Ford has rebounded from a challenging Q1 2024 Earnings Call regarding its electrification push with an astounding 129.2% electric vehicle sales increase in the US in April 2024.
Ford reports 129.2% YoY sales growth
American legacy automaker Ford reported a 129% year-on-year electric vehicle sales growth to 8,019 units in April 2024. This remarkable sales result hints at a possible strong performance in the second quarter of the year.
The sales growth also boosted the brand’s electric vehicle share of the total volume from just 2% in April 2023 to 4.7% in April 2024.
Ford’s three electric vehicle models propelled the monthly sales increase. The popular Ford Mustang Mach-E’s sales surged by a whopping 205% YoY to 4,893 units. The F-150 Lightning reported a 57% YoY sales growth to 2,090 units, while the E-Transit grew 86% YoY to 1,036 units.
Hybrid sales surge 60% YoY
Ford also announced Thursday that it successfully achieved an all-time monthly hybrid sales record in April 2024.
According to the press release, Ford sold a total of 17,997 hybrid vehicles in the US market last month. It also indicates a whopping 60% YoY sales increase.
The popular Ford F-150 PowerBoost Hybrid substantially contributed to the record-breaking results in April with a 93.6% YoY sales increase. It also indicates a new sales record, making it “America’s top-selling full-size hybrid pickup.”
The top-selling Maverick hybrid pickup also enjoyed strong demand, with sales of 26,061 units this year to date.
Ford to prioritize Model e’s profitability
Ford diverged its automotive business into several divisions a few years ago. The Ford Model e handles the company’s electric vehicle sales and operations.
However, it must be noted that the company assigns the sales of its business and government electric cars to the Ford Pro unit.
The American legacy automaker is still striving to boost electric vehicle demand across its entire lineup. It also restated its plans to ensure Ford Model e’s profitability during the Q1 2024 Earnings Call.
The Ford Model e’s total revenues declined 84% in the first quarter of the year. It also suffered from a total loss of $1.3 billion, or $132,000 per unit of the 10,000 EVs sold in the same period.
Ford aims to achieve profitability in its EV business by rolling out low-cost offerings. To do that, the company formed a skunkworks team supervised by a former Tesla alumni.
