In February, the Ford Motor Company’s namesake 165,693 vehicles in the U.S., over 9% more than a year ago. The year-to-date result is 311,325, up 7% year-over-year. But there’s even better news for a car company many said was in the throes of an “EV slowdown.”

Ford’s all-electric vehicle sales last month amounted to 6,368, which is 81% more than a year ago. The EV share out of the brand’s total volume also improved to 3.8%, compared to 2.3% a year ago.

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Ford was America’s No. 2 EV brand in 2023

In 2023 Ford sold a record number of over 72,000 all-electric vehicles, becoming the No.2 brand in the segment after Tesla. But achieving significant growth in 2024 will be a challenge.

All three Ford EV models contributed to the growth. The company sold 2,930 Mustang Mach-E (up 64% year-over-year), 2,578 F-150 Lightning (up 93% year-over-year), and 860 E-Transit (up 113% year-over-year.)

This is a positive outcome, and one that indicates that the results might gradually improve in the following months as well.

Ford BEV sales last month (YoY change):

• Ford Mustang Mach-E: 2,930 (up 64%)
• Ford F-150 Lightning: 2,578 (up 93%)
• Ford E-Transit: 860 (up 113%)
• Total: 6,368 (up 81%) and 3.8% share

So far this year, Ford sold more than 11,000 all-electric vehicles in the U.S., which is 26% more than a year ago. That’s about 3.5% of the brand’s total volume.

Ford BEV sales year-to-date (YoY change):

• Ford Mustang Mach-E: 4,225 (down 4%)
• Ford F-150 Lightning: 4,836 (up 34%)
• Ford E-Transit: 1,981 (up 160%)
• Total: 11,042 (up 26%) and 3.5% share

For reference, in 2023, Ford sold more than 72,000 all-electric vehicles in the U.S.—up 18% compared to 2022. It was about 3.8% of the brand’s total volume.

Ford F-150 Lightning

The Ford F-150 Lightning noted 2,578 units, up 93% year-over-year, despite reports about halted vehicle shipments of 2024 model year vehicles. We guess that Ford is still selling the 2023 model year vehicles in volume, as they got substantial discounts (of up to $12,500) in February. The 2024MY has new pricing and an altered production plan with reduced volume.

We do not expect anything but growth from the Ford F-150 Lightning in 2024, especially since the base in 2023 was relatively low, especially during the first nine months.

Ford Mustang Mach-E

Ford Mustang Mach-E sales amounted to 2,930 units in February. That’s 64% more than a year ago, partially thanks to those price cuts. After the first two months of the year, the result is 4,225, 4% lower than in 2023. So while February’s sales showed positive movement, it’s all still far off Ford’s onetime goal of 210,000 units by the end of 2023.

The “gross stock”—reported by Ford—once again decreased slightly to 20,100 units (compared to 21,400 a month ago) but that’s still equivalent to multiple months of sales.

Production of the Ford Mustang Mach-E in Mexico (for global markets) in February amounted to 2,315. That’s another lowest level since the factory upgrade in January-February 2023. The peak was 13,639 in May 2023.

We assume that Ford produces less because it expects to sell less. The inventory in the U.S. (aka “gross stock”) probably should be reduced to a more healthy level and there might be uncertainty about other global markets.

 

Ford E-Transit

Sales of the Ford E-Transit van in February amounted to 860, up 113% year-over-year. It will be interesting to see whether relatively strong sales will continue in the later part of the year.

The Ford E-Transit was America’s best-selling electric van nameplate in 2023, and it seems that this will not change in 2024.

Unfortunately, Ford does not report sales of other plug-in models, like the Ford Escape PHEV. Lincoln’s PHEV sales were not revealed either. But overall, it’s a solid outcome for Ford’s EV game.

We also expect additional sales could be driven by Ford’s newly granted access to the Tesla Supercharger network via an adapter, which will seamlessly unlock 15,000 new public DC fast chargers. The rest of the American auto industry is following Ford’s lead with similar deals soon.