Ford is beginning 2024 off sturdy with EV gross sales up 86% by way of the primary three months. The expansion was sufficient for Ford to put second within the US EV market behind solely Tesla. Ford’s gross sales surge comes after slashing costs earlier this 12 months.
Ford takes second behind Tesla within the US EV market.
Ford introduced that electrical car gross sales elevated 86%, with 20,223 EVs bought by way of the primary quarter of 2024.
The F-150 Lightning remained America’s best-selling electrical pickup, with 7,743 models handed over, topping Rivian’s R1T. In the meantime, Mustang Mach-E gross sales surged 77% YOY with 9,589 electrical SUVs handed over. The Mach-E was the second best-selling electrical SUV behind Tesla’s Mannequin Y.
Ford’s E-Transit was the top-selling electrical van, with 2,891 fashions bought, up 148% over Q1 2023. This was the E-Transit’s finest gross sales quarter since launching in 2022.
Industrial clients are gravitating towards all-electric choices, with Ford Professional EV adoption rising by over 40%. Ford stated many orders for the brand new 2024 F-150 Lightning are repeat clients. The E-Transit is seeing increased demand as authorities and small enterprise adoption charges climb.
Ford’s EV gross sales surge within the first quarter comes after the corporate drastically lowered costs earlier this 12 months.
The American automaker slashed Mach-E costs by as much as $8,100 in February whereas providing vital incentives on the F-150 Lightning.
A current report from information analytics agency Cloud Idea highlighted the impression of decrease costs on Mach-E motion.
| 2023 Ford Mustang Mach-E Trim | Earlier MSRP | New Beginning worth | Distinction |
| Choose RWD | $42,995 | $39,895 | -$3,100 |
| Choose AWD | $45,995 | $42,895 | -$3,100 |
| Premium RWD | $46,995 | $42,895 | -$4,100 |
| Premium AWD | $49,995 | $45,895 | -$4,100 |
| Premium RWD (Prolonged Vary) | $53,995 | $45,895 | -$8,100 |
| Premium AWD (Prolonged Vary) | $56,995 | $48,895 | -$8,100 |
| California Route 1 AWD | $56,995 | $48,895 | -$8,100 |
| GT | $59,995 | $52,395 | -$7,600 |
| GT (Efficiency Version) | $64,995 | $57,395 | -$7,600 |
In line with the report, the Ford Mach-E motion was “dramatic and fast,” as weekly motion surged from round 300 to over 1,000. It even reached over 1,800 in early March.
The uptick in gross sales was sufficient for Ford to high rival GM for second within the US EV market. GM bought 16,425 EVs, down over 20% YOY, because the automaker prepares to ramp up manufacturing of Ultium-based fashions just like the Chevy Blazer EV, Equinox EV, and Cadillac Lyriq.
Electrek’s Take
Regardless of EV gross sales climbing, Ford is pulling again on a number of EV initiatives. The corporate minimize the workforce at its Rouge EV plant by one-third this month, citing slower-than-expected demand.
Ford can also be delaying round $12 billion in EV investments. The transfer comes as abroad rivals like Hyundai, Kia, Volvo, and others proceed gaining market share within the US.
Hyundai had its finest first quarter ever after EV gross sales surged 100% in March. The IONIQ 5 set a brand new gross sales file with 6,822 models bought in Q1.
Kia’s first three-row electrical SUV, the EV9, is off to a robust begin within the US, with gross sales climbing 151% in March. By way of March, Kia has bought 4,007 EV9s.
Regardless of plans to close down its manufacturing facility in Regular, IL, EV startup Rivian, topped expectations with 13,588 autos delivered in Q1.
In the meantime, Tesla held its lead by a large margin. Regardless of lacking estimates, Tesla nonetheless delivered 386,810 EVs within the first three months of the 12 months, sufficient to high BYD to take again the best-selling EV maker title.
As Ford pulls again, rivals are plowing forward. In the meantime, Ford is growing an reasonably priced EV platform to compete with Tesla and low-cost automakers like BYD from China.
The primary autos based mostly on the platform are anticipated to be a smaller electrical pickup and SUV with beginning costs round $25,000.
Replace: Ford is delaying plans to launch its electrical three-row SUV till 2027, two years later than anticipated (learn extra right here).