In January 2024, Ford reported a noteworthy 43% surge in hybrid vehicle sales compared to the same period last year, marking a significant shift in the automaker’s sales strategy. This remarkable increase in hybrid sales managed to counterbalance a 10.3% dip in electric vehicle (EV) sales during the same timeframe.
Ford’s overall vehicle sales for January 2024 totaled 152,617 units, reflecting a 4.3% increase over January 2023. However, the growth was not uniform across all fuel types. Electric vehicle sales experienced a decline from 5,247 units in 2023 to 4,674 units this year, while hybrid sales saw a notable rise from 7,816 units in 2023 to 11,157 units in January 2024.
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These figures align with Ford’s strategic adjustments announced in December 2023, where the production goal for the F-150 Lightning was halved for 2024. In response, Ford redirected workers from the F-150 Lightning production line to focus on gas-powered Ranger and Bronco models. Surprisingly, the F-150 Lightning only witnessed a marginal 0.3% sales decrease, whereas the Mustang Mach-E experienced a substantial 50.7% drop in sales.
The notable shifts in the market were observed in the smaller segments for Ford, with 90% of sales constituting traditional, non-electrified cars and trucks. Overall, this category saw a 2.6% increase from 133,293 units in January 2023 to 136,617 vehicles in January 2024.
See also: Ford Announces Reduction in F-150 Lightning Production Amid Lower-Than-Expected Demand for EVs
Despite an 11.5% decrease in F-Series sales, a 27% drop in Bronco sales, and a significant 89.4% decline in Ranger sales, Ford remains confident in the demand for these models, evident in the strategic production reallocation. Sales were buoyed by the Maverick, witnessing a notable 98.4% increase, and the Transit, posting a 40.1% growth. Edge and Escape also contributed to the positive trend with sales increases of 49% and 38.2%, respectively. Additionally, the Explorer experienced a 20.6% bump in sales for the month of January.
Ford Sales By Powertrain Type
