Ford Motor Company reported 181,274 new vehicle sales in March (up 5.4% year-over-year) and 508,083 in the first quarter (up 6.8%). This overall growth was accompanied by a surge in all-electric vehicle sales.
Ford sold 9,181 EVs last month, up 338% over March 2023 (from a low base of 2,096). It's the second-highest monthly result ever recorded. The EV share out of the brand's total volume improved to 5.3%, compared to 1.3% a year ago.
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Ford is America’s No. 2 EV brand in Q1 2024
Ford was the No.2 brand in the EV segment after Tesla in 2023 with over 72,000 sales. The company remained the second best-selling brand in Q1 2024, with over 20,000 units.
Once again, all three Ford EV models contributed to the growth. The company sold 5,364 Mustang Mach-Es (up 437% year-over-year), 2,907 F-150 Lightning (up 321% year-over-year), and 910 E-Transit (up 124% year-over-year.) Especially positive is the boost of the Mach-E sales after two weaker months.
Ford BEV sales last month (YOY change):
- Ford Mustang Mach-E: 5,364 (up 437%)
- Ford F-150 Lightning: 2,907 (up 321%)
- Ford E-Transit: 910 (up 124%)
- Total: 9,181 (up 338%) and 5.3% share
Ford BEV sales in the U.S. - March 2024
In Q1, Ford sold more than 20,000 all-electric vehicles in the U.S., which is 86% more than a year ago. That's about 4.2% of the brand's total volume.
The company boasted that Ford is America’s second best-selling EV brand behind Tesla for the quarter.
Ford BEV sales year-to-date (YOY change):
- Ford Mustang Mach-E: 9,589 (up 77%)
- Ford F-150 Lightning: 7,743 (up 80%)
- Ford E-Transit: 2,891 (up 148%)
- Total: 20,223 (up 86%) and 4.2% 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.
By the way, the company's hybrid vehicle sales in Q1 increased by 42% year-over-year to 38,421 (including Lincoln).
If the growth continues, we should see some new sales records in the later part of the year.
Ford F-150 Lightning
In March, Ford sold 2,907 F-150 Lightnings, up 321% year-over-year from a low base of just 407 units in March 2023. In Q1, sales increased by 80% year-over-year to 7,743. Ford added that the F-150 Lightning was "America’s best-selling electric truck".
According to Ford, "Ford Pro EV adoption continues to rise with more than 40 percent of commercial customers with 2024 F-150 Lightning orders being repeat Lightning customers."
Unfortunately, demand appears to be significantly lower than initially anticipated as Ford slashed two-thirds of workers engaged in the F-150 Lightning production. The 2024 model has new pricing and an altered production plan with reduced volume. Nonetheless, 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.
Ford Mustang Mach-E
Ford Mustang Mach-E sales amounted to 5,364 units in March. That's 437% more than a year ago (from a low base). After the first three months of the year, total sales stand at 9,589. That's 77% higher than in Q1 2023.
According to Ford, the "Mustang Mach-E begins the year as America’s second best-selling EV SUV behind Tesla’s Model Y".
The "gross stock"—reported by Ford—decreased quite slightly in March to 15,500 units (compared to 20,100 a month ago). The reason for that is a production pause as the company launches the 2024 model year with a new Mustang Mach-E Rally trim.
Production of the Ford Mustang Mach-E in Mexico (for global markets) in March amounted to zero units, after just 3,453 in January and 2,315 in February. The total in Q1 was 5,769 (down 25.5% year-over-year).
We assume that Ford produced less because supply significantly outpaced demand. The company also likely wants to clear its inventory to make space for the 2024 model-year vehicles.
Ford E-Transit
Sales of the Ford E-Transit van in March amounted to 910, up 124% year-over-year. It set a new quarterly record of 2,891 units (up 148%).
Ford wrote that the E-Transit "was America’s best-selling electric van" and that "E-Transit adoption rates are growing faster among government customers and small businesses."
Unfortunately, Ford does not report sales of other plug-in models, like the Ford Escape PHEV. Lincoln's PHEV sales were not revealed either.
