Ford (NYSE:F) continues its momentum with a noteworthy 10.5% year-over-year increase in U.S. sales for February, driven by robust sales of hybrid and electric vehicles (EVs), securing its position as the top-selling automaker in America for the second consecutive month.
In February, Ford sold a total of 174,192 cars and trucks, with sales of EVs, hybrid models, and internal combustion engines rising by 81%, 32%, and 7.5% respectively compared to the same period last year.
The surge in hybrid vehicle sales underscores Ford’s dedication to expanding its investment in hybrid technology, with hybrid vehicle sales totaling 12,045 units in February, including 6,463 units of the small Maverick hybrid pickup.
Sales of EVs, which are influenced by pricing and demand dynamics, experienced fluctuations month to month. In February, Ford witnessed a significant increase of 64.3% and nearly 100% in the sales of the Mustang Mach-E crossover and the all-electric F-150 Lightning pickup, respectively. The reduction in prices for both models earlier in February likely contributed to the boost in sales. Additionally, sales of sports utility vehicles saw a notable increase of 23.7% to approximately 85,000 units, although sales of F-Series trucks experienced a slight decline of 5.8% year over year.
Despite the rise in EV and hybrid model sales, traditional cars and trucks still accounted for 89.5% of Ford’s total sales in February.
In the first two months of 2024, Ford’s sales saw a solid 6.6% year-over-year growth, totaling 311,325 units. The company’s strong performance was particularly evident in truck sales, despite delays in shipments of new F-Series pickup 2024 models due to undisclosed quality issues. These delays resulted in a 5.8% decline in sales of the highly profitable pickups to 51,829 units.
To address rising concerns about quality and warranties, Ford’s CEO, Jim Farley, has implemented enhanced testing protocols and stringent quality checks for new vehicle launches.
Ford’s competitors also reported positive trends for February. Honda Motor Co., Ltd. (HMC) saw a 37.8% year-over-year increase in sales, surpassing 100,000 units, although sales of its Acura division experienced a 6% decline. Hyundai set a record with sales of 60,341 units, while Kia saw a slight decrease of 3% to 60,859 units. Toyota Motor Corporation’s (NYSE:TM) sales rose by 16% to 165,900 units, with the Lexus division contributing to a 17% increase in sales, totaling 184,450 units. TM’s combined sales of hybrid and EVs surged by 84% to 68,445 units.
Featured Image: Freepik
