Summary
- Ford saw a 12% growth in EV sales in the 3rd quarter
- The Mustang Mach-E sales decreased by 10% compared to the same quarter last year
- The Ford F-150 Lightning had a 104.5% growth in sales
- The E-Transit had a 13% increase in sales
- Despite the growth in EV sales, Ford needs more models and competitive pricing to maintain its pace in the market
Article
Ford saw a 12% growth in EV sales in the 3rd quarter, although its best-selling EV, the Ford Mustang Mach-E, saw a slight shrink in sales compared to the previous year’s Q3. Despite this, the Ford F-150 Lightning experienced a significant 104.5% growth in sales, with the potential to compete with the Tesla Cybertruck in the future. Ford’s other electric model, the E-Transit, also saw a 13% increase in sales in the 3rd quarter.
The Mustang Mach-E remains Ford’s electric flagship model, with 35,626 sales in the first three quarters of the year. However, Ford’s overall EV sales are at 67,689 in the same period, with a potential to reach 90,000-100,000 by the end of the year. In comparison, Chinese EV companies like NIO and Xpeng are on track for more than 250,000 yearly sales, highlighting the difference in EV adoption between China and the US, largely influenced by government policies.
Ford’s 67,689 sales in the first three quarters of 2024 represent a 45% increase over the same period in 2023. While this growth is commendable, there is a need for Ford to introduce more EV models and continue promoting the Mustang Mach-E and F-150 Lightning, potentially by reducing their prices. Ford’s overall sales were up 1% and retail sales up 4% in the 3rd quarter, highlighting the significant impact of EV sales on the overall auto market.
Ford’s pace of EV sales growth will need to improve in order to maintain its momentum, especially in the face of increasing competition and changing market dynamics. While the company is striving to be a leader in the EV market, there are uncertainties about its future trajectory, particularly in the near to mid-term. Despite this, Ford’s commitment to EVs and its progress in the market remain notable, especially when compared to its competitors in the US EV market.
In conclusion, Ford’s performance in the EV market is commendable, with a substantial increase in sales compared to the previous year. The company’s focus on expanding its EV lineup and promoting key models like the Mustang Mach-E and F-150 Lightning is crucial for its sustained growth in the market. As the EV market continues to evolve, Ford will need to adapt and innovate to stay competitive and maintain its position as a key player in the transition to electric mobility.
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