Benzinga - by Anan Ashraf, Benzinga Editor.
Ford Motor Co (NYSE:F) on Wednesday reported a whopping 86% jump in electric vehicle sales in the U.S. for the first quarter of 2024, contradicting Tesla CEO Elon Musk‘s claims of it being a “tough quarter” for all EV makers.
What Happened: The Dearborn-based company saw its EV sales jump 86%, thanks to the popularity of its Mustang Mach-E SUV and the F-150 Lightning pickup truck. The company sold a total of 20,223 EVs in the quarter.
While the E-transit van saw a 147.5% jump in sales to 2,891, the Lightning pickup truck saw sales shoot up 80.4% and the Mach-E by 77.3%. This is despite stiff competition in their respective vehicle segments. The Mach-E is up against Tesla Model Y in the electric SUV segment and the Lightning against Tesla’s Cybertruck in the EV pickup segment.
| Vehicle | Q1 U.S. Sales |
| Mustang Mach-E SUV | 9,589 |
| F-150 Lightning | 7,743 |
| E-Transit | 2,891 |
| Total | 20,223 |
Though the Mach-E witnessed a drop in sales in January, it recovered in the remaining quarter, possibly owing to the price cuts announced by the company in mid-February. The company cut prices on different versions of the vehicle in the $3,100 and $8,100 range, bringing its starting price down to $39,895, below Model Y.
Ford sold a total of 508,083 vehicles in total in the U.S. in the last quarter, lower than rival General Motors which sold 594,233 vehicles. However, unlike GM which relied solely on its combustion engine vehicle offerings to maintain the lead, Ford saw sales surge across electric vehicles, hybrids, and combustion vehicles.
Rival Performance: Tesla and GM reported a drop in EV sales for the first quarter.
GM’s EV sales in the U.S. dropped 20.5% to 16,425. Tesla, meanwhile, saw its EV deliveries across the globe drop 8.5% year-on-year to 386,810 vehicles.
Following Tesla’s delivery report, Musk wrote on X that the quarter was “tough” for everyone, referring to Chinese EV giant BYD‘s 43% quarter-on-quarter drop in EV sales. However, the harsh conditions seem to have been successfully evaded by Ford.
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