Ford Reports Strong Sales Growth in Electric and Hybrid Vehicles
Key Takeaways:
- Ford followed General Motors in reporting strong quarterly sales growth in electric and hybrid vehicles. Hybrid vehicle sales rose to a quarterly record, while EV sales jumped 61%.
- Pure-play EV makers Tesla and Rivian also posted solid second-quarter deliveries this week.
- Combined Ford truck sales rose more than 4% to above 300,000.
Ford reported solid second-quarter sales of its hybrids and electric vehicles on Wednesday, with overall sales growth coming in at about 1%. The company sold 536,050 vehicles in the quarter, which was 0.8% higher than the same period in 2023. Sales of its hybrid Maverick pickup jumped 81%, reaching a record of 53,822 hybrids sold. Additionally, sales of the electric F-150 Lightning saw a significant increase of 77% to 7,902 units. Combined Ford truck sales were up 4.5% to 308,920, with total sales of F-Series trucks declining by 6.1% to 199,463.
Ford’s Hybrids, EVs Driving Growth
Hybrid and electric vehicles, along with post-purchase add-ons like hands-free highway driving options, are driving growth at Ford, according to Ford Blue President Andrew Frick. Electric vehicle (EV) sales totaled 23,957, marking a 61% increase. The Mustang Mach-E contributed significantly to this growth, with sales rising by 47% to 12,645 units.
The past week has been positive for EV sales overall, with pure-play EV manufacturers Tesla and Rivian also reporting strong quarterly delivery numbers. Ford’s shares have seen a 5% increase so far this year and closed at $12.85 in Wednesday’s trading session.
Overall, Ford’s focus on hybrid and electric vehicles is paying off, with strong sales growth in these segments contributing to the company’s positive performance in the second quarter. With the increasing demand for green vehicles and the company’s commitment to innovation in this space, Ford is well-positioned to continue its success in the evolving automotive market.
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