Ford Motor Company, based in Dearborn, Michigan, reported a notable 29% increase in U.S. electric vehicle (EV) sales for August 2024 compared to the same month last year. The company sold 8,944 EVs, a significant jump attributed primarily to the booming popularity of the F-150 Lightning pickup truck.
Ford’s F-150 Lightning sales surged by a staggering 161% in August, reaching 2,654 units sold. The company’s other two EV offerings in the U.S. market also saw sales growth: the Mustang Mach-E SUV rose by 6.1% and the E-Transit van by 6.7%.
The Mustang Mach-E, a popular contender in the mass market electric SUV segment, faces direct competition from Tesla Inc’s Model Y. Meanwhile, the F-150 Lightning competes with Tesla’s Cybertruck in the electric pickup segment. Despite rising Cybertruck sales, the F-150 Lightning continues to experience strong growth compared to the previous year. Notably, Tesla began deliveries of the Cybertruck only in November 2023.
In the second quarter of 2024, Ford sold 7,902 Lightning trucks, marking a 77% increase from the same period last year, even as Tesla delivered an estimated 8,755 Cybertrucks.
However, Ford has recently made adjustments to its future EV plans. The company has canceled the production of its planned three-row electric SUV, which was initially scheduled for 2025, citing increasing pricing pressure in the EV market. Additionally, the successor to its F-150 pickup will now be released in 2027, a year later than initially planned. Ford will start manufacturing a new electric commercial van in 2026.
The company has also opted for a hybrid approach, combining an electric motor with a gasoline engine, for its upcoming three-row SUVs. Ford explained, “For some commercial applications and larger vehicles, the battery cost of a pure electric vehicle remains challenging.” Further details regarding Ford’s EV strategy are expected to be released in the first half of 2025.
Ford’s EV segment, called Model E, experienced an EBIT (earnings before interest and taxes) loss of $1.14 billion in the second quarter. This was attributed to industry-wide pricing pressure and lower wholesale volumes, despite significant cost reductions within the segment. Ford anticipates an overall EV segment loss of $5 billion to $5.5 billion for the entire year.
