Ford EV Sales Jumped 82 Percent in A Tough Market

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Key Takeaways

  • Ford has revealed that EV sales climbed 82% in Q1.
  • Promos and financing helped move the company's lineup.
  • This came despite a difficult market where Ford had shifted focus to hybrids.

Ford said that EV sales soared 82% in the first quarter of 2024, defying trends for both itself and the industry.

The automaker sold 20,223 electric cars during the period. Sales of the Mustang Mach-E crossover climbed 77.3% (9,589 cars), while F-150 Lightning pickup demand grew 80.4% to 7,743 trucks. E-Transit vans accounted for the rest of the company’s pure electric business.

The segment still lost Ford $1.3 billion, and revenue was down between a drop in wholesales and “pricing pressure.” Ford relied on deals, aggressive financing, and other promotions to help move units.

The Ford sales were nonetheless strong in a market where most EV competitors struggled. Tesla saw a rare decline in deliveries during the same quarter, and brands like GM have renewed interest in hybrids after leaning heavily on all-electric introductions in recent years.

The gain also helped EV sales grow faster percentage-wise than Ford’s other powerplants. Hybrid demand grew 36% thanks largely to the Maverick pickup. Commercial division demand surged 36% due to heavy-duty truck and van sales. Unusually, conventional F-150 sales were down as the company was slow to roll out the signature truck’s latest model.

Combustion cars still eclipsed electric models with over 508,000 total deliveries in the US.

Ford saw its results as proof that customers liked the “freedom” in powertrains. It still intends to concentrate on hybrids, including a variant on the new F-150. However, the turnaround on EV sales suggests the audience is still there for fully electrified vehicles. It’s also possible sales might improve as compatibility with Tesla Superchargers rolls out, both through adapters and later through native charging ports.