Though Ford’s EV gross sales rose by double-digits in July, fewer SUV gross sales led to decrease US development. Ford’s automobile gross sales fell flat as new, up to date fashions hit the market.
Ford bought 8,242 absolutely electrical autos within the US final month, up 31% (6,280) from July 2023. The Mustang Mach-E and F-150 Lightning each had double-digit gross sales development.
Mustang Mach-E gross sales climbed 16%, with 4,592 bought in July. Ford has bought 26,826 Mach-E fashions by way of the primary seven months of 2024, up practically 50% in comparison with final yr.
Gross sales of Ford’s electrical pickup rose 82%, with 2,822 fashions bought. Ford Lightning gross sales reached 18,467 by way of July 2024, up 29%.
Ford revealed that 54% of Mach-E and 62% of Lightning consumers are new to the model. The expansion comes after Ford launched new incentives on Lightning and Mach-E fashions by way of its Summer time Gross sales occasion, which started on July 9.
Regardless of EV gross sales climbing, Ford’s general automobile gross sales fell barely in comparison with final yr. Ford bought 173,233 autos final month, down 0.2% from July 2023 (173,639).
Ford EV gross sales up 31% in July as ICE sluggish development
SUVs had been the principle wrongdoer, with gross sales falling 7% final month. Ford’s Edge (-59%), Bronco (-30%), and Escape (-15%) all had double-digit declines. Ford ended Edge manufacturing earlier this yr. In the meantime, the brand new Explorer carried the expansion, with gross sales up 49% final month.
| Ford gross sales by automobile kind | July 2024 | % Change YOY | YTD 2024 | % Change YTD |
| Electrical Autos | 8,242 | +31.2% | 52,422 | +63.9% |
| Hybrid Autos | 16,825 | +47.0% | 109,068 | +49.2% |
| Inner Combusion | 148,156 | -5.0% | 1,055,866 | -1.9% |
| Complete | 173,233 | -0.2% | 1,217,356 | +3.1% |
Ford truck gross sales had been up 2.5%, led by Maverick (+70%) and Ranger (+25%). Ford launched a brand new hybrid Maverick this week for the 2025 mannequin yr.
ICE gross sales fell 5% as Ford strikes to introduce extra hybrids into its lineup. Ford is leaning extra into hybrid tech till its next-gen EVs are prepared.
On the corporate’s Q2 earnings name, CEO Jim Farley reiterated that Ford is concentrated on smaller, extra reasonably priced EVs. Ford’s workforce in Lengthy Seashore is full of former Tesla, Rivian, Lucid, and Apple execs, and the corporate goals to develop a number of the most effective EVs.
Farley harassed that Tesla and low-cost Chinese language OEMs are the final word competitors. Like Volkswagen, Farley predicts many rivals will flip to China for EV platforms.
He added that Ford, alongside Rivian and Tesla, are “the one OEMs outdoors of China controlling software program throughout all of the automobile area.” Ford is betting on its next-gen EV platform to maintain tempo.
Talking of software program, Ford simply launched a brand new Efficiency Replace for the 2024 Mustang Mach-E GT, enabling a faster 0 to 60 mph time than the Tesla Mannequin Y Efficiency.