Ford Motor Company reported 179,588 new vehicle sales in April (down 2.4% year-over-year) and 687,671 in the first four months of the year (up 4.2%). While the overall result was weaker than a year ago, Ford's EV sales increased noticeably.
Last month, Ford sold 8,019 EVs, 129% more than a year ago, which gives hope for a strong Q2. The EV share out of the brand's total volume improved to 4.7%, compared to 2.0% a year ago.
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Ford EV sales noted a strong start to 2024
Ford was the No.2 brand in the U.S. EV segment after Tesla in Q1 2024. After the first four months, the company almost doubled its EV sales year-over-year to over 28,000.
Once again, all three Ford EV models contributed to the growth. The company sold 4,893 Mustang Mach-Es (up 205% year-over-year), 2,090 F-150 Lightning (up 57% year-over-year) and 1,036 E-Transit (up 86% year-over-year).
Ford BEV sales last month (YOY change):
- Ford Mustang Mach-E: 4,893 (up 205%)
- Ford F-150 Lightning: 2,090 (up 57%)
- Ford E-Transit: 1,036 (up 86%)
- Total: 8,019 (up 129%) and 4.7% share
Ford BEV sales in the U.S. - April 2024
So far this year, Ford sold more than 28,000 all-electric vehicles in the U.S., almost 97% more than a year ago. That's about 4.3% of the brand's total volume.
Ford BEV sales year-to-date (YOY change):
- Ford Mustang Mach-E: 14,482 (up 107%)
- Ford F-150 Lightning: 9,833 (up 75%)
- Ford E-Transit: 3,927 (up 128%)
- Total: 28,242 (up 97%) and 4.3% share
For reference, in 2023, Ford sold more than 72,000 all-electric vehicles in the U.S., up 18% compared to 2022. This was about 3.8% of the brand's total volume.
The question is whether Ford will be able to reach 100,000 units this year.
Ford F-150 Lightning
In April, Ford sold 2,090 F-150 Lightnings, up 57% year over year from a low base of just 558 units in April 2023. The recent result is so-so, and we would expect higher volume in the following months.
In April, Ford resumed shipping the 2024 model year of the Ford F-150 Lightning following a hiatus of over two months. The model also has new, slightly reduced pricing (at least in some versions).
We do not expect anything but growth from the Ford F-150 Lightning in 2024, especially since 2023 wasn't a great year for the electric truck. However, the results might be way lower than initially anticipated by the manufacturer, which slashed two-thirds of workers engaged in the F-150 Lightning production to achieve "the optimal balance of production, sales growth and profitability."
Ford Mustang Mach-E
Ford Mustang Mach-E sales amounted to 4,893 units in April. That's 205% more than a year ago but from a low base of just 1,606 units. After the first four months of the year, total sales stand at 14,482 (up 107% year-over-year).
The "gross stock"—reported by Ford—remained stable in April, at 15,600 units (compared to 15,500 a month ago).
Production of the Ford Mustang Mach-E in Mexico (for global markets) in April amounted to 5,192 units (down 56% year-over-year) after a pause in March. The total result year-to-date is 10,961 (down 44% year-over-year).
We assume that Ford produced less because supply significantly outpaced demand.
Ford E-Transit
Sales of the Ford E-Transit van in April amounted to 1,036, up 86% year-over-year. It was another strong month for the electric van, which will probably remain "America’s best-selling electric van," as Ford likes to label it.
Unfortunately, Ford does not report sales of other plug-in models, like the Ford Escape PHEV. Lincoln's PHEV sales were not revealed either.
