US Markets
Monday, March 4th, 2024 3:55 pm EDT
Key Points
- Ford Motor’s U.S. sales surged by 10.5% in February compared to the same period in 2023, primarily driven by significant increases in hybrid and all-electric vehicle (EV) sales.
- Ford reported selling 174,192 cars and trucks in February, with an impressive 81% jump in EV sales and a substantial 32% increase in hybrid models. Despite this growth, traditional internal combustion engine vehicle sales also rose by 7.5% compared to the previous year.
- Ford’s strategic emphasis on hybrid technology is evident, with the company aiming to double down on hybrid sales. The spike in hybrid sales included 12,045 units sold in February, showcasing Ford’s commitment to this segment. Additionally, despite fluctuations, sales of Ford’s all-electric vehicles showed promising growth, with significant increases seen in models like the Mustang Mach-E crossover and the F-150 Lightning pickup.
In February, Ford Motor Company experienced a notable 10.5% increase in U.S. sales compared to the same period in 2023, primarily driven by surges in hybrid and all-electric vehicle (EV) sales. The company reported selling 174,192 cars and trucks, with EV sales soaring by 81% and hybrid models seeing a 32% uptick. This spike aligns with Ford’s strategy to emphasize hybrid technology, evidenced by the sale of 12,045 hybrid vehicles in February, including over 6,000 units of its Maverick Hybrid pickup. While EV sales have seen fluctuations based on demand and pricing, Ford witnessed across-the-board increases in all-electric vehicles, including a significant rise in sales of the Mustang Mach-E crossover and the F-150 Lightning pickup. However, traditional internal combustion engine vehicles still accounted for the majority (89.5%) of Ford’s sales in February. Despite the success in hybrid and EV sectors, sales of Ford’s lucrative F-Series pickups experienced a 5.8% decline due to shipment delays of new 2024 models caused by quality issues. Ford’s CEO, Jim Farley, has responded to quality concerns by implementing stricter testing and quality checks during new vehicle launches. Year-to-date sales through February totaled 311,325 units, marking a 6.6% increase compared to the previous year. This positive performance translated into a 4% increase in Ford’s stock value during Monday morning trading. Meanwhile, competitors General Motors and Stellantis, neither of which report monthly sales, also saw modest stock increases of about 1% each.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/03/04/ford-february-sales-hybrids-evs.html
