E-Transit each had significant growth. In July 2024, the Mustang Mach-E sold 4,592 models for a 17% improvement.
The Ford F-150 Lightning moved 2,822 trucks, for an 82% improvement, and the Ford E-Transit moved 828 electric vans for a 5% improvement. Unfortunately, we have to wait for Tesla to release its sales figures to see if the F-150 Lightning outsold the Cybertruck.
Gas-powered Ford trucks haven’t been benefiting from the same success. In the first half of 2023, the F-150 sold 208,050 trucks, but in the first half of 2024, it only moved 191,561 models. It has a year-over-year sales decrease of roughly 8%.
Ford EV and hybrid sales growth could be attributed to lowered prices and more federal tax credits. Those with hybrids are also saving at the pump. The Escape, Maverick, and F-150 hybrids are very impressive.
The decrease in truck sales can be attributed to increased prices, supply chain disruptions, and production delays. The F-150 has a mid-cycle refresh, so the factories had to be retrofitted to build new trucks.
There are five months left in the year, so things could change for Ford EVs, hybrids, and gas-powered models.