Ford (NYSE:F) reported a significant increase in US auto sales for May, driven by strong demand for hybrid vehicles, trucks, and electric vehicles.
In May, Ford sold 190,014 vehicles, marking an 11.2% increase compared to the same month last year and a 6.4% rise from April. The company delivered 17,631 hybrid vehicles during the month, thanks to the popularity of the new F-150 hybrid and Maverick hybri
The Maverick was particularly noteworthy, with sales soaring nearly 96% to 13,616 units. The hybrid version of the Maverick saw a remarkable 111% increase, with 7,687 trucks sold. Ford noted that May set a new sales record for Maverick pickup and hybrid sales.
The all-new F-150 pickup, which experienced a sales dip earlier this year due to a delayed rollout, made a strong comeback in May. Ford’s overall truck sales increased by 11.2% to 109,143 units, with total pickup sales rising 7.7% to 87,786 units. Hybrid F-150 sales climbed 51% with 5,766 trucks sold.
Ford’s shift from focusing solely on EVs to including hybrids is yielding positive results. Ford CEO Jim Farley emphasized the long-term potential of hybrid powertrains at Bernstein’s Strategic Decision conference, stating, “We should stop talking about [hybrid powertrains] as transitional technology.”
Ford’s EV sales also continued to gain momentum, totaling 8,966 vehicles in May, a 64.7% year-over-year increase. The Mustang Mach-E SUV saw a 45.9% rise in sales, the F-150 Lightning jumped 91%, and the E-Transit commercial van increased 77%.
Despite the strong EV sales, Ford has had to offer incentives to boost EV purchases. In Q1, Ford’s EV unit lost $1.32 billion and is projected to lose over $5 billion in 2024. While Ford aims for its EV unit to reach profitability by 2026, the timeline has not been recently updated. In an interview on Yahoo Finance’s Opening Bid podcast, Farley mentioned having a target date for EV profitability but did not disclose specifics. “We wouldn’t allocate capital if I didn’t think it was profitable,” he remarked.
Meanwhile, Ford remains focused on its core market of trucks, hybrids, and SUVs. In May, SUV sales rose 7.4% to 67,371 units, led by the full-size Bronco (up 18%), Ford Explorer (up 15.1%), and the all-new full-size Expedition (up 16.4%).
Featured Image: Megapixl ©Radub85
