Ford’s EV gross sales climbed 80% year-over-year (YOY) in February following aggressive value cuts final month.
Ford EV gross sales climb in February following value cuts
After EV gross sales slipped 11% final month in EV gross sales final month, Ford noticed an enormous enchancment in February with 6,368 all-electric autos handed over, up 80.8% over final yr.
Ford bought 2,930 Mustang Mach-E fashions in February, up 64.3% YOY. Nonetheless, Mach-E gross sales have been down 20% by means of the primary half of 2023 as Ford retooled its Cuatitlan, Mexico plant, the place the EV is assembled.
Ford’s CFO John Lawler advised traders in October that the corporate has “taken out some Mustang Mah-E manufacturing,” citing market demand.
In the meantime, Ford F-150 Lightning gross sales almost doubled (+93%) YOY, with 2,930 EV vans delivered. That’s up from the two,258 Lightning fashions bought in January.
The expansion comes after Ford introduced it was chopping Lightning manufacturing in January. Ford stated the transfer was to “obtain the optimum stability of manufacturing, gross sales development and profitability.” E-Transit gross sales have been additionally up 112.9% final month, with 860 electrical vans handed over.
Ford’s general gross sales have been up 10.5% in February as EVs (+80.8% YOY) and hybrids (+31.5% YOY) carried the expansion.
The corporate’s EV gross sales development follows Ford’s resolution to slash costs final month. Ford reduce 2023 Mustang Mach-E costs by as much as $8,100. The automaker additionally launched important incentives on sure 2023 F-150 Lightning fashions, together with as much as $12,500 retail bonus money for the Platinum trim.
Ford introduced eligible Mustang Mach-E and F-150 Lightning house owners can now request their free CSS to NACS adapter for Tesla’s supercharger community. The corporate plans so as to add Tesla’s connector to its next-gen EVs, due in 2025.
Electrek’s Take
Regardless of Ford chopping manufacturing, EV gross sales are nonetheless rising. Ford has pulled again on a number of EV initiatives, together with $12 billion in spending.
Ford isn’t the one one. Rivals, together with GM and Mercedes-Benz, revealed related plans. In the meantime, pure EV makers like Tesla and Rivian and abroad rivals like Hyundai and Volvo are benefiting from the transition.
Rivian’s R1S electrical SUV was the seventh best-selling EV final yr, with over 24,783 models bought. That’s greater than the Ford F-150 Lightning (24,165).
Hyundai is opening its first EV and battery plant within the US, an enormous $7.6 billion web site in Georgia. As soon as up and working, Hyundai expects EVs assembled on the facility will qualify for the $7,500 federal tax credit score, together with its first three-row electrical SUV, the IONIQ 9.
Ford’s CEO Jim Farley talked about a “seismic change” within the EV market a number of instances on the corporate’s This fall earnings name final month.
Farley stated the catalyst is because of EV makers like Tesla chopping costs and “an incredible quantity of capital flowing and a ton of latest capability into one single phase: 2-row crossovers.”
Ford is shifting its focus to smaller EVs. Farley stated Ford developed a “tremendous proficient skunk works staff to create a low-cost EV platform.” The transfer comes as Ford seems to be to tackle low-cost Chinese language automakers and Tesla.
Should you’ve been eyeing Ford’s electrical autos, now could also be the most effective time to begin buying with current value cuts. Able to get began? You need to use our hyperlinks beneath to seek out unbeatable offers on Ford’s EVs at a supplier by you immediately.
