Ford has experienced a significant rebound in its electric vehicle (EV) segment, with an impressive 129.2 percent increase in EV sales in April compared to the same period last year. The surge was largely driven by strong demand for the Mustang Mach-E, which saw a remarkable 204.7 percent increase in sales year-over-year.
In April 2024, Ford sold a total of 8,019 EVs, a substantial jump from the 3,499 units sold in April of the previous year. The Mustang Mach-E accounted for 4,893 of these sales, followed by the F-150 Lightning with 2,090 units, and the E-Transit with 1,036 units. Every EV model in Ford’s lineup experienced a sales increase of at least 56 percent compared to April last year.
Alongside its EV success, Ford also achieved a record in hybrid vehicle sales, reflecting a broader trend in the industry. The company sold 17,997 hybrid vehicles in April, setting a new monthly record.
Despite these positive developments, Ford’s Model e division faced challenges in the first quarter, with revenues plummeting by 84 percent and recording losses of $1.3 billion. To address these issues, Ford has decided to scale back its initial $10 billion investment in EVs, pledging between $8 billion and $9 billion for future investments.
CEO Jim Farley emphasized the company’s commitment to profitability, stating, “We’ll probably be on the low end of that range. And we’re being very consistent about our discipline on profitability.” Ford is focusing on bringing affordable EV models to market, led by a skunkworks team composed of former Tesla alumni.
Moving forward, Ford plans to allocate less capital to larger EVs, focusing instead on products where it has a dominant advantage, such as trucks and vans. These products will prioritize breakthrough efficiency and innovation, aiming to appeal to customers willing to pay for cutting-edge technology.
