America’s second-largest automaker Ford suffered a minor sales decline of 2.8% in Q2 2023 from the previous quarter.
This result is unusual, considering the growing adoption of electric vehicles in the US over the past three months.
Nonetheless, the brand’s EV sales recorded a notable year-on-year growth of 35.5% in June.
F-150 Lightning was Ford’s only strong EV performer in Q2
The F-150 Lightning was the only Ford model that recorded sales growth in the second quarter. As per the report, the electric pickup sold 4,466 units, indicating a YoY growth of 118.7% from just about 2,000 in the same period last year.
However, it must be noted that the automaker only began the F-150 Lightning’s deliveries last May. Therefore, sales growth is only natural to experience from the previous year.
Ford also claims it consistently entices new customers, saying that half of them come from other brands.
The iconic Ford Mustang Mach-E’s sales declined 21.1% YoY. This weak result followed another sharp sales drop of 20% in Q1, further reducing the e-SUV’s year-to-date sales to 20.6%.
In hindsight, Ford’s 2022 announcement revealed the renovation of its Mexican plant, which produces the Mustang Mach-E. Consequently, the model’s production slowed down.
“Improved Mustang Mach E inventory flow began to hit at the end of Q2 following the retooling of our plant earlier this year.”
Andrew Frick, Sales Distribution VP
Considering the Mexican plant’s improved capability in producing the EV, it ultimately aided Mustang Mach-E’s sales to surge 110% in the sixth month of the year. That is unsurpising given how the model’s production improved over the year:
- January – 0
- February – 300
- March – 7,381
- April – 11,858
- May – 13,639
- June – 13,000
On the other hand, Ford E-Transit’s sales declined 23.8% to 1,744 units in Q2 from the same period last year.
It is also worth noting that Ford recently announced that it secured a substantial $9.2 billion loan from the DOE’s Loan Program Office. The fund will help the automaker build its three new battery plants in the US.
Despite most of the model’s sales decline, Ford’s cumulative EV sales grew 35.5% in June from the previous year.
However, its stock price recorded a 2.35% decline to $14.99 after the Q2 2023 results.
See Also:
- Ford EVs to have access to Tesla Superchargers in 2024
- Ford reopens its Cologne EV center in Germany
- Ford faces another F-150 Lightning production snag
- Ford loses almost $60,000 for each EV sold
- Ford to launch the new electric Puma in Australia in 2024
Ford’s EV sales growth in the second quarter is arguably remarkable. Therefore, its stock price decline might be influenced by other market factors that do not concern the company’s sales results.
Demand for Ford EVs will undoubtedly improve in the coming years, especially considering the company’s decision to adopt Tesla’s North American Charging Standard (NACS). With this significant development, Ford EVs will access Tesla’s vast Supercharging network as early as next year through an adapter. The company will subsequently equip its next-gen EVs with the NACS plug by 2025.
All that said, it would be interesting to see how Ford would fare in the highly competitive market in the quarters to come.
